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. Also like corporations, LLC's may have as many shareholders, or members, as it likes. Unlike a corporation however, the death or bankruptcy of one of the members will dissolve the LLC. Different forms of limited liability companies have been around for hundreds years, but the modern LLC, like the legislature enacted in Arkansas, became more popular in the past several decades.
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. In deciding whether you should organize as an LLC, you should consider carefully the applicable laws. Finding the right business structure for your company may lead to increased profits, but the process may take some time.
Can I Change the Form of My Business to an LLC?
Under certain conditions, a business in Morrilton 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.