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?
Businesses in Alaska may organize using whatever form they choose. The office of the Secretary of State is the organization that accepts filings by those who want to open LLC's. However, there can be an additional fee required for forming your LLC, determined by Alaska laws that govern the formation and actions of 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 Fairbanks can be done if a company's situation meets certain conditions. Conversion to a LLC is possible if Alaska law permits it in your situation.
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How Can an Attorney Help?
A lawyer versed in Alaska business law will be able to advise you of the advantages and costs for forming and maintaining a LLC.