Sole Proprietorship or Single Member LLC?

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When you are a one person business, i.e. you are to be the only owner of your business, the question invariably arises:  sole proprietorship or single member LLC? You are a sole proprietorship, as soon as you begin doing business.  There…

How much does it cost to register an LLC in NY?

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Excluding any service fees paid to an attorney (see here for my very reasonable package), the approximate* costs are as follows: New York County (aka Manhattan): $1560 Kings County: $960 Nassau County:  $960 Richmond County:  $1010 Westchester…

The Claim: Multi-Member LLC is better than Single Member LLC Because of Charging Order

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Some people seem to suggest that it is always better to form a multi member LLC (more than one owner), rather than a single member LLC.  These people base their opinion on the fact that the so called charging order protection may not be…

S Corporations and New York City

...do not make a match formed in heaven.  New York City does not recognize s-corporations and makes all s corporations liable for its General Corporation Tax to the tune of 8.85%.  Thus, in NYC, an LLC is often the better and more tax friendly…

The LLC Publication Requirement – Lend your Support to free New York of this Burden to Startups

There is a movement underway to get rid of the costly and burdensome New York LLC publication requirement.  Click here to lend your support to free New York of this burdensome and costly LLC publication requirement.  In the meantime,…

DIY LLC Publication

I get many calls asking me whether I handle the LLC Publication. I would, but truthfully, you don't need a lawyer for that. Here is how to do it: 1.  Locate your LLC's "filing receipt" If you don't have your filing receipt, ask the person…

NY LLC Operating Agreements: Confidentiality Obligations of Members

Several recent court cases remind us to include confidentiality obligations into each LLC Operating Agreement (see legalese commentary here and here).  You see, under New York law, executive LLC members, i.e. managers, have a duty to keep…

Jan 1, 2012: 1099 Nightmare scheduled to Start

What do you usually report on Form 1099?  Correct, payments to independent contractors.On January 1, 2012, businesses large and small may have to wake up to a whole new game when it comes to fling Form 1099.  From then on, they are…

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…

Today is National Bike-to-Work Day – Bicycle Access to Office Buildings Law

Today is National Bike-to-Work Day.  In that context, you may not know yet that New York City business owners and office tenants have certain rights with respect to storing bycicles in office buildings under the Bicycle Access to Office Buildings…