The LLC, or Limited Liability Company, is a business structure that was invented to offer an array of advantages usually 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. Many business forms have traditionally been aimed at the goal of limited liability, but the LLC is the most modern of these forms, having become popular since the enactment of laws in New York that authorized its formation.

Can My Business Be Formed as an LLC?

The right business form is a decision left up to each business that openes in New York. An LLC is started just by filing the appropriate 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. 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?

A business in Scarsdale may change its form under particular 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 beneficial 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.