The Oklahoma Bar Journal September 2023

C orporate L aw

A S PROFESSIONALS OPERATING PROFESSIONAL limited liability company law firms in Oklahoma, our commitment to corporate governance standards surpasses those of standard limited liability company owners. This article explores annual best prac tices for corporate governance in Oklahoma professional limited liability company law firms, emphasizing the importance of maintaining a strong and secure barrier between business and personal assets. While limited liability companies can offer limited liability protection, adhering to annual best practices ensures the preservation of those protections. From filing annual certificates and maintaining law licenses to conducting business on behalf of the company and updating your operating agreement, meticulous attention to governance is crucial. By marking these annual goalposts, law firm owners can safeguard their assets and mitigate legal and financial risks. Preserving the Integrity of Professional Limited Liability Company Law Firms: Annual Best Practices for Corporate Governance in Oklahoma By Natalie K. Leone

helpful to first have a brief history of how we got here.

bricks are like keystones – if they come out of the wall, the whole thing comes crashing down – but even the most seemingly benign of bricks is important. If you remove enough bricks from the wall, it leaves a hole big enough for credi tors to reach through and grab your personal assets from the business side. In order to fully understand the annual best practices below, it’s

In explaining limited liability company best practices, it can help to visualize building a brick wall to separate one’s business from one’s personal life. You don’t want a creditor from the business side of the wall to be able to reach across and grab assets from the personal side of the wall. Each of the best practices listed below is its own brick in the wall. Some

HISTORY The concept of limited liability for business owners emerged in the 19th century. In the United States, the first limited liability legislation was introduced in the state of New York in 1811, allow ing businesses to be formed as

Statements or opinions expressed in the Oklahoma Bar Journal are those of the authors and do not necessarily reflect those of the Oklahoma Bar Association, its officers, Board of Governors, Board of Editors or staff.

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THE OKLAHOMA BAR JOURNAL