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. For hundreds of years, limited liability has been a primary 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?
A business in Indiana can be organized using the form that it chooses. If the founders want to organize as an LLC, all that is required is 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. In deciding whether you should organize as an LLC, you should consider carefully the applicable laws. Finding the right business structure for your company can lead to increased profits, but the process may take some time.
Can I Change the Form of My Business to an LLC?
Businesses in Greenfield may sometimes change form. A company is eligible for conversion to an LLC if its situation falls under circumstances that are detailed by Indiana law.
How Can an Attorney Help?
A lawyer versed in Indiana business law will be able to advise you of the benefits and costs for forming and maintaining a LLC.