The Limited Liability Company, or LLC, is a business structure that combines the benefits of many traditional business forms. A LLC has the advantages of a corporation's limited liability, but avoids double taxation like a partnership or sole proprietorship. LLC's, like corporations, may 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 creation.
Can My Business Be Formed as an LLC?
Washington allows a company to incorporate using the business form it chooses. To start as an LLC, a company just files the necessary form with the Secretary of State. Fees are regularly 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 might 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 Bellingham can be done if a company's situation meets specific conditions. Conversion to a LLC is possible if Washington law permits it in your situation.
How Can an Attorney Help?
A lawyer versed in Washington business law will be able to advise you of the advantages and costs for forming and maintaining a LLC.