The Limited Liability Company, or LLC, is a legal form of business organization that offers the benefits 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 viewed more like a sole proprietorship or partnership for tax purposes. LLC's, like corporations, may also have as many shareholders, or members, as desired. The LLC, however, is dissolved if one of those members files for bankruptcy or dies. Different 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?
A business in Idaho can be organized using the form that it chooses. If the founders want to organize as an LLC, all that is necessary is filing the appropriate form with the Secretary of State. 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 Idaho law. 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?
Changing business forms in Sandpoint can be done if a company's situation meets specific conditions. Conversion to a LLC is possible if Idaho law permits it in your situation.
How Can an Attorney Help?
Lawyers practicing business law in Idaho can advise you on whether it would be favorable for your business to form or convert to a LLC.