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. Fees are generally charged for opening LLC's, however, and New York law determines the costs for creating 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 Walden may 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?
The decision of whether to form or convert to a LLC is best considered with the advice of local Attorneys practicing business law in New York.