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. Also like corporations, LLC's can have as many shareholders, or members, as it likes. Unlike a corporation however, the death or bankruptcy of one of the members will dissolve the LLC. Business forms with limited liability have existed for hundreds of years, but the modern LLC became more popular in Oregon since the legislature enacted laws authorizing its formation.
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 generally 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?
Businesses in Umatilla 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.