The LLC, or Limited Liability Company, is a business structure that was invented to offer an array of benefits normally provided by other traditional business forms. A LLC has the benefits of a corporation's limited liability, but avoids double taxation like a partnership or sole proprietorship. An LLC can also have an unlimited amount of shareholders, like a corporation. However, the LLC is dissolved if one of those members dies or files for bankruptcy. Limited liability has historically 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?
Missouri allows a company to incorporate using the business form it chooses. To begin as an LLC, a company simply files the necessary form with the Secretary of State. There may be a fee required for opening your LLC, however. Applicable Missouri laws govern the formation of LLC's and their actions. When deciding whether to form a LLC, you should consider which laws would apply to your company. Although it may take some time to find, choosing the right business structure for your company will lead to increased profitability.
Can I Change the Form of My Business to an LLC?
Under specific conditions, a business in Festus may change its form. Eligibility for conversion to a LLC is determined by Missouri law.
How Can an Attorney Help?
Whether it would be advantageous for your business to form or convert to a LLC is a difficult decision. An attorney practicing business law in Missouri can give you valuable advice.