What is an LLC?

Find the right LLC attorney in Lorain, OH

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. However, fees are often required to form a LLC. The actions of LLC's as well as the costs for operating them are determined by Ohio law. You should consider these laws when deciding whether to organize your business as an LLC. Finding the right business structure for your company may take some effort, but it will ultimately make your business more profitable.

Can I Change the Form of My Business to an LLC?

Businesses in Lorain may change their forms in specific circumstances. Whether a business may convert to a LLC or not is determined by Ohio law.

How Can an Attorney Help?

A lawyer versed in Ohio business law will be able to advise you of the benefits and costs for forming and maintaining a LLC.

Talk to a Business Law Attorney now!

Life in Lorain

Lorain is in the northeast portion of Ohio. Specifically, it is located near Lake Erie, the Black River, and Cleveland. It is a part of Lorain County.

The city is mostly known as home to the Assembly Plant for Ford Motor Company. Primarlly, the Ford Econoline was assembled here.

The city is home to a diverse population that works in a variety of professions. These professions include law. Many attorneys call Lorain home and practice either locally, or in surrounding areas. Therefore, the legal needs of residents and/or businesses will always be taken care of.

Famous residents include Terry Anderson, Charles J. Berry, Stevan Dohanos, Quincy Gillmore, William Hanley, Chad Muska, and Ward Van Orman.

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