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. LLC's, like corporations, can also have as many shareholders, or members, as desired. The LLC, however, is dissolved if one of those members files for bankruptcy or dies. Limited liability has historically been a primary goal of many business forms, but since the legislature authorized it in Alabama, the modern LLC has become increasingly popular.
Can My Business Be Formed as an LLC?
Alabama allows a company to incorporate using the business form it chooses. To begin as an LLC, a company simply files the necessary form with the Secretary of State. However, there may be an additional fee required for forming your LLC, determined by Alabama 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?
Changing business forms in Vestavia Hills can be done if a company's situation meets specific 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 practicing business law in Alabama can advise you on whether it would be favorable for your business to form or convert to a LLC.