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. LLC's, like corporations, can also have as many shareholders, or members, as desired. The LLC, however, is dissolved if one of those members files for bankruptcy or dies. Various forms of limited liability companies have been around for hundreds years, but the modern LLC, like the legislature enacted in Idaho, became more popular in the past several decades.
Can My Business Be Formed as an LLC?
In Idaho, a business can be formed using the form that it chooses. Opening an LLC simply requires that the business founders file a form with the Secretary of State. There may be a fee required for opening your LLC, however. Applicable Idaho laws govern the formation of LLC's and their actions. Applicable laws are a primary consideration in the decision of whether to organize as an LLC. The right business structure for your company may 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?
A business in Lewiston may change its form under specific 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 practicing business law in Idaho can advise you on whether it would be favorable for your business to form or convert to a LLC.