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. For hundreds of years, limited liability has been a main goal of some business forms, but since the West Virginia legislature enacted laws authorizing its formation, the modern LLC has become more and more popular.
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. However, there can be an additional fee required for forming your LLC, determined by West Virginia laws that govern the formation and actions of LLC's. In deciding whether you should organize as an LLC, you should consider carefully the applicable laws. Finding the right business structure for your company may lead to increased profits, but the process may take some time.
Can I Change the Form of My Business to an LLC?
Businesses in Huntington might sometimes change form. A company is eligible for conversion to an LLC if its situation falls under circumstances that are detailed by West Virginia law.
How Can an Attorney Help?
Lawyers practicing business law in West Virginia can advise you on whether it would be favorable for your business to form or convert to a LLC.