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. Limited liability has traditionally been a primary goal of many business forms, but since the legislature authorized it in North Carolina, the modern LLC has become increasingly popular.
Can My Business Be Formed as an LLC?
Businesses in North Carolina 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 North Carolina there are certain laws that govern the actions of 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?
Businesses in Archdale might sometimes change form. A company is eligible for conversion to an LLC if its situation falls under circumstances that are detailed by North Carolina law.
How Can an Attorney Help?
A lawyer versed in North Carolina business law will be able to advise you of the advantages and costs for forming and maintaining a LLC.