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. Also like corporations, LLC's can have as many shareholders, or members, as it likes. Unlike a corporation however, the death or bankruptcy of one of the members will dissolve the LLC. Limited liability has historically been a primary goal of many business forms, but since the legislature authorized it in New Hampshire, the modern LLC has become increasingly popular.
Can My Business Be Formed as an LLC?
In New Hampshire, 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. However, some charge additional fees for the formation of LLC?s, and in New Hampshire there are specific laws that govern the actions of 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 Charlestown may change their forms in certain circumstances. Whether a business may convert to a LLC or not is determined by New Hampshire law.
How Can an Attorney Help?
Attorneys practicing business law in New Hampshire can advise you on whether it would be favorable for your business to form or convert to a LLC.