The Limited Liability Company, or LLC, is a legal business structure that seeks to combine benefits from across several other traditional business forms. A LLC has the benefits of a corporation's limited liability, but avoids double taxation like a partnership or sole proprietorship. Like a corporation, the LLC can also have an unlimited amount of shareholders, called members. Unlike a corporation however, if a member dies, files for bankruptcy, or otherwise leaves the LLC, the company is dissolved. Many business forms have historically 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 Oregon that authorized its formation.
Can My Business Be Formed as an LLC?
In Oregon, a business can be formed using the form that it chooses. Opening an LLC simply requires that the business founders file a form with the Secretary of State. Fees are often charged for opening LLC's, however, and Oregon law determines the costs for creating 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?
A business in Bend 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 Oregon laws.
How Can an Attorney Help?
Whether it would be beneficial for your business to form or convert to a LLC is a difficult decision. An attorney practicing business law in Oregon can give you valuable advice.