The Limited Liability Company, or LLC, is a legal business structure that seeks to combine benefits from across several other traditional business forms. An LLC enjoys the same type of limited liability as a corporation, but like the sole proprietorship and partnership, it is not taxed as its own entity. 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. Limited liability has historically been a primary goal of many business forms, but since the legislature authorized it in Rhode Island, the modern LLC has become increasingly popular.

Can My Business Be Formed as an LLC?

Businesses in Rhode Island can 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 may be an additional fee required for forming your LLC, determined by Rhode Island laws that govern the formation and actions of LLC's. Applicable laws are a primary consideration in the decision of whether to organize as an LLC. The right business structure for your company may 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 Warren 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 Rhode Island laws.

How Can an Attorney Help?

Attorneys practicing business law in Rhode Island can advise you on whether it would be favorable for your business to form or convert to a LLC.