HOW DO I FORM A LIMITED LIABILITY COMPANY?

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

Kiritsis Law Group

212 922 0005

Forming a limited liability company (LLC) involves several steps, including:

 

Choose a name for your LLC: Your LLC name must be distinctive and cannot be too similar to an existing business name in your state. Most states also require that your LLC name include the phrase "limited liability company" or an abbreviation such as "LLC."

 

File articles of organization: You will need to file articles of organization with your state's Secretary of State or similar office to establish your LLC. The articles of organization typically include information about your LLC's name, purpose, location, and the names of the members (owners).

 

Obtain an EIN: An EIN (Employer Identification Number) is a unique tax identifier assigned by the Internal Revenue Service (IRS). Obtaining an EIN is necessary if you have more than one member in your LLC or if you want to open a business bank account.

 

Create an operating agreement: An operating agreement is a document that outlines the rules and regulations for your LLC, including the roles and responsibilities of each member, the management structure

 

, and how profits and losses will be shared. While not required in all states, an operating agreement is recommended as it provides a clear understanding of how your LLC will be run and can help resolve disputes among members.

 

Register for taxes: Depending on the state you are in, you may need to register your LLC for state and local taxes, including sales tax and business income tax.

 

Comply with state and local regulations: Your LLC may be subject to additional regulations, such as obtaining a business license or registering for unemployment insurance.

 

It is advisable to consult with a business attorney or accountant to ensure that you have followed all the necessary steps to properly form your LLC, as the specific requirements may vary depending on the state in which you are located. Additionally, be aware that you may need to renew your LLC registration and file annual reports in some states to maintain its status.

 

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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