What is an LLC?
The Limited Liability Company, or LLC, is a legal form of business organization that offers the benefits of several other traditional structures. An LLC enjoys the same form of limited liability as a corporation, but like the sole proprietorship and partnership, it is not taxed as its own entity. Like a corporation, the LLC can also have an endless amount of shareholders, called members. Unlike a corporation however, if a member dies, files for bankruptcy, or otherwise leaves the LLC, the company is dissolved. Many business forms have traditionally been aimed at the goal of limited liability, but the LLC is the most modern of these forms, having become popular since the enactment of laws in Alabama that authorized its formation.
Can My Business Be Formed as an LLC?
Alabama allows a company to incorporate using the business form it chooses. To start as an LLC, a company just files the necessary form with the Secretary of State. However, fees are frequently required to form a LLC. The actions of LLC's as well as the costs for operating them are determined by Alabama law. Applicable laws are a primary consideration in the decision of whether to organize as an LLC. The right business structure for your company might be difficult to find, but different structures can end up saving your company a lot of money.
Can I Change the Form of My Business to an LLC?
Under specific conditions, a business in Adamsville may change its form. Eligibility for conversion to a LLC is determined by Alabama law.
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How Can an Attorney Help?
Attorneys experienced in Alabama business law can give you valuable input on whether your business would be more profitable as a LLC.