An LLC Can Be A Profitable Business Structure
At Sutton Sachs Meyer PLLC, our attorneys regularly work with New York’s LLC and corporate formation laws. Choosing the right business structure is always a complex matter, but we’re here to answer your questions. Our lawyers have the experience and knowledge that you can trust.
What Are The Advantages Of LLCs?
As a business entity, limited liability companies, or LLCs, have a lot of advantages over both direct ownership and incorporation. They are simple to create and have fewer tax liabilities than corporations. They offer liability protections that direct ownership does not. However, you won’t know if an LLC is right for you without learning everything you can.
What Does “Limited Liability” Mean?
In an LLC, the “limited liability” refers specifically to the fact that your personal liability in the company is capped at the amount you invested. Your personal assets would not be at risk if the company were to go bankrupt or face litigation.
This separation of the personal asset from the business asset is a key piece of what makes a corporation attractive. However, it is the tax advantages that make LLCs a preferable choice for many.
A Brief Explanation Of Operating Agreements
Another important piece of your business creation puzzle is the drafting of an operation agreement. As a partner or member of an ownership group, the organizing principles you craft at the start will play a major part in any change in your life or dispute.
It’s best to take time and review these issues with us before moving forward with your business; a strong, thorough operating agreement will be worth it in the long run.
New York’s Publication Factor
However, one aspect of forming an LLC that can make or break is the proper publication under New York law. In short, the state requires new LLCs to publicize their existence for several weeks to remain in good standing.
Strength And Consistency
If you believe that an LLC is the right business structure for you, or if you have questions about it, turn to us. Our lawyers have the experience and insight into the business landscape to give you a clear-eyed, considerate review of the issues. Reach out today at 212-884-9727 or send us an email using this convenient online form.