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. For hundreds of years, limited liability has been a main goal of some business forms, but since the Mississippi legislature enacted laws authorizing its formation, the modern LLC has become more and more popular.
Can My Business Be Formed as an LLC?
In Mississippi, a business can be formed using the form that it chooses. Opening an LLC just requires that the business founders file a form with the Secretary of State. However, some charge additional fees for the formation of LLC?s, and in Mississippi there are particular laws that govern the actions of LLC?s. When deciding whether to form a LLC, you should consider which laws would apply to your company. Although it might 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?
Businesses in Southaven may change their forms in specific circumstances. Whether a business may convert to a LLC or not is determined by Mississippi law.
How Can an Attorney Help?
Lawyers practicing business law in Mississippi can advise you on whether it would be favorable for your business to form or convert to a LLC.