The LLC, or Limited Liability Company, is a business structure that was invented to offer an array of benefits typically provided by other traditional business forms. A LLC has the benefits of a corporation's limited liability, but avoids double taxation like a partnership or sole proprietorship. 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. 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 formation.
Can My Business Be Formed as an LLC?
Businesses in Montana 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. Fees are often charged for opening LLC's, however, and Montana 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 may take some effort, but it will ultimately make your business more profitable.
Can I Change the Form of My Business to an LLC?
Businesses in Miles City may 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 benefits and costs for forming and maintaining a LLC.