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?
Businesses in Louisiana may 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. However, some charge additional fees for the formation of LLC?s, and in Louisiana there are specific laws that govern the 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 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?
Changing business forms in Houma can be done if a company's situation meets certain conditions. Conversion to a LLC is possible if Louisiana law permits it in your situation.
How Can an Attorney Help?
Lawyers practicing business law in Louisiana can advise you on whether it would be favorable for your business to form or convert to a LLC.