CAN LIMITED LIABILITY COMPANIES BE USED TO OPERATE A NON FOR PROFIT ORGANIZATION?

By John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

Kiritsis Law Group

212 922 0005

 

No, limited liability companies (LLCs) are typically formed as for-profit entities and are not suitable for operating non-profit organizations. Non-profit organizations are typically structured as non-stock corporations or as unincorporated associations and are exempt from federal and state income taxes. However, it's important to consult with a lawyer or an accountant for specific guidance on the requirements for forming and operating a non-profit organization.

 

 

 

 

  

CAN A LIMITED LIABILITY COMPANY MERGE INTO ANOTHER LEGAL ENTITY?

Yes, a Limited Liability Company (LLC) can merge into another legal entity, including another LLC, a corporation, a partnership, or another type of business entity. The process for merging an LLC into another entity depends on the laws of the state where the LLC is formed and may require approval from the LLC's owners and filing of certain documents with the state. Additionally, the terms and conditions of the merger, including the allocation of ownership interests in the surviving entity, must be agreed upon and documented in a written agreement.

Sources:

New York Business Corporation Law

New York Limited Liability Company

New York General Obligations Law

NYS Office of Professions

U.S. Constitution

 

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.

 

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