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. For hundreds of years, limited liability has been a primary goal of some business forms, but since the Oregon legislature enacted laws authorizing its formation, the modern LLC has become more and more popular.
Can My Business Be Formed as an LLC?
Oregon allows a company to incorporate using the business form it chooses. To begin as an LLC, a company simply files the necessary 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. In deciding whether you should organize as an LLC, you should consider carefully the applicable laws. Finding the right business structure for your company can lead to increased profits, but the process may take some time.
Can I Change the Form of My Business to an LLC?
Businesses in Gresham may sometimes change form. A company is eligible for conversion to an LLC if its situation falls under circumstances that are detailed by Oregon law.
How Can an Attorney Help?
A lawyer versed in Oregon business law will be able to advise you of the benefits and costs for forming and maintaining a LLC.