The LLC, or Limited Liability Company, is a business structure that was invented to offer an array of benefits usually 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. Limited liability has historically been a primary goal of many business forms, but since the legislature authorized it in Ohio, the modern LLC has become increasingly popular.
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. 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?
A business in Newcomerstown may change its form under particular 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.