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. Business forms with limited liability have existed for hundreds of years, but the modern LLC became more popular in Ohio since the legislature enacted laws authorizing its formation.
Can My Business Be Formed as an LLC?
Ohio allows a company to incorporate using the business form it chooses. To begin as an LLC, a company simply files the necessary form with the Secretary of State. Fees are generally charged for opening LLC's, however, and Ohio law determines the costs for creating LLC's. When deciding whether to form a LLC, you should consider which laws would apply to your company. Although it may 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?
Under specific conditions, a business in Lancaster may change its form. Eligibility for conversion to a LLC is determined by Ohio law.
How Can an Attorney Help?
Whether it would be advantageous 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.