How to Get Started Making an LLC in New York
Starting a Business? Understand How to Create an LLC in New York2 min read
Creating an LLC in New York can be an overwhelming process, and for those who are starting a business, it’s important to understand the nitty-gritty details of how to make an LLC. But where do you even begin? Making an LLC is a process that involves many steps and can be complicated, so it is good to become familiar with the basics before starting. This article provides an overview of what you need to know in order to create and manage an LLC in New York, including the benefits, requirements, and how to find the right counsel to assist you.
Benefits of Creating an LLC
Creating an LLC (limited liability company) can be a smart move for a business, as it can protect business owners from incurring personal liability for company debts and other obligations. An LLC is its own separate legal entity that can own assets, enter into contracts, sue others, and be sued. As the business owner, you will be able to claim business income on your personal tax returns.
Requirements for Operating an LLC in New York
The state of New York requires all LLCs to apply for a business license and to have at least one member, who can be a natural person or a business entity. An LLC must also prove its existence by filing an Articles of Organization with the New York Department of State. A Certificate of Inception, a filing fee, and a name availability check initially registered with the state will also be necessary. An LLC also needs an operating agreement, which is the document that lays out the rules and agreements between members that should include ownership, management, and how and when profits and losses are distributed.
Finding the Right Counsel to Assist With Creating an LLC
When beginning the process of creating an LLC, it is important to find the right counsel that understands local regulation. New York is both a common law and statutory, law meaning that it follows laws from previous decisions and court rulings. Being aware of the nuances of New York’s business laws can make for a smoother process.
UpCounsel is an online provider of legal services that can help you make an LLC. They offer a network of experienced lawyers from small businesses to Fortune 1000 companies. With UpCounsel, you will gain access to high-quality attorneys on demand with business attorneys that have an average of 14 years of experience. Their online attorney profiles display client ratings and reviews of recent work, allowing you to make an informed and correct decision.
Creating an LLC can be complex. To ensure your business is legally sound, it is important to equip yourself with the resources to be confident and comfortable with the process. Utilize this article as an overview and the legal professionals from UpCounsel to ensure you get the best advice that is specific to New York and your business.