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. Limited liability has historically been a primary goal of many business forms, but since the legislature authorized it in Pennsylvania, the modern LLC has become increasingly popular.
Can My Business Be Formed as an LLC?
Pennsylvania 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 Pennsylvania 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?
Businesses in Brookhaven may sometimes change form. A company is eligible for conversion to an LLC if its situation falls under circumstances that are detailed by Pennsylvania law.
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 Pennsylvania.