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. An LLC can also have an endless amount of shareholders, like a corporation. However, the LLC is dissolved if one of those members dies or files for bankruptcy. Different 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 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. Fees are regularly charged for opening LLC's, however, and New York law determines the costs for creating LLC's. You should consider these laws when deciding whether to organize your business as an LLC. Finding the right business structure for your company might take some effort, but it will ultimately make your business more profitable.
Can I Change the Form of My Business to an LLC?
Businesses in Syosset 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.