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. Also like corporations, LLC's may 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. Many business forms have traditionally been aimed at the goal of limited liability, but the LLC is the most modern of these forms, having become popular since the enactment of laws in Indiana that authorized its formation.
Can My Business Be Formed as an LLC?
Indiana allows a company to incorporate using the business form it chooses. To start as an LLC, a company just files the necessary form with the Secretary of State. However, there can be an additional fee required for forming your LLC, determined by Indiana laws that govern the formation and actions of LLC's. Applicable laws are a primary consideration in the decision of whether to organize as an LLC. The right business structure for your company might 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?
Changing business forms in Vanderburgh County can be done if a company's situation meets particular conditions. Conversion to a LLC is possible if Indiana law permits it in your situation.
How Can an Attorney Help?
A lawyer versed in Indiana business law will be able to advise you of the advantages and costs for forming and maintaining a LLC.