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 frequently charged for opening LLC's, however, and Washington law determines the costs for creating LLC's. In deciding whether you should organize as an LLC, you should consider carefully the applicable laws. Finding the right business structure for your company may lead to increased profits, but the process may take some time.
Can I Change the Form of My Business to an LLC?
A business in Blaine 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.