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. There may be a fee required for opening your LLC, however. Applicable Arizona laws govern the formation of LLC's and their actions. These laws should certainly help you decide whether to organize as an LLC. The business structure that is appropriate for your business may take some effort to find, but finding the right business form can reward you with increased profitability.
Can I Change the Form of My Business to an LLC?
Businesses in Cave Creek may change their forms in particular circumstances. Whether a business may convert to a LLC or not is determined by Arizona law.
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How Can an Attorney Help?
Whether it would be beneficial for your business to form or convert to a LLC is a difficult decision. An attorney practicing business law in Arizona can give you valuable advice.