The Limited Liability Company, or LLC, is a business structure that combines the advantages of many traditional business forms. A LLC has the benefits 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 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. For hundreds of years, limited liability has been a primary goal of some business forms, but since the Washington 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 Washington 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. Fees are generally charged for opening LLC's, however, and Washington 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?
Changing business forms in Arlington can be done if a company's situation meets particular conditions. Conversion to a LLC is possible if Washington law permits it in your situation.
How Can an Attorney Help?
Attorneys experienced in Washington business law can give you valuable input on whether your business would be more profitable as a LLC.