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. 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?
Changing business forms in Tolland can be done if a company's situation meets particular conditions. Conversion to a LLC is possible if Connecticut law permits it in your situation.
How Can an Attorney Help?
The decision of whether to form or convert to a LLC is best considered with the advice of local Lawyers practicing business law in Connecticut.