The LLC, or Limited Liability Company, is a business structure that was invented to offer an array of advantages 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 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. Limited liability has traditionally been a primary goal of many business forms, but since the legislature authorized it in New York, the modern LLC has become increasingly popular.
Can My Business Be Formed as an LLC?
New York allows a company to incorporate using the business form it chooses. To start as an LLC, a company just files the necessary form with the Secretary of State. There can be a fee required for opening your LLC, however. Applicable New York laws govern the formation of LLC's and their actions. 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 West Hempstead 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?
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.
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