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, there may be an additional fee required for forming your LLC, determined by Ohio laws that govern the formation and 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 Stow can be done if a company's situation meets certain conditions. Conversion to a LLC is possible if Ohio law permits it in your situation.
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.