The LLC, or Limited Liability Company, is a business structure that was invented to offer an array of benefits normally 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. LLC's, like corporations, can also have as many shareholders, or members, as desired. The LLC, however, is dissolved if one of those members files for bankruptcy or dies. Various forms of limited liability companies have been around for hundreds years, but the modern LLC, like the legislature enacted in Ohio, became more popular in the past several decades.

Can My Business Be Formed as an LLC?

In Ohio, a business can be formed using the form that it chooses. Opening an LLC simply requires that the business founders file a 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. 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 specific conditions, a business in Eaton may change its form. Eligibility for conversion to a LLC is determined by Ohio law.

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.