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. LLC's, like corporations, may also have as many shareholders, or members, as desired. The LLC, however, is dissolved if one of those members files for bankruptcy or dies. Limited liability has traditionally been a primary goal of many business forms, but since the legislature authorized it in Wyoming, the modern LLC has become increasingly popular.
Can My Business Be Formed as an LLC?
In Wyoming, 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. However, some charge additional fees for the formation of LLC?s, and in Wyoming there are particular laws that govern the actions of 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?
Businesses in Douglas might sometimes change form. A company is eligible for conversion to an LLC if its situation falls under circumstances that are detailed by Wyoming law.
How Can an Attorney Help?
A lawyer versed in Wyoming business law will be able to advise you of the advantages and costs for forming and maintaining a LLC.