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. Limited liability has historically been a primary goal of many business forms, but since the legislature authorized it in Mississippi, the modern LLC has become increasingly popular.
Can My Business Be Formed as an LLC?
Mississippi 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. There may be a fee required for opening your LLC, however. Applicable Mississippi laws govern the formation of LLC's and their actions. 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?
A business in Flowood may change its form under particular 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?
Attorneys practicing business law in Mississippi can advise you on whether it would be favorable for your business to form or convert to a LLC.