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. For hundreds of years, limited liability has been a primary goal of some business forms, but since the Kentucky legislature enacted laws authorizing its formation, the modern LLC has become more and more popular.
Can My Business Be Formed as an LLC?
Kentucky allows a company to incorporate using the business form it chooses. To begin as an LLC, a company simply files the necessary form with the Secretary of State. However, there may be an additional fee required for forming your LLC, determined by Kentucky laws that govern the formation and actions of LLC's. 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 Middlesborough can be done if a company's situation meets particular conditions. Conversion to a LLC is possible if Kentucky law permits it in your situation.
How Can an Attorney Help?
A lawyer versed in Kentucky business law will be able to advise you of the benefits and costs for forming and maintaining a LLC.