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. 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?
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. However, there may be an additional fee required for forming your LLC, determined by Washington laws that govern the formation and actions of 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 can lead to increased profits, but the process may take some time.
Can I Change the Form of My Business to an LLC?
Businesses in Sumner may change their forms in specific circumstances. Whether a business may convert to a LLC or not is determined by Washington law.
How Can an Attorney Help?
A lawyer versed in Washington business law will be able to advise you of the benefits and costs for forming and maintaining a LLC.