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. When deciding whether to form a LLC, you should consider which laws would apply to your company. Although it may take some time to find, choosing the right business structure for your company will lead to increased profitability.

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

Changing business forms in Springdale can be done if a company's situation meets specific conditions. Conversion to a LLC is possible if Ohio law permits it in your situation.

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.