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. 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?
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. Fees are generally charged for opening LLC's, however, and Missouri law determines the costs for creating LLC's. 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 particular conditions, a business in Town Country 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.