The financial value of a corporation is its stock (called shares in New York). It may be contributed by its original shareholder(s) for money, goods or services, or raised by selling shares to others. A corporation is authorized by its organizing documents to issue a certain number of shares, sometimes for a predetermined value for each share (“par value” shares) and sometimes for an unspecified amount dependent on values determined by the organizers, or later the market rate at the time the shares are sold (“no par” value shares). Owners of the shares of a corporation are given share certificates, which are physical paper certificates representing the number of shares of the corporation owned. The form of the stock certificates must be adopted by a resolution of the shareholders preserved in the minutes of the corporation.
Publication of a limited liability company (LLC) in the State of New York is mandated by NYS statute (§206 of the Limited Liability Company Law). Publication refers to publication of notice that an LLC was formed and filed with the NYS Dept. of State.
New York City Enacts Protection for Freelance Workers, Effective May 15, 2017
A single person or an entity with only one person, engaged as an independent contractor by companies in New York City for work worth more than $800 (including multiple small projects within a 120 day period), is entitled to a written Freelance Contract that provides timely and full wage payment rights, prohibits retaliation if they exercise their rights, and provides penalties against companies for non-compliance. Continue reading “Blumberg Freelance Contract Form 137 and Form 3137”
If you are conducting or starting up a business as a sole proprietor or a partnership, there are significant advantages to operating as a Corporation or LLC. One key advantage is that personal liability for the losses, debts or court judgments can be avoided, provided you respect the formalities required by the laws of the state in which the Corporation or LLC is formed. Continue reading “Corporation or LLC?”
Conventional wisdom has it that filing LLCs and corporations in certain foreign states is preferred because the laws are more friendly or annual franchise taxes are lower.
This is a trap for the unwary. If you are going to actively engage in business in the state where the business resides seek professional advice about what jurisdiction is best for your purposes. Otherwise, it could be very expensive in the long run and even dangerous. Continue reading “Where should I file my LLC or corporation?”