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. Many business forms have historically 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?
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. Fees are often charged for opening LLC's, however, and Ohio law determines the costs for creating LLC's. These laws should certainly help you decide whether to organize as an LLC. The business structure that is appropriate for your business may take some effort to find, but finding the right business form can reward you with increased profitability.
Can I Change the Form of My Business to an LLC?
Under certain conditions, a business in Delphos may change its form. Eligibility for conversion to a LLC is determined by Ohio law.
How Can an Attorney Help?
Whether it would be favorable for your business to form or convert to a LLC is a difficult decision. An attorney practicing business law in Ohio can give you valuable advice.