Kiritsis & Associates
By John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M
Kiritsis Law Group
212 922 0005
Limited liability companies (LLCs) offer several unique ownership features that set them apart from other business structures. Here are some of the most notable ownership features of LLCs:
Flexibility: LLCs offer a high degree of flexibility in terms of ownership structure, management, and profit and loss distribution. The owners can structure the business in a way that meets their specific needs and goals.
Pass-through taxation: LLCs are generally treated as "pass-through" entities for tax purposes, which means that the business itself does not pay federal income tax on its profits. Instead, the profits and losses are "passed through" to the owners, who report their share of the business's income or loss on their individual tax returns.
Limited liability: LLCs offer limited liability protection to their owners, also known as "members". This means that members are generally not personally responsible for the debts and obligations of the LLC.
Easy to form and maintain: Compared to corporations, LLCs are relatively easy to form and maintain. They typically have fewer formalities and requirements, such as annual meetings and extensive record-keeping, which makes them a popular choice for small businesses.
Multiple members: LLCs can have multiple members, which provides a flexible way for owners to bring in additional investors or partners without giving up control of the business.
It's important to note that the specific laws and regulations governing LLC ownership may vary depending on the state in which the business is located. Consulting with a business attorney or accountant is recommended to determine the most appropriate ownership structure for your LLC.
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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