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. Fees are frequently charged for opening LLC's, however, and Arkansas 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?
Changing business forms in Hope 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?
Lawyers practicing business law in Arkansas can advise you on whether it would be favorable for your business to form or convert to a LLC.