The Limited Liability Company, or LLC, is a business structure that combines the benefits of many 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. Like a corporation, the LLC can also have an endless amount of shareholders, called members. Unlike a corporation however, if a member dies, files for bankruptcy, or otherwise leaves the LLC, the company is dissolved. Different forms of limited liability companies have been around for hundreds years, but the modern LLC, like the legislature enacted in West Virginia, became more popular in the past several decades.
Can My Business Be Formed as an LLC?
The right business form is a decision left up to each business that openes in West Virginia. An LLC is started just by filing the appropriate form with the Secretary of State. There can be a fee required for opening your LLC, however. Applicable West Virginia laws govern the formation of LLC's and their actions. You should consider these laws when deciding whether to organize your business as an LLC. Finding the right business structure for your company might take some effort, but it will ultimately make your business more profitable.
Can I Change the Form of My Business to an LLC?
Businesses in Bridgeport may change their forms in specific circumstances. Whether a business may convert to a LLC or not is determined by West Virginia law.
How Can an Attorney Help?
A lawyer versed in West Virginia business law will be able to advise you of the advantages and costs for forming and maintaining a LLC.