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?
In Nebraska, 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 Nebraska laws govern the formation of LLC's and their actions. These laws should certainly help you decide whether to organize as an LLC. The business structure that is appropriate for your business may take some effort to find, but finding the right business form can reward you with increased profitability.
Can I Change the Form of My Business to an LLC?
Businesses in Grand Island 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?
Attorneys practicing business law in Nebraska can advise you on whether it would be favorable for your business to form or convert to a LLC.