The legal business form of the LLC, or Limited Liability Company, offers the advantages 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 viewed more like a sole proprietorship or partnership for tax purposes. LLC's, like corporations, may 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 creation.
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 just 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. 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 Ballwin might sometimes change form. A company is eligible for conversion to an LLC if its situation falls under circumstances that are detailed by Missouri 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 Missouri.