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. Limited liability has historically 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 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. However, some charge additional fees for the formation of LLC?s, and in North Carolina there are specific 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 may 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?
Under certain conditions, a business in Asheboro may change its form. Eligibility for conversion to a LLC is determined by North Carolina law.
How Can an Attorney Help?
Whether it would be favorable for your business to form or convert to a LLC is a difficult decision. An attorney practicing business law in North Carolina can give you valuable advice.