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Many older businesses were formed as corporations because there were few entity options available which provided the necessary liability protection.
Today, there are many more options available to business owners, including the limited liability company (LLC). In addition to the numerous income taxation options (discussed to the right of this article), the LLC can be very flexible in its management and entity governance provisions which allow its owners and managers to escape the rigidity of the corporation.
The good news is that the LLC is not just for new businesses. Under North Carolina law, a corporation (of any age) can be converted to an LLC in a relatively straight-forward and painless process.
If you think a conversion might be right for your business, please contact us to discuss your options.
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