Saving Money on the LLC Publication in New York City
Limited Liability CompaniesI 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…
New York LLC Operating Agreements: Management Provisions
Limited Liability CompaniesAn 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…
NY S Corporations v. LLCs
Limited Liability Companies, Starting a BusinessMany 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…
How to use Special Terms in your LLC’s Name
Limited Liability Companies, Starting a BusinessAs 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…
In court, an LLC needs an Attorney
Limited Liability CompaniesTom 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…
Transferring Assets to your new LLC
Limited Liability CompaniesAnother 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…
Keeping your LLCs separate
Limited Liability CompaniesSomebody asked me the following question: "If you start a new LLC, but have old business credit cards from a previous (but now closed) LLC, can you use those credit cards with the new business without causing problems?"It is…
Professionals starting a Corporation or Limited Liability Company in New York
Limited Liability Companies, Starting a BusinessA 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…
Can a Limited Liability Company issue Share Certificates?
Limited Liability CompaniesYes, but they would typically be called membership certificates or units.
In my experience, small businesses rarely issue such membership certificates.
Typically, when two or more people form an LLC, they form the entity by filing the necessary…
How to convert an LLC into a Corporation
Limited Liability CompaniesThere are times in the life of a business when one business form has to be converted into another. For example, a startup may have initially decided to form an LLC in order to pass through the LLC's losses to the owners' tax returns, thereby…