The LLC, or Limited Liability Company, is a business structure that was invented to offer an array of advantages typically 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. LLC's, like corporations, may 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 creation.
Can My Business Be Formed as an LLC?
The right business form is a decision left up to each business that openes in Mississippi. An LLC is started just by filing the appropriate form with the Secretary of State. However, some charge additional fees for the formation of LLC?s, and in Mississippi there are specific laws that govern the actions of LLC?s. Applicable laws are a primary consideration in the decision of whether to organize as an LLC. The right business structure for your company might be difficult to find, but different structures can end up saving your company a lot of money.
Can I Change the Form of My Business to an LLC?
Changing business forms in Biloxi 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?
A lawyer versed in Mississippi business law will be able to advise you of the advantages and costs for forming and maintaining a LLC.