The Limited Liability Company, or LLC, is a legal form of business organization that offers the benefits of several other traditional structures. Limited liability is an advantage that the LLC shares with the corporation, but instead of being taxed as its own entity, it is viewed more like a sole proprietorship or partnership for tax purposes. An LLC can also have an endless amount of shareholders, like a corporation. However, the LLC is dissolved if one of those members dies or files for bankruptcy. Different 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?
A business in Georgia can be organized using the form that it chooses. If the founders want to organize as an LLC, all that is necessary is filing the appropriate form with the Secretary of State. However, there can be an additional fee required for forming your LLC, determined by Georgia laws that govern the formation and actions of LLC's. These laws should certainly help you decide whether to organize as an LLC. The business structure that is appropriate for your business might take some effort to find, but finding the right business form can reward you with increased profitability.
Can I Change the Form of My Business to an LLC?
Changing business forms in Tyrone 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?
Attorneys experienced in Georgia business law can give you valuable input on whether your business would be more profitable as a LLC.