The Limited Liability Company, or LLC, is a legal form of business organization that offers the advantages 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 advantage of limited liability, the same as a corporation. 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. Business forms with limited liability have existed for hundreds of years, but the modern LLC became more popular in Colorado since the legislature enacted laws authorizing its formation.
Can My Business Be Formed as an LLC?
Businesses in Colorado can 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, fees are often required to form a LLC. The actions of LLC's as well as the costs for operating them are determined by Colorado law. You should consider these laws when deciding whether to organize your business as an LLC. Finding the right business structure for your company may take some effort, but it will ultimately make your business more profitable.
Can I Change the Form of My Business to an LLC?
Businesses in Salida may change their forms in certain circumstances. Whether a business may convert to a LLC or not is determined by Colorado law.
How Can an Attorney Help?
Whether it would be favorable for your business to form or convert to a LLC is a difficult decision. An attorney practicing business law in Colorado can give you valuable advice.