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. Fees are often charged for opening LLC's, however, and Oregon law determines the costs for creating 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 may 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 Hermiston may change its form under specific 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?
The decision of whether to form or convert to a LLC is best considered with the advice of local attorneys practicing business law in Oregon.