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. Limited liability has traditionally been a primary goal of many business forms, but since the legislature authorized it in New York, the modern LLC has become increasingly popular.

Can My Business Be Formed as an LLC?

New York allows a company to incorporate using the business form it chooses. To start as an LLC, a company just files the necessary form with the Secretary of State. However, there can be an additional fee required for forming your LLC, determined by New York laws that govern the formation and 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 Hampton Bays 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?

A lawyer versed in New York business law will be able to advise you of the advantages and costs for forming and maintaining a LLC.