Kiritsis & Associates
Kiritsis & Associates
John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M
Kiritsis Law Group
212 922 0005
Deciding on the correct business entity can be a difficult decision to make. LLCs have rapidly become the preeminent entity of choice among small and midsize businesses. Forming your business as an LLC will give you the flexibility to run a successful business. An LLC limits the business owner’s personal liability protecting their personal assets if the company is sued or files for bankruptcy.
What are the benefits of forming your business as an LLC?
Personal Liability Protection
The most important benefit is the protection of the owner's personal assets from creditors.
The tax benefit an LLC provides its owners is that they are not subject to the double taxation corporations' experience. The business’s income is reported on the owner’s personal income tax return.
An LLC can either be member-managed or manager-managed. A member-managed LLC means the owners are responsible for the business's day-to-day operations. A manager-managed LLC implies the business is run by someone who is not an owner of the LLC.
Steps to form an LLC
Decide in which state you will form your LLC
Most LLC owners decide to form their LLC in the state they will be doing business.
Choose your LLC name
You must check your State’s records to check whether your name is available.
Draft an Operating Agreement
This document describes how the LLC will be operated. It will clearly define the division of ownership, profit distributions, membership transfers, and how disputes between the members will be handled.
Phone: 212 922 0005
Manhattan Office (Main Office):
633 Third Avenue
New York, NY 10017
Brooklyn Office (By Appointment Only):
1023 74th Street
Brooklyn, NY 11228
New Jersey Office:
7309 Ventnor Avenue
Ventnor, NJ 08406
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The views expressed by this author are not legally binding or reflective of the author, the author’s firm, the author’s employers, the author’s employees, or any individual and/or organization.
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