The Limited Liability Company, or LLC, is a legal form of business organization that offers the advantages of several other traditional structures. An LLC has the same advantage of limited liability that a corporation does, but without being taxed as its own entity. Instead, it's taxed more similarly to a sole proprietorship or partnership. An LLC can also have an unlimited amount of shareholders, like a corporation. However, the LLC is dissolved if one of those members dies or files for bankruptcy. Various forms of limited liability companies have been around for hundreds years, but the modern LLC, like the legislature enacted in Delaware, became more popular in the past several decades.

Can My Business Be Formed as an LLC?

The right business form is a decision left up to each business that openes in Delaware. An LLC is started simply by filing the appropriate form with the Secretary of State. Fees are often charged for opening LLC's, however, and Delaware law determines the costs for creating 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 can lead to increased profits, but the process may take some time.

Can I Change the Form of My Business to an LLC?

Businesses in Elsmere may sometimes change form. A company is eligible for conversion to an LLC if its situation falls under circumstances that are detailed by Delaware law.

How Can an Attorney Help?

Attorneys practicing business law in Delaware can advise you on whether it would be favorable for your business to form or convert to a LLC.