The Limited Liability Company, or LLC, is a legal business structure that seeks to combine benefits from across several other traditional business forms. An LLC enjoys the same type of limited liability as a corporation, but like the sole proprietorship and partnership, it is not taxed as its own entity. 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. However, there may be an additional fee required for forming your LLC, determined by Pennsylvania laws that govern the formation and actions of LLC's. Applicable laws are a primary consideration in the decision of whether to organize as an LLC. The right business structure for your company may 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 York 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?
Attorneys experienced in Pennsylvania business law can give you valuable input on whether your business would be more profitable as a LLC.