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. Fees are often charged for opening LLC's, however, and Missouri law determines the costs for creating LLC's. These laws should certainly help you decide whether to organize as an LLC. The business structure that is appropriate for your business may take some effort to find, but finding the right business form can reward you with increased profitability.
Can I Change the Form of My Business to an LLC?
Changing business forms in Battlefield can be done if a company's situation meets specific conditions. Conversion to a LLC is possible if Missouri law permits it in your situation.
How Can an Attorney Help?
Attorneys experienced in Missouri business law can give you valuable input on whether your business would be more profitable as a LLC.