What is an LLC?

Find the right LLC attorney in Mansfield, OH

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?

A business in Ohio can be organized using the form that it chooses. If the founders want to organize as an LLC, all that is required is filing the appropriate form with the Secretary of State. However, some charge additional fees for the formation of LLC?s, and in Ohio there are specific laws that govern the actions of LLC?s. 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 Mansfield 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?

The decision of whether to form or convert to a LLC is best considered with the advice of local attorneys practicing business law in Ohio.

Talk to a Business Law Attorney now!

Life in Mansfield

Mansfield, Ohio is a city in Richland County, for which it also serves as the county seat. Mansfield has a population of just under 50,000 people. Mansfield has adopted the official nickname "The Fun Center of Ohio."

Mansfield was originally settled in 1808, it was incorporated in 1828, and chartered as a city in 1857. Mansfield began to experience significant economic growth in the mid-1800s, when the railroads arrived, making available to the areaa much wider variety of goods and services.

While Mansfield was once a thriving industrial center, but like many cities in the Rust Belt, it saw a major economic decline in the 1970s. While there are still some manufacturers in Mansfield who provide a major economic boost to the city, the city has understandably been undertaking to diversify its economy, to lessen its dependence on any single economic sector.

To that end, Mansfield has promoted itself as a filming location for the movie industry. Its historic buildings, and presence of some abandoned structures, enable it to stand in for settings all over the world.

If you live in Mansfield, Ohio, and need a lawyer, it's likely that you'll be able to find the right Mansfield, Ohio attorney to meet your legal needs.

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