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. Also like corporations, LLC's may 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 traditionally 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 just requires that the business founders file a form with the Secretary of State. However, fees are regularly required to form a LLC. The actions of LLC's as well as the costs for operating them are determined by Arizona law. 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?
Changing business forms in Eagar can be done if a company's situation meets certain conditions. Conversion to a LLC is possible if Arizona law permits it in your situation.
How Can an Attorney Help?
Lawyers practicing business law in Arizona can advise you on whether it would be favorable for your business to form or convert to a LLC.