The Limited Liability Company, or LLC, is a legal form of business organization that offers the advantages of several other traditional structures. An LLC has the same advantage of limited liability that a corporation does, but without being taxed as its own entity. Instead, it's taxed more similarly to a sole proprietorship or partnership. An LLC can also have an unlimited amount of shareholders, like a corporation. However, the LLC is dissolved if one of those members dies or files for bankruptcy. Limited liability has historically been a primary goal of many business forms, but since the legislature authorized it in Florida, the modern LLC has become increasingly popular.
Can My Business Be Formed as an LLC?
Businesses in Florida 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. However, there may be an additional fee required for forming your LLC, determined by Florida laws that govern the formation and actions of LLC's. When deciding whether to form a LLC, you should consider which laws would apply to your company. Although it may 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?
Businesses in Bonifay may change their forms in specific circumstances. Whether a business may convert to a LLC or not is determined by Florida law.
How Can an Attorney Help?
A lawyer versed in Florida business law will be able to advise you of the benefits and costs for forming and maintaining a LLC.