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. Also like corporations, LLC's may 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. Many business forms have traditionally been aimed at the goal of limited liability, but the LLC is the most modern of these forms, having become popular since the enactment of laws in New Hampshire that authorized its formation.
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 just requires that the business founders file a form with the Secretary of State. Fees are regularly charged for opening LLC's, however, and New Hampshire law determines the costs for creating LLC's. These laws should certainly help you decide whether to organize as an LLC. The business structure that is appropriate for your business might 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?
Under particular conditions, a business in Wolfeboro may change its form. Eligibility for conversion to a LLC is determined by New Hampshire law.
How Can an Attorney Help?
Attorneys experienced in New Hampshire business law can give you valuable input on whether your business would be more profitable as a LLC.