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. For hundreds of years, limited liability has been a main goal of some business forms, but since the Arkansas legislature enacted laws authorizing its formation, the modern LLC has become more and more 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. However, some charge additional fees for the formation of LLC?s, and in Arkansas there are specific laws that govern the actions of LLC?s. Applicable laws are a primary consideration in the decision of whether to organize as an LLC. The right business structure for your company might be difficult to find, but different structures can end up saving your company a lot of money.
Can I Change the Form of My Business to an LLC?
Changing business forms in Greenwood can be done if a company's situation meets certain conditions. Conversion to a LLC is possible if Arkansas law permits it in your situation.
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How Can an Attorney Help?
Attorneys experienced in Arkansas business law can give you valuable input on whether your business would be more profitable as a LLC.