What is a New York Limited Liability Company (“LLC”)? Who can form an LLC? How do I form an LLC? How much does it cost to form an LLC? What ongoing requirements are there for maintaining an LLC? How does an LLC pay taxes? Is an LLC a good choice for my new business? Read … Read More
How can you deal with disagreements between LLC members? Short Answer: you prepare for this scenario in the operating agreement and provide sensible solutions for any disagreement. The long answer: Pick the rights business partners Just like in marriage, it usually does not work out for the long run if you act hastily and pick … Read More
When you are a one-person business, i.e. you are to be the only owner of your business, the question invariably arises: Should I remain a sole proprietorship or form a single-member LLC? You are a sole proprietorship, as soon as you begin doing business. There is no filing, no certificate, not even an EIN is … Read More
How to take care of your LLC publication Setting up a limited liability company in New York requires you to jump through one additional hoop: Publication of a notice of the LLC formation in two newspapers (See Section 206 of the Limited Liability Company Law for exact legal requirements). Unfortunately, this adds up to $1300 … Read More
An operating agreement is the document that sets forth the rights and obligations of the members of a Limited Liability Company. Section 417 of the New York Limited Liability Company Law provides that “the members of a limited liability company shall adopt a written operating agreement that contains any provisions not inconsistent with law or … Read More
You are fuming right now about what your business partner is doing to you and/or the business and you are wondering if you should sue your business partner. Before pulling the trigger, understand what lies ahead: Is there a way to negotiate yourself out of this? Going to court should always be the last resort. … Read More
As many of you undoubtedly know, after filing for a New York LLC, you have to fulfill the expensive and wholly unnecessary publication requirement. This means you have to arrange for a notice of the formation in two New York newspapers for six weeks each. People have tried fighting this requirement in court and lost. … Read More
