The legal business form of the LLC, or Limited Liability Company, offers the advantages of several other traditional business forms. An LLC has the same benefit of limited liability that a corporation does, but without being taxed as its own entity. Instead, it's taxed more similarly to a sole proprietorship or partnership. 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. Different forms of limited liability companies have been around for hundreds years, but the modern LLC, like the legislature enacted in Maine, became more popular in the past several decades.
Can My Business Be Formed as an LLC?
Businesses in Maine may organize using whatever form they choose. The office of the Secretary of State is the organization that accepts filings by those who want to open LLC's. However, there can be an additional fee required for forming your LLC, determined by Maine 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?
A business in Sabattus 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 Maine laws.
How Can an Attorney Help?
Attorneys experienced in Maine business law can give you valuable input on whether your business would be more profitable as a LLC.