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. Also like corporations, LLC's can have as many shareholders, or members, as it likes. Unlike a corporation however, the death or bankruptcy of one of the members will dissolve the LLC. Business forms with limited liability have existed for hundreds of years, but the modern LLC became more popular in Indiana since the legislature enacted laws authorizing its formation.
Can My Business Be Formed as an LLC?
Indiana allows a company to incorporate using the business form it chooses. To begin as an LLC, a company simply files the necessary form with the Secretary of State. There may be a fee required for opening your LLC, however. Applicable Indiana laws govern the formation of LLC's and their actions. Applicable laws are a primary consideration in the decision of whether to organize as an LLC. The right business structure for your company may be difficult to find, but different structures can end up saving your company a lot of money.
Can I Change the Form of My Business to an LLC?
A business in Kendallville may change its form under particular 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.