The legal business form of the LLC, or Limited Liability Company, offers the advantages of several other traditional business forms. Like a sole proprietorship or partnership, an LLC is not taxed as its own entity. However, it still has the benefit of limited liability, the same as a corporation. Like a corporation, a LLC can have unlimited shareholders, called members. But a main difference is if one of these shareholders dies or files for bankruptcy, the LLC is dissolved and will stop operations unless the remaining members form a new LLC. Many business forms have traditionally been aimed at the goal of limited liability, but the LLC is the most modern of these forms, having become popular since the enactment of laws in Kansas that authorized its formation.
Can My Business Be Formed as an LLC?
The right business form is a decision left up to each business that openes in Kansas. An LLC is started just by filing the appropriate form with the Secretary of State. However, some charge additional fees for the formation of LLC?s, and in Kansas there are specific laws that govern the actions of 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?
Changing business forms in Overland Park can be done if a company's situation meets certain conditions. Conversion to a LLC is possible if Kansas law permits it in your situation.
How Can an Attorney Help?
A lawyer versed in Kansas business law will be able to advise you of the advantages and costs for forming and maintaining a LLC.