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. Limited liability has historically been a primary goal of many business forms, but since the legislature authorized it in Georgia, the modern LLC has become increasingly popular.
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. However, fees are generally required to form a LLC. The actions of LLC's as well as the costs for operating them are determined by Georgia law. Applicable laws are a primary consideration in the decision of whether to organize as an LLC. The right business structure for your company may be difficult to find, but different structures can end up saving your company a lot of money.
Can I Change the Form of My Business to an LLC?
Changing business forms in Savannah can be done if a company's situation meets certain conditions. Conversion to a LLC is possible if Georgia law permits it in your situation.
How Can an Attorney Help?
A lawyer versed in Georgia business law will be able to advise you of the benefits and costs for forming and maintaining a LLC.