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?

In Kentucky, a business can be formed using the form that it chooses. Opening an LLC simply requires that the business founders file a 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. When deciding whether to form a LLC, you should consider which laws would apply to your company. Although it may take some time to find, choosing the right business structure for your company will lead to increased profitability.

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

Changing business forms in Richmond 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.