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. Also like corporations, LLC's can 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. Various 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?
Businesses in Arkansas can organize using whatever form they choose. The office of the Secretary of State is the organization that accepts filings by those who want to open LLC's. Fees are often charged for opening LLC's, however, and Arkansas law determines the costs for creating LLC's. These laws should certainly help you decide whether to organize as an LLC. The business structure that is appropriate for your business may take some effort to find, but finding the right business form can reward you with increased profitability.
Can I Change the Form of My Business to an LLC?
Under specific conditions, a business in Siloam Springs may change its form. Eligibility for conversion to a LLC is determined by Arkansas law.
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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.