The Limited Liability Company, or LLC, is a legal business structure that seeks to combine benefits 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 treated more like a sole proprietorship or partnership for tax purposes. Like a corporation, the LLC can also have an unlimited 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 historically 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?
The right business form is a decision left up to each business that openes in Utah. An LLC is started simply by filing the appropriate form with the Secretary of State. However, some charge additional fees for the formation of LLC?s, and in Utah there are specific laws that govern the actions of 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 Riverton may change their forms in certain circumstances. Whether a business may convert to a LLC or not is determined by Utah law.
How Can an Attorney Help?
Attorneys experienced in Utah business law can give you valuable input on whether your business would be more profitable as a LLC.