Limited Liability Company

Business Law. Small business is critical to our economy. The entrepreneurial spirit and willingness to create a service or product to meet the needs of a community is one of the many characteristics that helps our economy grow. At Phillips Mille & Costabile ("PMC") we are ready, willing and able to assist you with your business needs and to help you experience your dream of creating your own business.

What is an LLC? There are many opportunities to create a business that protects your rights without taking all your time away from the very product or service you seek to market. A Limited Liability Company (LLC) is a business entity authorized under the Ohio Revised Code, which provides limited liability protection to the owners or "members" of the LLC from the debts and obligations of the LLC. This limited liability protection is similar to that offered by a corporation. However, the LLC provides for more flexibility and less formality than a traditional corporation. An LLC can prevent income from being taxed to the LLC directly. In other words, working with your accountant we can use an LLC to help you save on taxes.

Why an LLC? An LLC can be formed with as few as one member or, as many members as you determine is necessary to meet your business needs, and still provide limited liability protection to the member(s). This makes the LLC an excellent option for someone operating a sole proprietorship while still having the need to protect his or her personal assets from prospective creditors of the business. An LLC is also an attractive option for an existing corporation looking to avoid the costs associated with the numerous corporate formalities. A corporation may be converted into an LLC by following specific guidelines of the Ohio Secretary of State, Ohio law and Federal income tax rules. At PMC, we are experienced to assist you or your accountant in setting up or converting an LLC.

Growth of your business. In addition to assisting you with the creation of a new LLC, our law firm is also able to improve your current LLC to extend and add new members to meet the growing needs of your business. The attorneys at PMC can address all issues related to the operation and management of the LLC, including but not limited to, restrictions on the transfer of membership interests, allocation of income and loss to members, the rights of the members upon leaving the LLC or upon the dissolution of the LLC, and family business transition or probate avoidance. An LLC remains a very popular business entity option to business persons of different numbers of members, types of service or product, and experience. At PMC, we will provide you with the "Results You Deserve" to meet your business needs.