The LLC, or Limited Liability Company, is a business structure that was invented to offer an array of benefits usually 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. For hundreds of years, limited liability has been a primary goal of some business forms, but since the Missouri legislature enacted laws authorizing its formation, the modern LLC has become more and more popular.
Can My Business Be Formed as an LLC?
A business in Missouri can be organized using the form that it chooses. If the founders want to organize as an LLC, all that is required is filing the appropriate 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. 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?
Under particular conditions, a business in Rock Hill may change its form. Eligibility for conversion to a LLC is determined 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 attorneys practicing business law in Missouri.