Should I Buy or Hold My Investment Property in an LLC?

Deciding what legal entity in which you buy and hold your real estate is important.  You should to consult with your financial and tax advisors along with your New York real estate attorney to figure out the right legal entity.  You should consider, among other things, the type investment property, the amount of equity and… [Read More]

Tags: Business LLC, buying condo, buying real estate, linkedin

Buying a Small Business, Company or LLC in New York

Your business acquisition attorney is not only your legal expert, but also will facilitate the business purchase process. Your business lawyer will coordinate the processes, interface with all the players, and move the business transaction along, culminating in a successful closing. As your legal expert, your business lawyer will conduct the legal due diligence, negotiate, draft and review the necessary legal documents… [Read more]

Tags: Business Checklist, Business Merger, Contracts, Nondisclosure

Do I Need a Business Lawyer?

When do I need to hire a corporate attorney for my business? Some scenarios are obvious — you should call a criminal or corporate attorney when you’re being investigated by government officials for tax or securities fraud, when an employee is injured on the job or when a customer is injured by one of your… [Read More]

Tags: Business Merger, Business Trade Secret, Due Diligence, Employee, Operating Agreement, Partnership

How to Conduct Due Diligence for a Merger or Purchase of a Business or LLC

Regardless of whether you are buying a business as an asset purchase, a stock purchase, or a merger, you (and/or your corporate attorney) must conduct due diligence on the target company.  Due diligence involves an in-depth investigation of the business.  It requires review of a lot of documents by your corporate attorney and a review… [Read More]

Tags: Business Checklist, Business Merger, Due Diligence, Licenses, New York business attorney, NY business lawyer, Operating Agreement

Does a New York LLC Need any Licenses and/or Permits?

Some business activities require licenses or permits from New York state and/or local governments. To find out what licenses and permits may be required in New York, you can visit… [Read more]

Tags: business lawyer, Licenses, New York business attorney, NY business lawyer

How Do I Form a Limited Liability Company in New York?

Organizers form an LLC in New York by filing the Articles of Organization, pursuant to Section 203 of the New York Limited Liability Company Law, with the Department of State. Organizers prepare, sign and file the Articles of Organization that creates the LLC. Any person or business entity may be an organizer (it does not… [Read More]

Tags: Business Links, Business LLC, New York business attorney, NY business lawyer, NY State

What is a New York Professional Service Limited Liability Company (PLLC)?

What is the difference between a NY PLLC vs. an LLC? One or more professionals may form, or cause to be formed, a professional service limited liability company (PLLC) in New York for profit for the purpose of rendering the professional service or services that the professionals are authorized to practice. A PLLC is formed… [Read More]

Tags: Business Links, Business LLC

Are There Any Special Responsibilities or Formalities Associated With Forming a New York Limited Liability Company?

According to Section 417 of the New York Limited Liability Company Law, the members of a New York LLC are required to adopt a written operating agreement.  The operating agreement may be entered into before, at the time of, or within 90 days after the filing of the Articles of Organization.   The operating agreement is… [Read More]

Tags: Business Links, Business LLC, Contracts, Members, Operating Agreement

How is a New York Limited Liability Company (LLC) Taxed?

The Internal Revenue Code (IRC) allows an LLC to elect its tax status for income tax purposes. You should consult your financial or tax adviser about these “check-the-box” regulations and any changes. For income tax purposes, New York State law follows federal law.  Additionally, New York state law (and certain other states’ laws) imposes a… [Read More]

Tags: Business Links, Business LLC, Business Tax

How Do I Determine Whether my New York Business has Employees or Independent Contractors?

It is critical that you, the business owner, perhaps with the help of your corporate attorney, correctly determine whether the individuals providing services are employees or independent contractors.  For the most part, the employer must withhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment tax on wages paid to an… [Read More]

Tags: Business Checklist, Employee