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. Also like corporations, LLC's can have as many shareholders, or members, as it likes. Unlike a corporation however, the death or bankruptcy of one of the members will dissolve the LLC. Business forms with limited liability have existed for hundreds of years, but the modern LLC became more popular in Pennsylvania since the legislature enacted laws authorizing its formation.
Can My Business Be Formed as an LLC?
A business in Pennsylvania can be organized using the form that it chooses. If the founders want to organize as an LLC, all that is required is filing the appropriate form with the Secretary of State. However, fees are often required to form a LLC. The actions of LLC's as well as the costs for operating them are determined by Pennsylvania law. 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 Bangor 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 Pennsylvania laws.
How Can an Attorney Help?
Attorneys experienced in Pennsylvania business law can give you valuable input on whether your business would be more profitable as a LLC.