The LLC, or Limited Liability Company, is a business structure that was invented to offer an array of benefits normally 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. Limited liability has historically been a primary goal of many business forms, but since the legislature authorized it in New Jersey, the modern LLC has become increasingly popular.
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, there may be an additional fee required for forming your LLC, determined by New Jersey laws that govern the formation and actions of LLC's. When deciding whether to form a LLC, you should consider which laws would apply to your company. Although it may 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 North Bergen 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?
A lawyer versed in New Jersey business law will be able to advise you of the benefits and costs for forming and maintaining a LLC.
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