The Limited Liability Company, or LLC, is a legal business structure that seeks to combine advantages from across several other traditional business forms. An LLC enjoys the same form 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 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 South Carolina, the modern LLC has become increasingly popular.
Can My Business Be Formed as an LLC?
Businesses in South Carolina may organize using whatever form they choose. The office of the Secretary of State is the organization that accepts filings by those who want to open LLC's. However, fees are regularly required to form a LLC. The actions of LLC's as well as the costs for operating them are determined by South Carolina 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?
A business in Barnwell may change its form under specific conditions. Whether or not a business is eligible for conversion to a LLC is a determination made by applicable South Carolina laws.
How Can an Attorney Help?
Whether it would be advantageous for your business to form or convert to a LLC is a difficult decision. An attorney practicing business law in South Carolina can give you valuable advice.