The Limited Liability Company, or LLC, is a legal business structure that seeks to combine benefits from across several other traditional business forms. A LLC has the benefits of a corporation's limited liability, but avoids double taxation like a partnership or sole proprietorship. An LLC can also have an unlimited amount of shareholders, like a corporation. However, the LLC is dissolved if one of those members dies or files for bankruptcy. 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?
Businesses in Ohio can organize using whatever form they choose. The office of the Secretary of State is the organization that accepts filings by those who want to open LLC's. However, some charge additional fees for the formation of LLC?s, and in Ohio there are particular laws that govern the actions of LLC?s. Applicable laws are a primary consideration in the decision of whether to organize as an LLC. The right business structure for your company may be difficult to find, but different structures can end up saving your company a lot of money.
Can I Change the Form of My Business to an LLC?
Businesses in South Russell 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?
A lawyer versed in Ohio business law will be able to advise you of the benefits and costs for forming and maintaining a LLC.