Oklahoma Wholesale Dealership – CPA Assistance

Hello, We are preparing to establish a new business in Oklahoma and apply for an Oklahoma Wholesale Motor Vehicle Dealer License. Before forming the entity and submitting the dealer application, I would like professional assistance in structuring the business correctly from the beginning. There will be two owners. One owner resides in Oklahoma and will be the Oklahoma-resident operator/cardholder for the dealership, while the other owner resides in New York. An important part of our intended business model is that, although we will operate under the same LLC and dealer license, each member intends to conduct and fund certain vehicle transactions independently. We would therefore like the accounting, tax, and operating structure to clearly track each member's individual transactions, capital used, revenues, expenses, and resulting economic interest, while common dealership expenses are handled appropriately at the LLC level. I would appreciate your assistance with the following: Business Structure The dealer application allows us to select: Sole Proprietorship Partnership Limited Partnership Limited Liability Company Corporation We are currently considering a new Oklahoma LLC, but before forming it, I would like your recommendation as to which structure is most appropriate from a federal and Oklahoma tax, liability, and accounting standpoint for this two-owner wholesale automobile dealership. Independent Member Transactions We specifically need advice on the proper way to structure our intended arrangement whereby each member may independently source, fund, purchase, and manage particular vehicle transactions through the LLC. We want the books to clearly identify which member funded each transaction and appropriately account for that transaction's purchase cost, auction fees, transportation, other expenses, sale proceeds, and resulting profit or loss. We also want to understand how this arrangement should be reflected in the LLC's capital accounts, distributions, tax reporting, and each member's Schedule K-1 while maintaining proper separation between the members and the LLC itself. Ownership & Tax Structure Please advise how ownership percentages, capital contributions, distributions, profit/loss allocations, and tax reporting should be structured, particularly because one owner resides in Oklahoma and the other resides in New York. Financial Statements The Oklahoma Used Motor Vehicle, Dismantler, and Manufactured Housing Commission requires financial statements from applicants and indicates that an accountant-prepared financial statement is preferred. We would like assistance preparing the financial statements in the format required by the Commission. Operating Agreement Coordination We would like the financial provisions of the operating agreement to clearly address the independent transaction arrangement, capital contributions, common LLC expenses, distributions, profit/loss allocations, member accounts, recordkeeping, and each member's financial responsibilities. We understand that an attorney may need to draft or review the legal agreement, and we would appreciate your coordination regarding its accounting and tax provisions. Dealership Accounting Setup We would like to establish an accounting system capable of separately tracking each member's transactions while maintaining consolidated LLC books and records for tax and regulatory purposes. This will include vehicle inventory, auction purchases and fees, transportation, dealer-to-dealer sales, international exports, member contributions, distributions, and shared dealership expenses. Do you currently work with automobile dealerships, and have you previously assisted clients with applications or financial statements for the Oklahoma Used Motor Vehicle, Dismantler, and Manufactured Housing Commission? If this is within your area of practice, please let me know your availability for an initial consultation and whether you can provide a fixed-fee estimate for the startup work described above. Thank you, Ignatius Okeke