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?
The right business form is a decision left up to each business that openes in Ohio. An LLC is started just by filing the appropriate form with the Secretary of State. Fees are frequently charged for opening LLC's, however, and Ohio law determines the costs for creating 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 may lead to increased profits, but the process may take some time.
Can I Change the Form of My Business to an LLC?
A business in Dublin may change its form under certain conditions. Whether or not a business is eligible for conversion to a LLC is a determination made by applicable Ohio laws.
How Can an Attorney Help?
Attorneys experienced in Ohio business law can give you valuable input on whether your business would be more profitable as a LLC.