Kiritsis & Associates
WHAT TYPE OF BUSINESS ORGANIZATIONS MAYBE BETTER SUITED TO BE STRUCTURED AS LIMITED LIABILITY COMPANIES?
By John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M
Kiritsis Law Group
212 922 0005
Limited liability companies (LLCs) are a popular business structure for small and medium-sized businesses because they offer a balance of liability protection and flexibility. Here are some types of businesses that are well-suited to be structured as LLCs:
Small businesses: LLCs are a good choice for small businesses, as they are relatively easy to set up and offer a great deal of flexibility in terms of management and ownership structure.
Sole proprietorships: LLCs can be a good choice for sole proprietors looking to protect their personal assets from business liabilities.
Partnerships: LLCs can be a good choice for partnerships looking to provide liability protection for their partners.
Home-based businesses: LLCs can be a good choice for home-based businesses, as they provide liability protection for the owners while still allowing them to run the business from their home.
Freelancers and independent contractors: LLCs can be a good choice for freelancers and independent contractors looking to provide liability protection for their personal assets while still being able to operate as a sole proprietorship.
It's important to note that the suitability of an LLC as a business structure will depend on a variety of factors, including the size, nature, and goals of the business, as well as the specific laws and regulations in your state. It's always a good idea to consult with a business attorney or accountant to determine the best structure for your business.
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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