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?
The right business form is a decision left up to each business that openes in Wisconsin. An LLC is started simply by filing the appropriate form with the Secretary of State. There may be a fee required for opening your LLC, however. Applicable Wisconsin laws govern the formation of LLC's and their actions. These laws should certainly help you decide whether to organize as an LLC. The business structure that is appropriate for your business may take some effort to find, but finding the right business form can reward you with increased profitability.
Can I Change the Form of My Business to an LLC?
Businesses in Glendale 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?
Attorneys practicing business law in Wisconsin can advise you on whether it would be favorable for your business to form or convert to a LLC.