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 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. Limited liability has traditionally 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 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, fees are regularly required to form a LLC. The actions of LLC's as well as the costs for operating them are determined by New Jersey law. You should consider these laws when deciding whether to organize your business as an LLC. Finding the right business structure for your company might take some effort, but it will ultimately make your business more profitable.

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

A business in Northvale may change its form under particular conditions. Whether or not a business is eligible for conversion to a LLC is a determination made by applicable New Jersey laws.

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.