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. Fees are regularly charged for opening LLC's, however, and Maine law determines the costs for creating LLC's. You should consider these laws when deciding whether to organize your business as an LLC. Finding the right business structure for your company might take some effort, but it will ultimately make your business more profitable.
Can I Change the Form of My Business to an LLC?
Changing business forms in Skowhegan can be done if a company's situation meets particular conditions. Conversion to a LLC is possible if Maine law permits it in your situation.
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.