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. For hundreds of years, limited liability has been a main 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 start as an LLC, a company just files the necessary form with the Secretary of State. There can be a fee required for opening your LLC, however. Applicable Oregon laws govern the formation of LLC's and their actions. Applicable laws are a primary consideration in the decision of whether to organize as an LLC. The right business structure for your company might be difficult to find, but different structures can end up saving your company a lot of money.
Can I Change the Form of My Business to an LLC?
A business in Klamath Falls 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?
Lawyers practicing business law in Oregon can advise you on whether it would be favorable for your business to form or convert to a LLC.