The Limited Liability Company, or LLC, is a legal form of business organization that offers the benefits of several other traditional structures. An LLC has the same benefit of limited liability that a corporation does, but without being taxed as its own entity. Instead, it's taxed more similarly to a sole proprietorship or partnership. 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 Connecticut, became more popular in the past several decades.
Can My Business Be Formed as an LLC?
Businesses in Connecticut 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. Fees are regularly charged for opening LLC's, however, and Connecticut law determines the costs for creating LLC's. These laws should certainly help you decide whether to organize as an LLC. The business structure that is appropriate for your business might 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 Stamford might sometimes change form. A company is eligible for conversion to an LLC if its situation falls under circumstances that are detailed by Connecticut law.
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 Connecticut can give you valuable advice.