The LLC, or Limited Liability Company, is a business structure that was invented to offer an array of benefits usually 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. For hundreds of years, limited liability has been a primary goal of some business forms, but since the Nebraska legislature enacted laws authorizing its formation, the modern LLC has become more and more popular.
Can My Business Be Formed as an LLC?
Nebraska allows a company to incorporate using the business form it chooses. To begin as an LLC, a company simply files the necessary form with the Secretary of State. Fees are often charged for opening LLC's, however, and Nebraska law determines the costs for creating LLC's. In deciding whether you should organize as an LLC, you should consider carefully the applicable laws. Finding the right business structure for your company can lead to increased profits, but the process may take some time.
Can I Change the Form of My Business to an LLC?
Businesses in Cozad may sometimes change form. A company is eligible for conversion to an LLC if its situation falls under circumstances that are detailed by Nebraska law.
How Can an Attorney Help?
The decision of whether to form or convert to a LLC is best considered with the advice of local attorneys practicing business law in Nebraska.