The LLC, or Limited Liability Company, is a business structure that was invented to offer an array of advantages usually provided by 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. Business forms with limited liability have existed for hundreds of years, but the modern LLC became more popular in Montana since the legislature enacted laws authorizing its creation.
Can My Business Be Formed as an LLC?
Montana 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 Montana laws govern the formation of LLC's and their actions. When deciding whether to form a LLC, you should consider which laws would apply to your company. Although it might take some time to find, choosing the right business structure for your company will lead to increased profitability.
Can I Change the Form of My Business to an LLC?
Businesses in Dillon may change their forms in particular circumstances. Whether a business may convert to a LLC or not is determined by Montana law.
How Can an Attorney Help?
A lawyer versed in Montana business law will be able to advise you of the advantages and costs for forming and maintaining a LLC.