Limited Liability Companies

Formation
Articles of Organization must be filed with the Secretary of State.

Liability of a Participants
Members are not personally liable for the obligations of the LLC.

Control or Management
Usually LLCs are managed by one or more managers elected by the members. However an LLC may be structured to have management by members without managers.

Transferability of Ownership Interest
Membership is not freely transferable. A member may assign his financial rights in the LLC (i.e. right to receive distributions), but may not assign his management rights without the consent of the other members.

Crossing State Lines
Must register in the state where it wants to do business.

Income Tax Status
Same as in a General Partnership. Not subject to the OK corporate franchise tax.