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What should you know about forming an LLC?

On Behalf of | Sep 21, 2022 | Business Law |

Part of going into business includes choosing a structure type for your company. Among other choices, many choose to form limited liability companies. LLCs combine the benefits of a sole proprietorship with those of corporations.

Before you head down the path of setting up a new company, it may help you to understand the process of forming limited liability companies in New York.

Filing articles of organization

According to the New York Department of State, to form a limited liability company, you must file articles of organization with the department. Additionally, you and the other members of the company will establish a written operating agreement. This document will spell out each of your rights, duties, powers, liabilities and obligations with regard to each other and the LLC.

Providing notice of formation

In addition to the formation requirements, you will also need to give notice that you formed as an LLC. State law requires that you provide such notice in two newspapers designated by the county clerk for a minimum of six consecutive weeks.

Obtaining permits and licenses

Depending on the nature of the business you operate, you may require licensing or permits. You should keep in mind that you will not automatically receive these by forming an LLC. Rather, you will need to take the appropriate steps to obtain the appropriate credentials.

If looking to establish an LLC in New York, you may benefit from consulting with an attorney to understand your rights and obligations. A legal representative will guide you through the associated processes, ensuring that you meet the benchmarks needed to get your fledgling business off the ground.