New York LLC Formation
Forming a New York LLC
New York recognizes many types of business entities. One of the most common types of legal entities is the limited liability company (LLC). Other types of legal entities include corporation, limited partnership, sole proprietorship, general partnership and other less familiar forms. Each of these entities has its own advantages and disadvantages. The decision to form a LLC should only be done after careful legal analysis. The best course of action is to hire an experienced business attorney.
The process of forming an LLC in New York requires many legal documents such as the Articles of Organization and a written Operating Agreement. There are also additional requirements, including publication and filing a Certificate of Publication. On top of these documents, the LLC will also have other compliance requirements such as taxation, including following IRS regulations, obtaining a taxpayer identification number (EIN), payroll, establishing a system for tracking revenue and paying or withholding federal income tax, social security taxes, and other federal taxes. Some business activities also require licenses or permits from state and local governments. An attorney can assist you in drafting these legal documents and identifying whether your business requires any licenses or permits.
A new business should start on the right foot. A properly formed company can shield its owners from personal liability for corporate actions, minimize the tax impact on company revenue, and provide new opportunities to grow your business. Our experienced business lawyers at Xu Law Group can help your business build a solid foundation for future success.