Pitfalls to Avoid When Filing a New LLC in New York
OUT OF STATE QUALIFICATIONS
When filing an entity – either a business or not-for-profit corporation or a limited liability company – the first thought is often, “where should I file?” The most obvious answer is, “where the entity is located”. While this is a valid answer, it may just be a starting place. Continue reading “OUT OF STATE QUALIFICATIONS”
In Which State Should You Organize Your Business?
Companies which own or lease real estate, employ people, conduct business and/or generate income in a state are considered to be “doing business” in that state. A small business that is “doing business” in only one state should, in most cases, organize in that state. If, however, you are contemplating doing business in more than one state, the decision about where to organize your business gains importance. Continue reading “In Which State Should You Organize Your Business?”
When Should I Order My LLC or Corporate Kit?
We strongly recommend that customers file the LLC or corporation—or at least reserve the name with the state filing office—before ordering the kit. As with the name on a passport or birth certificate, the exact LLC or corporate name matters. It must be exactly the same on all related legal documents. Continue reading “When Should I Order My LLC or Corporate Kit?”
How to Form a Not-for-Profit Corporation
Not-for-Profit Corporations are formed for many reasons. In New York State there are two types of formations: charitable and non-charitable. New York now allows for filings of each with a purpose as simple as: any purpose for which corporations may be organized under the Not-for-Profit Corporation Law as a charitable corporation or any purpose for which corporations may be organized under the Not-for-Profit Corporation Law as a non-charitable corporation. Continue reading “How to Form a Not-for-Profit Corporation”
What is a fictitious name (a DBA)?
If you are starting a business as a sole proprietor or partnership you must file a document with the city, county or state as required by the laws of the state in which your business will be conducted. The name you choose for the business is a “fictitious name.” It is also called a “DBA” (doing business as). The laws are intended to protect those doing business with the company by providing a public record of the owner’s identity and the address of the business.
What Does “Publish Your LLC in New York” Mean?
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.
Continue reading “What Does “Publish Your LLC in New York” Mean?”
Corporation or LLC?
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?”
Where should I file my LLC or corporation?
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?”