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?
Businesses in Montana 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, some charge additional fees for the formation of LLC?s, and in Montana there are certain laws that govern the 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?
Businesses in Lewistown might sometimes change form. A company is eligible for conversion to an LLC if its situation falls under circumstances that are detailed 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.