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. When deciding whether to form a LLC, you should consider which laws would apply to your company. Although it might take some time to find, choosing the right business structure for your company will lead to increased profitability.
Can I Change the Form of My Business to an LLC?
Changing business forms in Buckley 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?
A lawyer versed in Washington business law will be able to advise you of the advantages and costs for forming and maintaining a LLC.