What is an LLC?
The Limited Liability Company, or LLC, is a legal form of business organization that offers the advantages of several other traditional structures. An LLC enjoys the same type 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 unlimited 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. For hundreds of years, limited liability has been a primary goal of some business forms, but since the Alabama legislature enacted laws authorizing its formation, the modern LLC has become more and more popular.
Can My Business Be Formed as an LLC?
In Alabama, a business can be formed using the form that it chooses. Opening an LLC simply requires that the business founders file a form with the Secretary of State. Fees are generally charged for opening LLC's, however, and Alabama law determines the costs for creating LLC's. These laws should certainly help you decide whether to organize as an LLC. The business structure that is appropriate for your business may take some effort to find, but finding the right business form can reward you with increased profitability.
Can I Change the Form of My Business to an LLC?
Changing business forms in Greenville 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.