The LLC, or Limited Liability Company, is a business structure that was invented to offer an array of advantages 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 viewed more like a sole proprietorship or partnership for tax purposes. An LLC can also have an endless amount of shareholders, like a corporation. However, the LLC is dissolved if one of those members dies or files for bankruptcy. Many business forms have traditionally been aimed at the goal of limited liability, but the LLC is the most modern of these forms, having become popular since the enactment of laws in Ohio that authorized its formation.
Can My Business Be Formed as an LLC?
A business in Ohio 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 Ohio there are specific 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?
Changing business forms in Celina can be done if a company's situation meets certain conditions. Conversion to a LLC is possible if Ohio law permits it in your situation.
How Can an Attorney Help?
A lawyer versed in Ohio business law will be able to advise you of the advantages and costs for forming and maintaining a LLC.