The legal business form of the LLC, or Limited Liability Company, offers the benefits of several other traditional business forms. An LLC has the same advantage 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 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. Various 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 can 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 may 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 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?
Changing business forms in Saco can be done if a company's situation meets specific conditions. Conversion to a LLC is possible if Maine law permits it in your situation.
How Can an Attorney Help?
A lawyer versed in Maine business law will be able to advise you of the benefits and costs for forming and maintaining a LLC.