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. LLC's, like corporations, may also have as many shareholders, or members, as desired. The LLC, however, is dissolved if one of those members files for bankruptcy or dies. Different forms of limited liability companies have been around for hundreds years, but the modern LLC, like the legislature enacted in Alabama, became more popular in the past several decades.
Can My Business Be Formed as an LLC?
In Alabama, a business can be formed using the form that it chooses. Opening an LLC just requires that the business founders file a form with the Secretary of State. Fees are frequently charged for opening LLC's, however, and Alabama law determines the costs for creating LLC's. When deciding whether to form a LLC, you should consider which laws would apply to your company. Although it might take some time to find, choosing the right business structure for your company will lead to increased profitability.
Can I Change the Form of My Business to an LLC?
A business in Moody may change its form under particular conditions. Whether or not a business is eligible for conversion to a LLC is a determination made by applicable Alabama laws.
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How Can an Attorney Help?
Whether it would be beneficial for your business to form or convert to a LLC is a difficult decision. An attorney practicing business law in Alabama can give you valuable advice.