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. 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 West Virginia that authorized its formation.
Can My Business Be Formed as an LLC?
West Virginia allows a company to incorporate using the business form it chooses. To start as an LLC, a company just files the necessary form with the Secretary of State. Fees are regularly charged for opening LLC's, however, and West Virginia law determines the costs for creating LLC's. 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?
A business in Clarksburg 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 West Virginia laws.
How Can an Attorney Help?
Attorneys experienced in West Virginia business law can give you valuable input on whether your business would be more profitable as a LLC.