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. Many business forms have historically 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 South Carolina that authorized its formation.
Can My Business Be Formed as an LLC?
In South Carolina, a business can be formed using the form that it chooses. Opening an LLC simply requires that the business founders file a form with the Secretary of State. However, some charge additional fees for the formation of LLC?s, and in South Carolina there are certain laws that govern the 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 Darlington can be done if a company's situation meets particular conditions. Conversion to a LLC is possible if South Carolina law permits it in your situation.
How Can an Attorney Help?
Attorneys practicing business law in South Carolina can advise you on whether it would be favorable for your business to form or convert to a LLC.