The LLC, or Limited Liability Company, is a business structure that was invented to offer an array of benefits normally 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 treated more like a sole proprietorship or partnership for tax purposes. An LLC can also have an unlimited amount of shareholders, like a corporation. However, the LLC is dissolved if one of those members dies or files for bankruptcy. Various forms of limited liability companies have been around for hundreds years, but the modern LLC, like the legislature enacted in New York, became more popular in the past several decades.

Can My Business Be Formed as an LLC?

Businesses in New York can 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 may 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 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?

Businesses in Stony Point may change their forms in specific 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 advantageous 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.