The LLC, or Limited Liability Company, is a business structure that was invented to offer an array of advantages typically provided by other traditional business forms. An LLC has the same benefit of limited liability that a corporation does, but without being taxed as its own entity. Instead, it's taxed more similarly to a sole proprietorship or partnership. Also like corporations, LLC's may have as many shareholders, or members, as it likes. Unlike a corporation however, the death or bankruptcy of one of the members will dissolve the LLC. Different forms of limited liability companies have been around for hundreds years, but the modern LLC, like the legislature enacted in New York, became more popular in the past several decades.
Can My Business Be Formed as an LLC?
Businesses in New York may 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. Fees are frequently charged for opening LLC's, however, and New York law determines the costs for creating LLC's. These laws should certainly help you decide whether to organize as an LLC. The business structure that is appropriate for your business might take some effort to find, but finding the right business form can reward you with increased profitability.
Can I Change the Form of My Business to an LLC?
Under certain conditions, a business in Dansville may change its form. Eligibility for conversion to a LLC is determined by New York law.
How Can an Attorney Help?
Whether it would be favorable for your business to form or convert to a LLC is a difficult decision. An attorney practicing business law in New York can give you valuable advice.