What is an LLC?
The Limited Liability Company, or LLC, is a legal form of business organization that offers the benefits of several other traditional structures. 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. Different forms of limited liability companies have been around for hundreds years, but the modern LLC, like the legislature enacted in Alaska, became more popular in the past several decades.
Can My Business Be Formed as an LLC?
In Alaska, 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. There can be a fee required for opening your LLC, however. Applicable Alaska laws govern the formation of LLC's and their actions. Applicable laws are a primary consideration in the decision of whether to organize as an LLC. The right business structure for your company might be difficult to find, but different structures can end up saving your company a lot of money.
Can I Change the Form of My Business to an LLC?
Businesses in Barrow might sometimes change form. A company is eligible for conversion to an LLC if its situation falls under circumstances that are detailed by Alaska law.
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How Can an Attorney Help?
Lawyers practicing business law in Alaska can advise you on whether it would be favorable for your business to form or convert to a LLC.