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?
The right business form is a decision left up to each business that openes in Florida. An LLC is started simply by filing the appropriate form with the Secretary of State. 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. In deciding whether you should organize as an LLC, you should consider carefully the applicable laws. Finding the right business structure for your company can lead to increased profits, but the process may take some time.
Can I Change the Form of My Business to an LLC?
A business in Mascotte may change its form under particular conditions. Whether or not a business is eligible for conversion to a LLC is a determination made by applicable Florida laws.
How Can an Attorney Help?
Attorneys practicing business law in Florida can advise you on whether it would be favorable for your business to form or convert to a LLC.