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. Many business forms have traditionally been aimed at the goal of limited liability, but the LLC is the most modern of these forms, having become popular since the enactment of laws in Louisiana that authorized its formation.
Can My Business Be Formed as an LLC?
In Louisiana, a business can be formed using the form that it chooses. Opening an LLC just requires that the business founders file a form with the Secretary of State. However, some charge additional fees for the formation of LLC?s, and in Louisiana there are certain laws that govern the actions of LLC?s. In deciding whether you should organize as an LLC, you should consider carefully the applicable laws. Finding the right business structure for your company may lead to increased profits, but the process may take some time.
Can I Change the Form of My Business to an LLC?
Businesses in Ponchatoula 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?
The decision of whether to form or convert to a LLC is best considered with the advice of local lawyers practicing business law in Louisiana.