The Limited Liability Company, or LLC, is a legal business structure that seeks to combine advantages from across several other traditional business forms. A LLC has the advantages of a corporation's limited liability, but avoids double taxation like a partnership or sole proprietorship. Also like corporations, LLC's may 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 traditionally 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 start as an LLC, a company just files the necessary form with the Secretary of State. However, fees are frequently required to form a LLC. The actions of LLC's as well as the costs for operating them are determined by Pennsylvania law. Applicable laws are a primary consideration in the decision of whether to organize as an LLC. The right business structure for your company might 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?
Changing business forms in Butler County can be done if a company's situation meets particular conditions. Conversion to a LLC is possible if Pennsylvania law permits it in your situation.
How Can an Attorney Help?
Lawyers practicing business law in Pennsylvania can advise you on whether it would be favorable for your business to form or convert to a LLC.