The Limited Liability Company, or LLC, is a legal business structure that seeks to combine advantages from across several other traditional business forms. A LLC has the advantages 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 endless 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 traditionally 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?
The right business form is a decision left up to each business that openes in Oregon. An LLC is started just by filing the appropriate form with the Secretary of State. However, some charge additional fees for the formation of LLC?s, and in Oregon there are certain 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 might 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 Clackamas County may change their forms in particular circumstances. Whether a business may convert to a LLC or not is determined by Oregon law.
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.