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. Like a sole proprietorship or partnership, an LLC is not taxed as its own entity. However, it still has the benefit of limited liability, the same as a corporation. An LLC can also have an endless amount of shareholders, like a corporation. However, the LLC is dissolved if one of those members dies or files for bankruptcy. Different forms of limited liability companies have been around for hundreds years, but the modern LLC, like the legislature enacted in California, became more popular in the past several decades.
Can My Business Be Formed as an LLC?
Businesses in California 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 California 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?
A business in Calabasas may change its form under particular conditions. Whether or not a business is eligible for conversion to a LLC is a determination made by applicable California laws.
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How Can an Attorney Help?
Lawyers practicing business law in California can advise you on whether it would be favorable for your business to form or convert to a LLC.