The Limited Liability Company, or LLC, is a legal form of business organization that offers the benefits of several other traditional structures. An LLC has the same benefit 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 endless amount of shareholders, like a corporation. However, the LLC is dissolved if one of those members dies or files for bankruptcy. Limited liability has traditionally 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?
The right business form is a decision left up to each business that openes in Florida. An LLC is started just by filing the appropriate form with the Secretary of State. However, there can be an additional fee required for forming your LLC, determined by Florida laws that govern the formation and actions of 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?
Businesses in Coral Gables 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?
Attorneys experienced in Florida business law can give you valuable input on whether your business would be more profitable as a LLC.