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. Limited liability has traditionally been a primary goal of many business forms, but since the legislature authorized it in Missouri, the modern LLC has become increasingly popular.
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. There can be a fee required for opening your LLC, however. Applicable Missouri laws govern the formation of LLC's and their actions. You should consider these laws when deciding whether to organize your business as an LLC. Finding the right business structure for your company might take some effort, but it will ultimately make your business more profitable.
Can I Change the Form of My Business to an LLC?
A business in Ellisville may change its form under certain conditions. Whether or not a business is eligible for conversion to a LLC is a determination made by applicable Missouri laws.
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.