The LLC, or Limited Liability Company, is a business structure that was invented to offer an array of benefits 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 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?
The right business form is a decision left up to each business that openes in New York. An LLC is started simply by filing the appropriate form with the Secretary of State. 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. In deciding whether you should organize as an LLC, you should consider carefully the applicable laws. Finding the right business structure for your company can lead to increased profits, but the process may take some time.
Can I Change the Form of My Business to an LLC?
Businesses in Valley Stream 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?
Attorneys experienced in New York business law can give you valuable input on whether your business would be more profitable as a LLC.