What is an LLC?
The Limited Liability Company, or LLC, is a legal form of business organization that offers the advantages of several other traditional structures. An LLC enjoys the same type of limited liability as a corporation, but like the sole proprietorship and partnership, it is not taxed as its own entity. Also like corporations, LLC's can have as many shareholders, or members, as it likes. Unlike a corporation however, the death or bankruptcy of one of the members will dissolve the LLC. Limited liability has historically been a primary goal of many business forms, but since the legislature authorized it in Arizona, the modern LLC has become increasingly popular.
Can My Business Be Formed as an LLC?
In Arizona, a business can be formed using the form that it chooses. Opening an LLC simply requires that the business founders file a form with the Secretary of State. However, some charge additional fees for the formation of LLC?s, and in Arizona there are certain laws that govern the 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 can lead to increased profits, but the process may take some time.
Can I Change the Form of My Business to an LLC?
Under particular conditions, a business in Benson may change its form. Eligibility for conversion to a LLC is determined by Arizona law.
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How Can an Attorney Help?
Attorneys experienced in Arizona business law can give you valuable input on whether your business would be more profitable as a LLC.