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. Limited liability has traditionally been a primary goal of many business forms, but since the legislature authorized it in West Virginia, the modern LLC has become increasingly 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?
A business in Weirton may change its form under particular 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.