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. LLC's, like corporations, may also have as many shareholders, or members, as desired. The LLC, however, is dissolved if one of those members files for bankruptcy or dies. Business forms with limited liability have existed for hundreds of years, but the modern LLC became more popular in Kentucky since the legislature enacted laws authorizing its creation.

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 just by filing the appropriate form with the Secretary of State. However, some charge additional fees for the formation of LLC?s, and in Kentucky there are particular laws that govern the actions of 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 may lead to increased profits, but the process may take some time.

Can I Change the Form of My Business to an LLC?

Businesses in Ludlow may change their forms in specific circumstances. Whether a business may convert to a LLC or not is determined by Kentucky law.

How Can an Attorney Help?

Attorneys experienced in Kentucky business law can give you valuable input on whether your business would be more profitable as a LLC.