The LLC, or Limited Liability Company, is a business structure that was invented to offer an array of advantages normally provided by other traditional business forms. An LLC has the same benefit 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 main 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 creation.
Can My Business Be Formed as an LLC?
Businesses in New Jersey may 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 particular laws that govern the actions of LLC?s. When deciding whether to form a LLC, you should consider which laws would apply to your company. Although it might take some time to find, choosing the right business structure for your company will lead to increased profitability.
Can I Change the Form of My Business to an LLC?
Changing business forms in Franklin can be done if a company's situation meets specific conditions. Conversion to a LLC is possible if New Jersey law permits it in your situation.
How Can an Attorney Help?
The decision of whether to form or convert to a LLC is best considered with the advice of local Lawyers practicing business law in New Jersey.
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