The legal business form of the LLC, or Limited Liability Company, offers the advantages of several other traditional business forms. A LLC has the advantages of a corporation's limited liability, but avoids double taxation like a partnership or sole proprietorship. 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. For hundreds of years, limited liability has been a main goal of some business forms, but since the Indiana legislature enacted laws authorizing its formation, the modern LLC has become more and more popular.
Can My Business Be Formed as an LLC?
In Indiana, a business can be formed using the form that it chooses. Opening an LLC just requires that the business founders file a form with the Secretary of State. Fees are frequently charged for opening LLC's, however, and Indiana law determines the costs for creating 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 may 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 Edinburgh 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 Indiana laws.
How Can an Attorney Help?
Attorneys experienced in Indiana business law can give you valuable input on whether your business would be more profitable as a LLC.