Are you looking for experienced legal counsel to help you set up an LLC in New York? From Los Angeles to the Big Apple, there are a variety of regulations to consider when incorporating a new business in a new city. While it's true that setting up an LLC in New York is a somewhat complicated endeavor, understanding the legal process of setting up an LLC in New York can help make the process go as smoothly as possible for you and your business. This article runs through the basics of setting up an LLC in New York, answering the most common questions entrepreneurs have when considering setting up an LLC, and providing resources to find the right legal counsel.

What Is an LLC?

Before discussing the process of setting up an LLC in New York, it's helpful to understand the purpose of an LLC. An LLC, or limited liability company, is a business structure that combines the pass-through taxation of a partnership or sole proprietorship and the limited liability of a corporation. Simply put, forming an LLC offers the entrepreneur the benefits of both a corporation and sole proprietorship or partnership.

Benefits of an LLC

When incorporated in the correct manner, an LLC separates an entrepreneur from his/her business. This legal separation safeguards business owners from any legal action taken against the company. This includes any debts, lawsuits, or other liabilities the business may face. Further, if done correctly, it can minimize the self-employment taxes that business owners owe.

Setting Up an LLC in New York

Have you decided that forming an LLC is the best course of action for your business? Setting up an LLC in New York requires a bit of legwork but is not an overly daunting task. Firstly, you will need to reserve your LLC's name through the New York Department of State. The name must end with the words "Limited Liability Company," or an abbreviation of this phrase, such as "LLC" or "L.L.C." Ensure that the name is unique and does not already belong to another company.

Secondly, you need to prepare and file the Articles of Organization with the New York Department of State. The Articles of Organization are one of the most important documents for setting up an LLC. It will include basic information, such as the name and purpose of your LLC, as well as the name and address of the entity filing the LLC.

Hiring Legal Counsel to Set Up an LLC

No matter where you live, hiring an experienced legal counsel to help you set up an LLC is rarely a bad idea. Though it can be tempting to try to do it yourself, an experienced legal counsel can often spot potential problems early on and save you time, money, and hassle in the long run.

Luckily, there are a variety of experienced attorneys that specialize in setting up LLCs across the nation. With the advent of online legal services, such as UpCounsel, it is easier than ever to quickly find experienced attorneys that specialize in setting up LLCs, no matter where you live.

To summarize

Though the setup of an LLC in New York may seem like a relatively overwhelming task for the entrepreneur about to embark upon the endeavor, understanding the basic aspects of setting up an LLC and understanding the benefits therein can go a long way towards making the process more manageable. Specifically, understanding the need to reserve a name through the New York Department of State and the need to prepare and file articles of organization for the LLC can help make the process more seamless when the time comes. Further, knowing when to hire an experienced attorney and where to find one can save time and money and make the process even smoother.

Topics:

LLC New York,

Setting Up an LLC,

Legal Counsel