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. Business forms with limited liability have existed for hundreds of years, but the modern LLC became more popular in Florida since the legislature enacted laws authorizing its creation.
Can My Business Be Formed as an LLC?
Florida allows a company to incorporate using the business form it chooses. To start as an LLC, a company just files the necessary form with the Secretary of State. Fees are regularly charged for opening LLC's, however, and Florida law determines the costs for creating LLC's. You should consider these laws when deciding whether to organize your business as an LLC. Finding the right business structure for your company might take some effort, but it will ultimately make your business more profitable.
Can I Change the Form of My Business to an LLC?
A business in Mount Dora may change its form under certain 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 experienced in Florida business law can give you valuable input on whether your business would be more profitable as a LLC.