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. 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 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 just 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 particular laws that govern the actions of LLC?s. When deciding whether to form a LLC, you should consider which laws would apply to your company. Although it might take some time to find, choosing the right business structure for your company will lead to increased profitability.
Can I Change the Form of My Business to an LLC?
Businesses in Easley may change their forms in specific circumstances. Whether a business may convert to a LLC or not is determined by South Carolina law.
How Can an Attorney Help?
A lawyer versed in South Carolina business law will be able to advise you of the advantages and costs for forming and maintaining a LLC.