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. Many business forms have traditionally been aimed at the goal of limited liability, but the LLC is the most modern of these forms, having become popular since the enactment of laws in Pennsylvania that authorized its formation.
Can My Business Be Formed as an LLC?
In Pennsylvania, a business can be formed using the form that it chooses. Opening an LLC just requires that the business founders file a form with the Secretary of State. Fees are frequently charged for opening LLC's, however, and Pennsylvania law determines the costs for creating LLC's. In deciding whether you should organize as an LLC, you should consider carefully the applicable laws. Finding the right business structure for your company may lead to increased profits, but the process may take some time.
Can I Change the Form of My Business to an LLC?
Businesses in Dubois might 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?
A lawyer versed in Pennsylvania business law will be able to advise you of the advantages and costs for forming and maintaining a LLC.