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. 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. Fees are regularly charged for opening LLC's, however, and Mississippi law determines the costs for creating LLC's. You should consider these laws when deciding whether to organize your business as an LLC. Finding the right business structure for your company might take some effort, but it will ultimately make your business more profitable.
Can I Change the Form of My Business to an LLC?
A business in Carthage may change its form under specific conditions. Whether or not a business is eligible for conversion to a LLC is a determination made by applicable Mississippi laws.
How Can an Attorney Help?
Whether it would be advantageous for your business to form or convert to a LLC is a difficult decision. An attorney practicing business law in Mississippi can give you valuable advice.