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?
Businesses in Oregon may organize using whatever form they choose. The office of the Secretary of State is the organization that accepts filings by those who want to open LLC's. However, there can 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 might 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?
Businesses in Seaside might 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?
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.