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. Like a corporation, the LLC can also have an unlimited amount of shareholders, called members. Unlike a corporation however, if a member dies, files for bankruptcy, or otherwise leaves the LLC, the company is dissolved. Various forms of limited liability companies have been around for hundreds years, but the modern LLC, like the legislature enacted in Florida, became more popular in the past several decades.
Can My Business Be Formed as an LLC?
In Florida, a business can be formed using the form that it chooses. Opening an LLC simply requires that the business founders file a form with the Secretary of State. Fees are often charged for opening LLC's, however, and Florida 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?
Businesses in Jacksonville Beach may sometimes change form. A company is eligible for conversion to an LLC if its situation falls under circumstances that are detailed by Florida law.
How Can an Attorney Help?
Whether it would be advantageous for your business to form or convert to a LLC is a difficult decision. An attorney practicing business law in Florida can give you valuable advice.