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Creating an LLC

On Behalf of | Feb 14, 2023 | Corporate Litigation

When you’re interested in creating a business in New York, you might not be sure how to structure it. With all of the different types of business formations that you could choose, including S corps, LLCs, partnerships, sole proprietorships, and corporations, it can be difficult to know which one will most benefit your business. An LLC is a smart choice for a lot of new businesses.

What is an LLC?

An LLC is a type of business formation that is a blending of the characteristics of a corporation with those of a sole proprietorship or partnership. They’re typically easy to set up, but the exact regulations of an LLC can vary from one state to another. One of the primary benefits of an LLC is that it provides lots of protection for the owners, otherwise known as members. One of the primary disadvantages of an LLC is that it often has to be dissolved upon the death or bankruptcy of a member.

How do you form an LLC?

When you want to create an LLC, there are a few steps that you need to take. Picking a name is the first step, and you have to ensure that this name doesn’t match any other names of any other businesses within New York state.

You should also assign an agent, and this person needs to be available during business hours and live in the state of New York. Filing the articles of organization is the next thing you’ll do.

Then, for some businesses, creating an operating agreement makes sense, but it isn’t legally necessary. It will, however, make it easier to know who is responsible for what if you have a disagreement with another LLC member. You also need to remember to comply with taxes and other regulatory requirements.

Starting a business as an LLC is one of the easiest routes, and you can even do the filing of necessary paperwork yourself.