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. Also like corporations, LLC's can have as many shareholders, or members, as it likes. Unlike a corporation however, the death or bankruptcy of one of the members will dissolve the LLC. Various forms of limited liability companies have been around for hundreds years, but the modern LLC, like the legislature enacted in Louisiana, became more popular in the past several decades.
Can My Business Be Formed as an LLC?
Businesses in Louisiana can organize using whatever form they choose. The office of the Secretary of State is the organization that accepts filings by those who want to open LLC's. Fees are generally charged for opening LLC's, however, and Louisiana 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 certain conditions, a business in Berwick may change its form. Eligibility for conversion to a LLC is determined by Louisiana law.
How Can an Attorney Help?
Whether it would be favorable for your business to form or convert to a LLC is a difficult decision. An attorney practicing business law in Louisiana can give you valuable advice.