Limited Liability Company Formation

Rudman Winchell’s experienced business attorneys can provide competent and timely guidance on limited liability company (“LLC”) formation in Maine. An LLC is a business entity that combines the limited liability benefits of a corporation and the management and tax freedom of a partnership. “Limited liability” simply means that each owner of the LLC is not liable for business debts beyond their investment in the LLC, provided that the LLC is operated according to applicable law. When operated properly, the personal assets of the owners are not at risk if the business fails or incurs other business-related liabilities.

How a Limited Liability Company Formation is Different from a Limited Partnership

An LLC is different from a limited partnership, but both provide some degree of liability protection to the owners. In a limited partnership, a limited partner possesses limited liability unless that partner acts in control of the partnership’s actions, which is the role of a general partner. In a partnership, a general partner has unlimited personal liability for the liabilities of the partnership. In an LLC, each owner’s liability is limited, regardless of participation or control of the LLC.

Establishing a Limited Liability Organization in Maine

Starting a business is often difficult and can be costly, especially if it is not done correctly at the outset. To make well-informed decisions regarding your business, it is prudent to consult with an experienced business and corporate attorney. Rudman Winchell attorneys can explain the tax and organizational benefits of the limited liability structure and help establish your LLC, giving you the confidence to build your business and achieve your goals.

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