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. 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 creation.

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. However, some charge additional fees for the formation of LLC?s, and in New York there are specific laws that govern the actions of LLC?s. When deciding whether to form a LLC, you should consider which laws would apply to your company. Although it might 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?

Businesses in Glen Head may change their forms in certain circumstances. Whether a business may convert to a LLC or not 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.