How Do I Convert a Partnership, Corporation or Other Entity into an LLC?

(You may also want to read our related post, “How Do I Convert a Partnership, LLC or Other Business Entity into a Corporation?“) The New York Limited Liability Company Laws and the Delaware Limited Liability Act have provisions to easily convert an existing general partnership or limited partnership (and with respect to Delaware, “other entities”… [Read More]

Tags: Business Links, Business LLC, Business Merger, Conversion, Convert, Partnership

How Do You Remove an LLC Member or Manager From Your Small Business?

If a manager or a member of the LLC engages in conduct that harms the LLC, the other members do have standing to bring what is known as a “derivative action” to remove the member or manager from the LLC. Generally, derivative actions are typically brought by a corporate attorney on behalf of the shareholders… [Read More]

Tags: Business LLC, Members, Operating Agreement

What is a Limited Liability Company?

A Limited Liability Company (an LLC) is an unincorporated business organization of one or more persons who have limited liability for the contractual obligations and other liabilities of the business. The New York Limited Liability Company Law governs the formation and operation of a New York LLC.  A  New York LLC may organize for any… [Read More]

Tags: Business LLC

Do You Need an Operating Agreement for Your Small Business LLC? Here is my LLC Operating Agreement Checklist.

As you may know, a “corporate kit” includes a pre-made form of limited liability company operating agreement.  There is no telling how complete these are and whether or not they were prepared by a corporate attorney.  Certainly an off-the-shelf operating agreement is not customized for your needs.  I recommend having a New York Small Business… [Read More]

Tags: Business Checklist, New York business attorney, NY business lawyer, Operating Agreement

Why Choose a Limited Liability Company (LLC) over a Corporation For Your Small Business?

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… [Read More]

Tags: Business LLC, Business Tax, New York business attorney, NY business lawyer

What are the benefits of having an LLC?

A New York Limited Liability Company  has the following benefits: Liability Protection Like a Corporation. New York LLC members are generally protected from personal liability for debts and claims of the business. This means that if the business can’t pay a creditor or gets sued, the creditor cannot legally come after the member’s personal assets… [Read More]

Tags: Business LLC, Business Tax, Convert, Operating Agreement, Partnership