Kiritsis & Associates
By John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M
Kiritsis Law Group
212 922 0005
Limited liability companies (LLCs) have several advantages over other business structures, including:
Limited liability protection: LLCs provide limited liability protection for their owners, known as "members", meaning that their personal assets are generally protected from the debts and obligations of the business.
Flexibility in management structure: LLCs offer flexibility in terms of management structure, allowing for multiple members and a variety of management structures, such as member-managed or manager-managed.
Pass-through taxation: LLCs are often taxed as "pass-through" entities, meaning that the business itself is not taxed on its income, but instead the income is passed through to the members and taxed as personal income.
No restrictions on ownership: LLCs have no restrictions on ownership, allowing for individuals, other corporations, or even foreign entities to own a portion of the business.
Ease of formation: LLCs are relatively easy to set up and require less formalities and formal documentation compared to other business structures, such as corporations.
Fewer formalities and regulations: LLCs typically have fewer formalities and regulations compared to corporations, allowing for a more flexible and streamlined business structure.
Potential for cost savings: The simplified structure of LLCs can result in lower costs for legal and accounting services compared to corporations.
It's important to note that the specific advantages of operating as an LLC may vary depending on the laws of the state in which the business is located. Consulting with a business attorney or accountant is recommended to determine the best structure for your business.
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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