Limited Liability Companies

New York LLC Operating Agreements: Funding the Company

Another important part of an LLC Operating Agreement deals with the “capital” that comes into the LLC and with the corresponding percentage ownership rights of the individuals or entities providing such capital.   Capital typically comes in upon formation of the LLC (initial capital contributions by the members) or over the course of the life of the … Read More

Saving Money on the LLC Publication in New York City

I guess there are two ways how you could save on that unfortunate LLC publication requirement in New York, which will easily set you back $700-1000 in New York City.  (If you don’t know what that is, look at “Taking Care of the LLC Publication Requirement“.) 1. You could just not do it; do I … Read More

New York LLC Operating Agreements: Management Provisions

An Operating Agreement is a key document for a New York Limited Liability Company that has more than one owner (the owners are "Members" in LLC terminology). If a Company was like a marriage, the Operating Agreement would be like a prenup, parenting agreement and divorce settlement all in one.

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NY S Corporations v. LLCs

NY S Corporations v. LLCs

Many small business owners end up deciding between a New York S corporation and a New York limited liability company (LLC) when choosing a formal legal structure for their New York business. Both entities offer limited liability and a startup friendly tax treatment. But which entity is right for your small business? The following are … Read More

How to use Special Terms in your LLC’s Name

As you may know, there are naming rules (Section 204 NY limited liability company law) when it comes to choosing a name for your LLC.  Most  names are o.k. if not already taken by somebody else, but some terms are tricky and require special dispensation. For example, try filing articles of organization for this LLC:  … Read More

In court, an LLC needs an Attorney

Tom Swartz of New York Legal Update alerted me to this recent development in LLC law:  A New York court has decided that a  New York LLC needs to be represented by an attorney in court.  See his post on the topic and for case information.  Pursuant to CPLR 321(a), "a party, other than one … Read More

Transferring Assets to your new LLC

Another reader question:  "If you start a new LLC, but have web sites or other IP that you want to be “owned” by the new LLC, what needs to be done to make it property of the new LLC?" The property has to be transferred to the new LLC, some say "contributed" to the LLC.  … Read More