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?
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. Fees are often charged for opening LLC's, however, and Idaho 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 may 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?
Under specific conditions, a business in Weiser may change its form. Eligibility for conversion to a LLC is determined by Idaho law.
How Can an Attorney Help?
The decision of whether to form or convert to a LLC is best considered with the advice of local attorneys practicing business law in Idaho.