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?
The right business form is a decision left up to each business that openes in Oregon. An LLC is started simply by filing the appropriate form with the Secretary of State. However, there may be an additional fee required for forming your LLC, determined by Oregon laws that govern the formation and actions of LLC's. These laws should certainly help you decide whether to organize as an LLC. The business structure that is appropriate for your business may take some effort to find, but finding the right business form can reward you with increased profitability.
Can I Change the Form of My Business to an LLC?
Changing business forms in Damascus can be done if a company's situation meets particular conditions. Conversion to a LLC is possible if Oregon law permits it in your situation.
How Can an Attorney Help?
Attorneys experienced in Oregon business law can give you valuable input on whether your business would be more profitable as a LLC.