The LLC, or Limited Liability Company, is a business structure that was invented to offer an array of advantages normally provided by other traditional business forms. A LLC has the advantages of a corporation's limited liability, but avoids double taxation like a partnership or sole proprietorship. An LLC can also have an endless amount of shareholders, like a corporation. However, the LLC is dissolved if one of those members dies or files for bankruptcy. Many business forms have traditionally been aimed at the goal of limited liability, but the LLC is the most modern of these forms, having become popular since the enactment of laws in Missouri that authorized 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 just by filing the appropriate form with the Secretary of State. Fees are frequently charged for opening LLC's, however, and Missouri law determines the costs for creating 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?
Under specific conditions, a business in Odessa 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 advantages and costs for forming and maintaining a LLC.