The LLC, or Limited Liability Company, is a business structure that was invented to offer an array of advantages typically 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. Many business forms have traditionally been aimed at the goal of limited liability, but the LLC is the most modern of these forms, having become popular since the enactment of laws in North Carolina that authorized its formation.
Can My Business Be Formed as an LLC?
The right business form is a decision left up to each business that openes in North Carolina. An LLC is started just by filing the appropriate form with the Secretary of State. However, there can be an additional fee required for forming your LLC, determined by North Carolina laws that govern the formation and 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 Rutherfordton 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.