The legal business form of the LLC, or Limited Liability Company, offers the benefits of several other traditional business forms. An LLC has the same advantage of limited liability that a corporation does, but without being taxed as its own entity. Instead, it's taxed more similarly to a sole proprietorship or partnership. 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. Various forms of limited liability companies have been around for hundreds years, but the modern LLC, like the legislature enacted in Maryland, became more popular in the past several decades.
Can My Business Be Formed as an LLC?
Businesses in Maryland can organize using whatever form they choose. The office of the Secretary of State is the organization that accepts filings by those who want to open LLC's. However, there may be an additional fee required for forming your LLC, determined by Maryland laws that govern the formation and actions of LLC's. When deciding whether to form a LLC, you should consider which laws would apply to your company. Although it may 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 Cumberland may change its form under certain conditions. Whether or not a business is eligible for conversion to a LLC is a determination made by applicable Maryland laws.
How Can an Attorney Help?
Attorneys practicing business law in Maryland can advise you on whether it would be favorable for your business to form or convert to a LLC.
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