A Limited Liability Company is an unincorporated business organization that combines the favorable tax treatment of partnerships with the limited liability of a corporation. LLCs have been available in New York since 1994.
LLCs are an extremely flexible business organization. Particularly after the 1999 amendments to the New York Limited Liability Company Law, nearly every aspect of the LLC’s operations can be customized to the particular needs of the business. This flexibility offers a business tremendous advantages, but it also means that there are many choices to be made in forming an LLC, and some of them have far-reaching consequences that need to be understood early in the process.
I have written two FAQs on New York LLC Law: LLC Basics and Forming an LLC in New York. As with all of the information on this site, these FAQs do not constitute legal advice. I made them to give people a general idea about the workings of NY LLC law, but because this is a new area of law, the courts are still developing the contours of LLC laws and regulations. Always consult an attorney before taking steps that may have dramatic financial consequences for you and your business partners.
A Limited Liability Company is an unincorporated business organization that combines the favorable tax treatment of partnerships with the limited liability of a corporation. LLCs have been available in New York since 1994.
LLCs are an extremely flexible business organization. Particularly after the 1999 amendments to the New York Limited Liability Company Law, nearly every aspect of the LLC’s operations can be customized to the particular needs of the business. This flexibility offers a business tremendous advantages, but it also means that there are many choices to be made in forming an LLC, and some of them have far-reaching consequences that need to be understood early in the process.
I have written two FAQs on New York LLC Law: LLC Basics and Forming an LLC in New York. As with all of the information on this site, these FAQs do not constitute legal advice. I made them to give people a general idea about the workings of NY LLC law, but because this is a new area of law, the courts are still developing the contours of LLC laws and regulations. Always consult an attorney before taking steps that may have dramatic financial consequences for you and your business partners.