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. Limited liability is an advantage that the LLC shares with the corporation, but instead of being taxed as its own entity, it is viewed more like a sole proprietorship or partnership for tax purposes. Like a corporation, a LLC can have unlimited shareholders, called members. But a main difference is if one of these shareholders dies or files for bankruptcy, the LLC is dissolved and will stop operations unless the remaining members form a new 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?
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, 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. Applicable laws are a primary consideration in the decision of whether to organize as an LLC. The right business structure for your company might be difficult to find, but different structures can end up saving your company a lot of money.
Can I Change the Form of My Business to an LLC?
Businesses in Ogdensburg might sometimes change form. A company is eligible for conversion to an LLC if its situation falls under circumstances that are detailed 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.