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. Business forms with limited liability have existed for hundreds of years, but the modern LLC became more popular in Maine since the legislature enacted laws authorizing its creation.
Can My Business Be Formed as an LLC?
Maine 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. There can be a fee required for opening your LLC, however. Applicable Maine 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 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 Wells may change its form under certain 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.