A limited liability company is a business structure that allows pass-through taxation while limiting the liability of its owner.
Advantages:
- Pass-through taxation – the LLCs income and losses are “passed through” to the owners. The LLC is not taxed at the company level but on the individual’s personal tax return.
- The owners/members have limited liability for the debts and liabilities of the LLC.
- LLCs offer the members more flexibility in how the company will be structured.
- There is much less annual filing requirements and administrative paperwork for LLCs as there is for corporations.
Standard Package: $35 + State filing fees
- Unlimited lifetime customer support.
- Order processed within 24 hours.
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- Preparation and filing of all formation documents.
- Disbursement of all requisite State fees.
- Electronic delivery of all formation documents the Same Day of filing.
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Ultimate Package: $299 + State filing fees
- All of the benefits of the Standard Package as well as:
- Certified copy of formation documents.
- Full Corporate Kit.
- Vinyl 3-ring Binder with matching slipcase.
- Hand embossing seal with pouch.
- Customized Stock Certificates.
- Customized Minutes & Bylaws.
- EIN SS-4 Form for easy preparation and filing.
- Expedited State filing fees.
Should you form an LLC?
LLC stands for Limited Liability Company, and as its name suggests, it offers protection to the company’s owners from liabilities and debts incurred by the company. This is important, because it means creditors cannot ask you to pay the company’s debts with your personal assets. An LLC is a good choice for small start-up businesses because it defines the roles of the owners and protects them from fallout if the business goes under.
LLC Advantages:
- The owners/members have limited liability for the debts and liabilities of the LLC.
- Taxes are based on the owners’ personal tax returns, not the business.
- Flexibility in distributing losses and profits among owners.
- No restrictions on number of owners.
- Flexibility in company’s management structure.
- Allows for different membership classes.
- No meeting requirements and less formal paperwork than S or C Corporations
- Perception of legitimacy as opposed to a sole proprietorship or general partnership.
- Requires all members’ consent to increase ownership.
To form an LLC in NY, you will need to file Articles of Organization with the state and pay the associated filing fees. You can form an LLC with Windsor online.
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