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. 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. There may be a fee required for opening your LLC, however. Applicable Ohio laws govern the formation of LLC's and their actions. Applicable laws are a primary consideration in the decision of whether to organize as an LLC. The right business structure for your company may be difficult to find, but different structures can end up saving your company a lot of money.
Can I Change the Form of My Business to an LLC?
Businesses in Lima may sometimes change form. A company is eligible for conversion to an LLC if its situation falls under circumstances that are detailed 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.