Have you been considering forming an LLC and want to find the very best place to do so? Are you looking to start a New York business and are looking to pick the right business entity? For centuries now, people have gone to New York to find their fortune. At The Corporation Center, we have helped many in Forming an LLC in New York. There are many reasons why you may choose to do exactly that.
Your Liability: Reduced
An LLC is appropriately named because it really does limit your liability. The last thing you want as a business owner is for your personal assets to be connected to your business. With an LLC, you can significantly reduce how much personal liability you’ll face if the business has a lawsuit brought against it, it goes through a very difficult time, or just flat-out fails. In the event that occurs, you won’t have to worry about losing your savings, your car, your home, to creditors and so forth.
You Control the Management Structure
With an LLC, There’s quite a bit of flexibility in terms of how the business is managed. Now, more than likely, you and the other owners of the LLC are going to run your business. However, with an LLC, you don’t necessarily have to. Indeed, you can bring in outside managers, maybe those with more experience or even a particular kind of experience, to run your business for you. An LLC allows you to do exactly that.
Moreover, you don’t need to have a board of directors or anything of that nature, either. LLCS, for the most part, afford you as much (or as little) control as you would like.
You Pay Less Taxes
LLCs are taxed, in New York, as partnerships and sole proprietorships are. So, the taxes pass through the business and go directly to you in the form of personal income tax. For a small business, this can be a big deal, making it easier to both minimize and manage taxes, particularly at the beginning.
You’ll Deal With Fewer Rules
Discussions about profit sharing can become, as you might imagine, quite contentious. With an LLC, profit sharing can be much simpler to figure out. Plus, LLCs make it possible to have a genuinely unlimited number of owners – all of these can be beneficial when it comes to your business when compared to other business entities.
Beyond Forming an LLC in New York
Those are just some of the kinds of business entities you can form in the Big Apple. You can also form a Professional Limited Liability Company, a Limited Partnership, a Limited Liability Partnership, a Not for Profit Corporation, Benefit Corporations, Business Corporations, and more.
If you have any questions about these business entities or any others in any of the other states in addition to New York, don’t hesitate to reach out to our live agents. To see all we offer in New York, click here.