The LLC, or Limited Liability Company, is a business structure that was invented to offer an array of benefits typically provided by other traditional business forms. An LLC has the same advantage 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 can 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. Business forms with limited liability have existed for hundreds of years, but the modern LLC became more popular in New York since the legislature enacted laws authorizing its formation.

Can My Business Be Formed as an LLC?

New York allows a company to incorporate using the business form it chooses. To begin as an LLC, a company simply files the necessary form with the Secretary of State. Fees are generally charged for opening LLC's, however, and New York law determines the costs for creating LLC's. When deciding whether to form a LLC, you should consider which laws would apply to your company. Although it may take some time to find, choosing the right business structure for your company will lead to increased profitability.

Can I Change the Form of My Business to an LLC?

A business in East Hills may change its form under certain conditions. Whether or not a business is eligible for conversion to a LLC is a determination made by applicable New York laws.

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.