The Limited Liability Company, or LLC, is a legal form of business organization that offers the advantages of several other traditional structures. Limited liability is an advantage that the LLC shares with the corporation, but instead of being taxed as its own entity, it is treated more like a sole proprietorship or partnership for tax purposes. Like a corporation, the LLC can also have an unlimited amount of shareholders, called members. Unlike a corporation however, if a member dies, files for bankruptcy, or otherwise leaves the LLC, the company is dissolved. Many business forms have historically been aimed at the goal of limited liability, but the LLC is the most modern of these forms, having become popular since the enactment of laws in Idaho that authorized its formation.
Can My Business Be Formed as an LLC?
The right business form is a decision left up to each business that openes in Idaho. An LLC is started simply by filing the appropriate form with the Secretary of State. However, there may be an additional fee required for forming your LLC, determined by Idaho laws that govern the formation and actions of LLC's. In deciding whether you should organize as an LLC, you should consider carefully the applicable laws. Finding the right business structure for your company can lead to increased profits, but the process may take some time.
Can I Change the Form of My Business to an LLC?
A business in Fruitland may change its form under certain conditions. Whether or not a business is eligible for conversion to a LLC is a determination made by applicable Idaho laws.
How Can an Attorney Help?
Attorneys experienced in Idaho business law can give you valuable input on whether your business would be more profitable as a LLC.