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. LLC's, like corporations, can also have as many shareholders, or members, as desired. The LLC, however, is dissolved if one of those members files for bankruptcy or dies. Business forms with limited liability have existed for hundreds of years, but the modern LLC became more popular in Washington since the legislature enacted laws authorizing its formation.
Can My Business Be Formed as an LLC?
Washington 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 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?
A business in Bellevue may change its form under particular conditions. Whether or not a business is eligible for conversion to a LLC is a determination made by applicable Washington laws.
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.