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. 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 formation.
Can My Business Be Formed as an LLC?
Florida allows a company to incorporate using the business form it chooses. To begin as an LLC, a company simply files the necessary form with the Secretary of State. Fees are generally charged for opening LLC's, however, and Florida law determines the costs for creating LLC's. When deciding whether to form a LLC, you should consider which laws would apply to your company. Although it may 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?
Under particular conditions, a business in Neptune Beach may change its form. Eligibility for conversion to a LLC is determined by Florida law.
How Can an Attorney Help?
A lawyer versed in Florida business law will be able to advise you of the benefits and costs for forming and maintaining a LLC.