The legal business form of the LLC, or Limited Liability Company, offers the benefits 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 advantage of limited liability, the same as a corporation. LLC's, like corporations, can also have as many shareholders, or members, as desired. The LLC, however, is dissolved if one of those members files for bankruptcy or dies. Various forms of limited liability companies have been around for hundreds years, but the modern LLC, like the legislature enacted in Kentucky, became more popular in the past several decades.
Can My Business Be Formed as an LLC?
The right business form is a decision left up to each business that openes in Kentucky. An LLC is started simply by filing the appropriate form with the Secretary of State. Fees are generally charged for opening LLC's, however, and Kentucky law determines the costs for creating LLC's. These laws should certainly help you decide whether to organize as an LLC. The business structure that is appropriate for your business may 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?
Under particular conditions, a business in Florence may change its form. Eligibility for conversion to a LLC is determined by Kentucky law.
How Can an Attorney Help?
Whether it would be beneficial for your business to form or convert to a LLC is a difficult decision. An attorney practicing business law in Kentucky can give you valuable advice.