The Limited Liability Company, or LLC, is a business structure that combines the advantages of many traditional business forms. An LLC enjoys the same type 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 key 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 historically 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 simply 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 may 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?
Businesses in Brown County may sometimes change form. A company is eligible for conversion to an LLC if its situation falls under circumstances that are detailed by Wisconsin law.
How Can an Attorney Help?
Whether it would be beneficial for your business to form or convert to a LLC is a difficult decision. An attorney practicing business law in Wisconsin can give you valuable advice.