New York LLC For New Business Development
Beginning your new business venture with a New York limited liability company gives your personal asset protection, corporate tax exempt status, plus a flexible corporate form for maintaining statutory compliance.
Form an LLC for only $139 - New York LLC Information - LLC Links & Articles
Key Benefits Summary For A New York LLC
New York LLC is a recognized form of corporate organization especially useful to business developers and entrepreneurs like you. By electing a New York LLC, you pick a corporate form that's recognized by all fifty states, plus your New York LLC establishes a legal presence for your business in New York State.
ALERT. New legislation effective June 1, 2006. Limited liabilites entities either formed or qualified to do business in New York are required to publish notice of formation or qualification in the county in which the office of the entity is located and thereafter file a certificate of publication with the Department of State, within 120 days of such formation or qualification. New York State - Corporations
* Shielding Your Personal Assets From Litigation. Key protections sought by business developers is that your New York LLC and its future actions and liabilities be kept separate from the personal assets (bank deposits, securities, real property, etc.) of your New York LLC members. Unless an instance of fraud has been proven in a court with jurisdiction, any ruling against your New York LLC is limited to the capital and assets of your New York LLC, and no judgment can be extended to personal assets.
* Getting Federal And State Corporate Tax Exemption. In terms of taxation, your New York LLC is considered to be a tax-exempt entity under state and federal law. Your New York LLC profits and/or share of losses are reported on the individual returns of your New York LLC members.
In determining your year-end bottom line earnings, your New York LLC can legally deduct qualifying operating costs and expenses, plus take advantage of the depreciation rules for assets identified in your New York LLC balance sheet statement.
* Advantages In Raising Investor Capital. A New York LLC offers key advantages in the area of raising capital and ownership. Unlike a Subchapter S corporate form which is limited to 75 shareholders, your New York LLC can raise required capital through private placement financings with an unlimited number of private investor-members (which can include persons, trusts, pensions or even other LLC corporation entities).* Qualifying For Bank Finance. Once your New York LLC has established required capital levels and can evidence current financial operating data, then your New York LLC member-managers can negotiate with lenders or other sources of financing or credit, just like other companies do.
* Flexible Dividend Policy. An aadditional corporate governance advantage is that your New York LLC has flexibility in determining dividend policy. While standard corporations pay dividend on a dollar-per-share rule basis, your New York LLC can set its own distribution policy according to your underlying LLC operating agreement.
* Corporate Governance Flexibility. Your New York LLC also features exceptional corporate governance flexibility. While standard corporations have extensive filings and must schedule annual meetings and produce written meeting minutes, your New York LLC has no such statutory requirement, unless expressly set forth within your LLC operating agreement.
* State Supported Business Services. Once your LLC formation documents are ratified, then you'll also receive the ongoing public-arena support from the New York Secretary of State's office.
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