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. 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?
A business in Mississippi can be organized using the form that it chooses. If the founders want to organize as an LLC, all that is necessary is filing the appropriate form with the Secretary of State. However, some charge additional fees for the formation of LLC?s, and in Mississippi there are certain laws that govern the actions of 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?
Changing business forms in Waynesboro can be done if a company's situation meets particular conditions. Conversion to a LLC is possible if Mississippi law permits it in your situation.
How Can an Attorney Help?
A lawyer versed in Mississippi business law will be able to advise you of the advantages and costs for forming and maintaining a LLC.