The LLC, or Limited Liability Company, is a business structure that was invented to offer an array of benefits typically provided by other traditional business forms. Limited liability is an advantage that the LLC shares with the corporation, but instead of being taxed as its own entity, it is treated more like a sole proprietorship or partnership for tax purposes. An LLC can also have an unlimited amount of shareholders, like a corporation. However, the LLC is dissolved if one of those members dies or files for bankruptcy. Limited liability has historically been a primary goal of many business forms, but since the legislature authorized it in Ohio, 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 Ohio. An LLC is started simply by filing the appropriate form with the Secretary of State. However, some charge additional fees for the formation of LLC?s, and in Ohio there are specific laws that govern the actions of LLC?s. In deciding whether you should organize as an LLC, you should consider carefully the applicable laws. Finding the right business structure for your company can lead to increased profits, but the process may take some time.

Can I Change the Form of My Business to an LLC?

Under certain conditions, a business in Archbold may change its form. Eligibility for conversion to a LLC is determined by Ohio law.

How Can an Attorney Help?

A lawyer versed in Ohio business law will be able to advise you of the benefits and costs for forming and maintaining a LLC.