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, the LLC can also have an unlimited 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. Various 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?
Businesses in Wisconsin can organize using whatever form they choose. The office of the Secretary of State is the organization that accepts filings by those who want to open LLC's. However, there may be an additional fee required for forming your LLC, determined by Wisconsin laws that govern the formation and 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 Whitewater 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?
A lawyer versed in Wisconsin business law will be able to advise you of the benefits and costs for forming and maintaining a LLC.