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?
The right business form is a decision left up to each business that openes in Ohio. An LLC is started simply by filing the appropriate 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. In deciding whether you should organize as an LLC, you should consider carefully the applicable laws. Finding the right business structure for your company can lead to increased profits, but the process may take some time.
Can I Change the Form of My Business to an LLC?
A business in Mount Vernon may change its form under certain conditions. Whether or not a business is eligible for conversion to a LLC is a determination made by applicable Ohio laws.
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.