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?
The right business form is a decision left up to each business that openes in Alabama. An LLC is started just by filing the appropriate form with the Secretary of State. Fees are regularly charged for opening LLC's, however, and Alabama law determines the costs for creating LLC's. You should consider these laws when deciding whether to organize your business as an LLC. Finding the right business structure for your company might take some effort, but it will ultimately make your business more profitable.
Can I Change the Form of My Business to an LLC?
Changing business forms in Decatur can be done if a company's situation meets certain conditions. Conversion to a LLC is possible if Alabama law permits it in your situation.
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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.