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?
The right business form is a decision left up to each business that openes in Mississippi. An LLC is started simply by filing the appropriate 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. Applicable laws are a primary consideration in the decision of whether to organize as an LLC. The right business structure for your company may 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?
Under particular conditions, a business in Oxford may change its form. Eligibility for conversion to a LLC is determined by Mississippi law.
How Can an Attorney Help?
A lawyer versed in Mississippi business law will be able to advise you of the benefits and costs for forming and maintaining a LLC.