The legal business form of the LLC, or Limited Liability Company, offers the benefits of several other traditional business forms. A LLC has the benefits of a corporation's limited liability, but avoids double taxation like a partnership or sole proprietorship. 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. Limited liability has historically been a primary goal of many business forms, but since the legislature authorized it in Indiana, the modern LLC has become increasingly popular.
Can My Business Be Formed as an LLC?
The right business form is a decision left up to each business that openes in Indiana. 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 Indiana laws that govern the formation and actions of 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?
Businesses in Batesville may change their forms in certain circumstances. Whether a business may convert to a LLC or not is determined by Indiana law.
How Can an Attorney Help?
Attorneys practicing business law in Indiana can advise you on whether it would be favorable for your business to form or convert to a LLC.