The LLC, or Limited Liability Company, is a business structure that was invented to offer an array of benefits typically 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 Mississippi since the legislature enacted laws authorizing its formation.
Can My Business Be Formed as an LLC?
A business in Mississippi 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. However, fees are generally required to form a LLC. The actions of LLC's as well as the costs for operating them are determined by Mississippi law. 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?
Changing business forms in Aberdeen can be done if a company's situation meets certain conditions. Conversion to a LLC is possible if Mississippi law permits it in your situation.
How Can an Attorney Help?
Attorneys experienced in Mississippi business law can give you valuable input on whether your business would be more profitable as a LLC.