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. 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. 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 creation.
Can My Business Be Formed as an LLC?
Businesses in Colorado 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, fees are regularly required to form a LLC. The actions of LLC's as well as the costs for operating them are determined by Colorado 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 Silverthorne can be done if a company's situation meets particular conditions. Conversion to a LLC is possible if Colorado law permits it in your situation.
How Can an Attorney Help?
Attorneys experienced in Colorado business law can give you valuable input on whether your business would be more profitable as a LLC.