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, the LLC can also have an endless amount of shareholders, called members. Unlike a corporation however, if a member dies, files for bankruptcy, or otherwise leaves the LLC, the company is dissolved. Different forms of limited liability companies have been around for hundreds years, but the modern LLC, like the legislature enacted in Wisconsin, became more popular in the past several decades.
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. Fees are frequently charged for opening LLC's, however, and Wisconsin law determines the costs for creating 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 may lead to increased profits, but the process may take some time.
Can I Change the Form of My Business to an LLC?
Under particular conditions, a business in Sussex may change its form. Eligibility for conversion to a LLC is determined by Wisconsin law.
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.