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. Also like corporations, LLC's may 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. Business forms with limited liability have existed for hundreds of years, but the modern LLC became more popular in Louisiana since the legislature enacted laws authorizing its creation.
Can My Business Be Formed as an LLC?
Louisiana allows a company to incorporate using the business form it chooses. To start as an LLC, a company just files the necessary form with the Secretary of State. There can be a fee required for opening your LLC, however. Applicable Louisiana laws govern the formation of LLC's and their actions. Applicable laws are a primary consideration in the decision of whether to organize as an LLC. The right business structure for your company might 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?
Businesses in East Baton Rouge Parish might sometimes change form. A company is eligible for conversion to an LLC if its situation falls under circumstances that are detailed by Louisiana law.
How Can an Attorney Help?
A lawyer versed in Louisiana business law will be able to advise you of the advantages and costs for forming and maintaining a LLC.