The LLC, or Limited Liability Company, is a business structure that was invented to offer an array of advantages usually 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. There can be a fee required for opening your LLC, however. Applicable Mississippi 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 might 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?
Businesses in Corinth might sometimes change form. A company is eligible for conversion to an LLC if its situation falls under circumstances that are detailed by Mississippi 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 lawyers practicing business law in Mississippi.