Kiritsis & Associates
By John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M
Kiritsis Law Group
212 922 0005
Chapter 34 Article 1 of the New York Limited Liability Company Law outlines general provisions related to limited liability companies (LLCs) in the state of New York. It covers definitions, the formation and operation of LLCs, the powers and duties of members and managers, the distribution of profits and losses, and other key aspects of LLCs in New York.
LLCs are required to have an operating agreement, which is a document that sets out the rules and procedures for running the company. The operating agreement can be very flexible and can be tailored to meet the specific needs of the company and its members. LLCs are not required to hold regular meetings or keep minutes, although it is generally a good practice to do so. LLCs can have one or more managers, who are responsible for the day-to-day operations of the company. The managers of an LLC can be members or non-members, and can be appointed or elected by the members. LLCs are required to file an annual report with the state, which typically includes information about the company's ownership and management. LLCs are not required to have a board of directors, although some larger LLCs may choose to have one.
New York Business Corporation Law
New York Limited Liability Company
New York General Obligations Law
NYS Office of Professions
Whether you are a new business startup or a well-established company, our law firm can help you with all of your business law legal needs. For a free consultation, you can call us at 212 922 0005.
Law Offices of Kiritsis & Associates
Phone 212 922 0005
Manhattan Office (Main Office):
633 Third Avenue
New York, NY 10017
Brooklyn Office (By Appointment Only):
1023 74th Street
Brooklyn, NY 11228
New Jersey Office:
7309 Ventnor Avenue
Ventnor, NJ 08406
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