An LLC combines the limited liability advantages of a corporation with the control and tax advantages of a partnership. You can elect to have your LLC taxed as a corporation, or you can elect to have it be a “pass through” entity (taxed like a partnership — the LLC’s income and losses are reported on each member’s individual tax returns). Unlike S-Corps, a New York limited liability company can be owned by non U.S. citizens/resident aliens (and other business entities). A NY LLC can have unlimited number of members.
Note, however, under New York law, LLCs are required to publish the fact of the LLC’s formation in two newspapers of the county in which the office of the limited liability company is located. This advertisement could cost as little as a few hundred dollars for an LLC formed in a less populated county to around $1,300 or so for an LLC formed in one of the five New York City counties (Bronx, Kings, Queens, New York, and Richmond (less populated counties may be a little less costly)).
Of course, if you have any questions, it is best to discuss them with a New York Small Business Lawyer.