The LLC, a comparatively new form of business organization in the United States, is a unique hybrid that combines desirable traits of partnerships and corporations. Indiana is the twentieth state to enact an LLC statute.
Similar laws are under consideration in virtually all other states.
We believe that many businesses, particularly professional service firms and businesses currently operating as partnerships, limited partnerships or S corporations, should carefully consider the LLC alternative. While the Act shares many characteristics of LLC laws in other states, there are substantial differences that either reflect more current thinking in this rapidly changing field or follow practices established under other Indiana laws. The Act provides that an LLC may carry on any lawful business. The articles of organization require only minimal information to be included in this public filing. Contributions made by members may be in the form of cash, property or services rendered or an agreement to do so in the future.