The LLC, or Limited Liability Company, is a business structure that was invented to offer an array of advantages 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 viewed more like a sole proprietorship or partnership for tax purposes. LLC's, like corporations, may 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 creation.

Can My Business Be Formed as an LLC?

The right business form is a decision left up to each business that openes in Ohio. An LLC is started just by 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. In deciding whether you should organize as an LLC, you should consider carefully the applicable laws. Finding the right business structure for your company may lead to increased profits, but the process may take some time.

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

Under certain conditions, a business in Monroe may change its form. Eligibility for conversion to a LLC 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 advantages and costs for forming and maintaining a LLC.