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. 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. For hundreds of years, limited liability has been a main goal of some business forms, but since the North Carolina legislature enacted laws authorizing its formation, the modern LLC has become more and more 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. When deciding whether to form a LLC, you should consider which laws would apply to your company. Although it might take some time to find, choosing the right business structure for your company will lead to increased profitability.

Can I Change the Form of My Business to an LLC?

A business in Thomasville may change its form under particular conditions. Whether or not a business is eligible for conversion to a LLC is a determination made by applicable North Carolina laws.

How Can an Attorney Help?

Whether it would be beneficial 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.