If you have made the decision to begin a business, it is likely because you are passionate about the service or product you offer, not because you are interested in all the intricacies related to business law. However, once you start down this path, you are going to be bombarded with all sorts of important and mission-critical decisions, such as how to file an LLC in NY. The good news is, the process of creating an LLC is fairly simple and the information here can help you along the way.
Get to Know what an LLC is
There are several business options to choose from. You can choose a sole proprietorship, a partnership, an S corporation or an LLC. Each one has unique advantages and disadvantages. An LLC is a type of hybrid business structure that mixes in the best parts offered by corporations and partnerships.
Benefits of Forming an LLC
One of the most appealing benefits offered when you file an LLC in NY is the fact that it is a flexible option. There is a good reason for this. You can determine how you want to have your LLC taxed, who receives management rights and how the profits will be distributed to the business owners. This results in the LLC being the ideal option for any small business. Another benefit is that as an LLC you can transfer your assets into or out of the business with no taxes being applied. Additionally, just as the name implies, an LLC will limit the personal liability of the business’s owners.
There are a variety of reasons to file an LLC in NY. In many cases, if you are still on the fence about the right option for you, call the professionals.
To learn more about business taxes and forming an LLC visit the Uncle Phil’s Tax Advice website. You can connect with them on Facebook for latest updates!
