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. An LLC enjoys the same type of limited liability as a corporation, but like the sole proprietorship and partnership, it is not taxed as its own entity. LLC's, like corporations, can also have as many shareholders, or members, as desired. The LLC, however, is dissolved if one of those members files for bankruptcy or dies. Limited liability has historically been a primary goal of many business forms, but since the legislature authorized it in North Dakota, the modern LLC has become increasingly popular.
Can My Business Be Formed as an LLC?
In North Dakota, a business can be formed using the form that it chooses. Opening an LLC simply requires that the business founders file a form with the Secretary of State. There may be a fee required for opening your LLC, however. Applicable North Dakota 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 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?
A business in West Fargo may change its form under certain conditions. Whether or not a business is eligible for conversion to a LLC is a determination made by applicable North Dakota laws.
How Can an Attorney Help?
Attorneys experienced in North Dakota business law can give you valuable input on whether your business would be more profitable as a LLC.