The Limited Liability Company, or LLC, is a legal business structure that seeks to combine advantages from across several other traditional business forms. Limited liability is an advantage that the LLC shares with the corporation, but instead of being taxed as its own entity, it is viewed more like a sole proprietorship or partnership for tax purposes. 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. Many business forms have traditionally been aimed at the goal of limited liability, but the LLC is the most modern of these forms, having become popular since the enactment of laws in Utah that authorized its formation.
Can My Business Be Formed as an LLC?
In Utah, a business can be formed using the form that it chooses. Opening an LLC just requires that the business founders file a form with the Secretary of State. However, some charge additional fees for the formation of LLC?s, and in Utah there are particular laws that govern the 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 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?
Businesses in Midvale might sometimes change form. A company is eligible for conversion to an LLC if its situation falls under circumstances that are detailed by Utah law.
How Can an Attorney Help?
A lawyer versed in Utah business law will be able to advise you of the advantages and costs for forming and maintaining a LLC.