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 has the same advantage of limited liability that a corporation does, but without being taxed as its own entity. Instead, it's taxed more similarly to a sole proprietorship or partnership. Like a corporation, a LLC can have unlimited shareholders, called members. But a key difference is if one of these shareholders dies or files for bankruptcy, the LLC is dissolved and will stop operations unless the remaining members form a new LLC. Business forms with limited liability have existed for hundreds of years, but the modern LLC became more popular in New Jersey since the legislature enacted laws authorizing its formation.

Can My Business Be Formed as an LLC?

Businesses in New Jersey can organize using whatever form they choose. The office of the Secretary of State is the organization that accepts filings by those who want to open LLC's. However, some charge additional fees for the formation of LLC?s, and in New Jersey there are specific laws that govern the actions of LLC?s. You should consider these laws when deciding whether to organize your business as an LLC. Finding the right business structure for your company may take some effort, but it will ultimately make your business more profitable.

Can I Change the Form of My Business to an LLC?

Businesses in Fairfield may change their forms in certain circumstances. Whether a business may convert to a LLC or not is determined by New Jersey law.

How Can an Attorney Help?

Attorneys experienced in New Jersey business law can give you valuable input on whether your business would be more profitable as a LLC.