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. Many business forms have traditionally been aimed at the goal of limited liability, but the LLC is the most modern of these forms, having become popular since the enactment of laws in Wisconsin that authorized its formation.
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 just by filing the appropriate form with the Secretary of State. However, some charge additional fees for the formation of LLC?s, and in Wisconsin there are specific 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 Merrill can be done if a company's situation meets certain conditions. Conversion to a LLC is possible if Wisconsin law permits it in your situation.
How Can an Attorney Help?
Attorneys experienced in Wisconsin business law can give you valuable input on whether your business would be more profitable as a LLC.