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. LLC's, like corporations, may also have as many shareholders, or members, as desired. The LLC, however, is dissolved if one of those members files for bankruptcy or dies. 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?
In West Virginia, 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. Fees are frequently charged for opening LLC's, however, and West Virginia law determines the costs for creating 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?
Changing business forms in Parkersburg can be done if a company's situation meets specific conditions. Conversion to a LLC is possible if West Virginia law permits it in your situation.
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.