The Limited Liability Company, or LLC, is a business structure that combines the benefits of many traditional business forms. An LLC enjoys the same form of limited liability as a corporation, but like the sole proprietorship and partnership, it is not taxed as its own entity. Like a corporation, a LLC can have unlimited shareholders, called members. But a main difference is if one of these shareholders dies or files for bankruptcy, the LLC is dissolved and will stop operations unless the remaining members form a new LLC. Limited liability has traditionally been a primary goal of many business forms, but since the legislature authorized it in Wisconsin, the modern LLC has become increasingly popular.
Can My Business Be Formed as an LLC?
In Wisconsin, a business can be formed using the form that it chooses. Opening an LLC just requires that the business founders file a form with the Secretary of State. However, some charge additional fees for the formation of LLC?s, and in Wisconsin there are certain laws that govern the actions of LLC?s. Applicable laws are a primary consideration in the decision of whether to organize as an LLC. The right business structure for your company might be difficult to find, but different structures can end up saving your company a lot of money.
Can I Change the Form of My Business to an LLC?
Changing business forms in Brookfield can be done if a company's situation meets particular conditions. Conversion to a LLC is possible if Wisconsin law permits it in your situation.
How Can an Attorney Help?
A lawyer versed in Wisconsin business law will be able to advise you of the advantages and costs for forming and maintaining a LLC.