A professional cannot form a regular corporation or limited liability company to sell his or her professional services. This is well known about lawyers and doctors, but it is also true for nurses, psychologists, and any other profession designated in Title 8 of the education law. These professions have to form a special kind of … Read More
A reader of my blog had the following questions which I am happy to address in a legal information kind of way. (Disclaimer: This is not legal advice, nor is there an attorney-client relationship between me and the reader or anybody else reading this.) “I have a degree in art. I am unable to find … Read More
CCH has a good overview over the business entities available to the business owner. Be mindful, though, that choice of entity is influenced by your state laws. For example, the overview states that corporations are usually cheaper to form than LLCs. This is not true in New York. Usual price tag for forming a limited … Read More
No, for federal income tax purposes a sole member LLC is normally considered a "disregarded entity." Unless you hire employees, you can use your social security number for all purposes. However, for security reasons, you may want to get Federal Tax Identification Number (also known as Employer Identification Number or Employer ID Number) in order … Read More
I get this search term a lot: "Registering a Small Business." People seem to think that they need to register something somewhere in order to conduct business. Well, yes and no. You can start doing business under your own name by just by doing it. You are considered a sole proprietor running a sole proprietorship. … Read More
The New Jersey Law Blog sheds light on the differences between limited liability companies, S corporations and just plain old corporations (i.e. C corporations) and the reasons why corporations are still the entity of choice in some situations. What they have to say is just as true for New York businesses: Several LLC limitations have … Read More
Divorcing from your business partners in a limited liability company can be just as nerve-racking, costly and life/business interrupting as divorcing your spouse. What is worse, if you failed to plan for an exit strategy in an operating agreement, you could be unsuccessful and be stuck with the LLC for good. Peter Mahler, a partner … Read More
