Kiritsis & Associates
Kiritsis & Associates
By John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M
Kiritsis Law Group
212 922 0005
Limited liability companies (LLCs) offer limited liability protection to their owners, also known as "members". This means that members are generally not personally responsible for the debts and obligations of the LLC.
In the event that the LLC is sued or incurs debt, the members' personal assets, such as their homes or bank accounts, are typically protected. The members' personal liability is limited to the amount of money or property they have invested in the LLC. This provides a significant advantage over other business structures, such as sole proprietorships or general partnerships, where the owners are personally responsible for the debts and obligations of the business.
It's important to note that limited liability protection is not absolute and there are certain circumstances where members may be held personally liable, such as in cases of fraud or illegal activities. Additionally, the specific liability protections offered by LLCs may vary depending on the laws of the state in which the business is located. Consulting with a business attorney or accountant is recommended to determine the extent of liability protection offered by an LLC in a particular state.
New York Business Corporation Law
New York Limited Liability Company
New York General Obligations Law
NYS Office of Professions
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.
Law Offices of Kiritsis & Associates
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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We hope you would find this website useful with regards to finding potentially relevant information for your legal issue. The Law Offices of Kiritsis & Associates PLLC is a boutique law firm headquartered in Midtown Manhattan, with offices in Manhattan, Brooklyn (NY) and New Jersey. We strive to provide professional legal services for individuals and various business entities. Our clientele ranges from including aspiring entrepreneurs, start ups to established business organizations.
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