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. 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?
In Indiana, a business can be formed using the form that it chooses. Opening an LLC simply requires that the business founders file a 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?
Under particular conditions, a business in Rochester may change its form. Eligibility for conversion to a LLC is determined by Indiana law.
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.