Kiritsis & Associates

 

Forming an LLC in New York State.Kiritsis Law Group 212 922 0005

Apr 18, 2021

LLCs have been allowed to be formed in New York since the 1990s. Although, LLCs are a generally new legal entity type in the U.S , they have become by far the most popular way to legally structure a business organization enterprise. New York is certainly not an exception to the nationwide trend, but it has only recently allowed for such entity types to be formed. It is also important to keep in mind that New York LLCs have certain distinct characteristics: New York has not adopted RULLCA nor does it follow the Delaware model. Unlike other states, there may be higher start-up costs to launch an LLC in New York, due in large part to the newspaper publication requirement. Two issues that commonly revolve Limited Liability Companies are with regards to the following: How will the LLC be managed? How will the LLC be taxed? An LLC may be member-managed, manager-managed or have some type of hybrid/fused management structure. LLCs are typically classified in one of the following three categories, for tax purposes: i) Disregarded Entity, ii) Partnership/Pass-through/Flow through/S Corp like tax structure, iii) C-Corps.

 

Sources:

New York Business Corporation Law

New York Limited Liability Company

New York General Obligations Law

NYS Office of Professions

U.S. Constitution

 

Whether you are a new business startup or a well-established company, our law firm can help you with all of your business law legal needs. For a free consultation, you can call us at 212 922 0005.

 

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