What is an LLC?

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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. Limited liability has traditionally been a primary goal of many business forms, but since the legislature authorized it in Arkansas, the modern LLC has become increasingly popular.

Can My Business Be Formed as an LLC?

In Arkansas, 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. There can be a fee required for opening your LLC, however. Applicable Arkansas laws govern the formation of LLC's and their actions. 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?

Under particular conditions, a business in Berryville may change its form. Eligibility for conversion to a LLC is determined by Arkansas law.

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How Can an Attorney Help?

A lawyer versed in Arkansas business law will be able to advise you of the advantages and costs for forming and maintaining a LLC.

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