The legal business form of the LLC, or Limited Liability Company, offers the benefits of several other traditional business forms. Limited liability is an advantage that the LLC shares with the corporation, but instead of being taxed as its own entity, it is treated more like a sole proprietorship or partnership for tax purposes. 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. Business forms with limited liability have existed for hundreds of years, but the modern LLC became more popular in Missouri since the legislature enacted laws authorizing its formation.
Can My Business Be Formed as an LLC?
The right business form is a decision left up to each business that openes in Missouri. An LLC is started simply by filing the appropriate form with the Secretary of State. However, some charge additional fees for the formation of LLC?s, and in Missouri there are certain 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 may 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?
Under particular conditions, a business in Arnold may change its form. Eligibility for conversion to a LLC is determined by Missouri law.
How Can an Attorney Help?
A lawyer versed in Missouri business law will be able to advise you of the benefits and costs for forming and maintaining a LLC.