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. Also like corporations, LLC's can have as many shareholders, or members, as it likes. Unlike a corporation however, the death or bankruptcy of one of the members will dissolve the LLC. Various forms of limited liability companies have been around for hundreds years, but the modern LLC, like the legislature enacted in Georgia, became more popular in the past several decades.
Can My Business Be Formed as an LLC?
In Georgia, 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 Georgia law determines the costs for creating 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 Augusta 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 Georgia laws.
How Can an Attorney Help?
Attorneys experienced in Georgia business law can give you valuable input on whether your business would be more profitable as a LLC.