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. Like a corporation, the LLC can also have an endless 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. Different 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 just requires that the business founders file a form with the Secretary of State. There can be a fee required for opening your LLC, however. Applicable Florida laws govern the formation of LLC's and their actions. When deciding whether to form a LLC, you should consider which laws would apply to your company. Although it might 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 Labelle may change their forms in certain circumstances. Whether a business may convert to a LLC or not is determined by Florida law.
How Can an Attorney Help?
Lawyers practicing business law in Florida can advise you on whether it would be favorable for your business to form or convert to a LLC.