The LLC, or Limited Liability Company, is a business structure that was invented to offer an array of advantages normally provided by other traditional business forms. An LLC enjoys the same form of limited liability as a corporation, but like the sole proprietorship and partnership, it is not taxed as its own entity. Like a corporation, a LLC can have unlimited shareholders, called members. But a main difference is if one of these shareholders dies or files for bankruptcy, the LLC is dissolved and will stop operations unless the remaining members form a new 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?

In North Carolina, a business can be formed using the form that it chooses. Opening an LLC just requires that the business founders file a form with the Secretary of State. There can be a fee required for opening your LLC, however. Applicable North Carolina laws govern the formation of LLC's and their actions. 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 Guilford County 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.