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Should Your New York City Business Form an LLC?

Should Your New York City Business Form an LLC?

Author: Thomas H. Herndon, Jr.Date: September 7, 2021

Limited liability companies (LLC) are one of the most popular forms of business entity in the United States. In fact, statistics show that the formation of LLCs outpaces new corporations in many states, including New York. Limited liability companies are attractive because they offer all of the advantages of a general partnership form, with the added bonus of limited liability for its members, without all of the formalities required of a corporation.  

When deciding what type of entity (e.g., partnership, LLC, corporation) is best suited for your business, it is important to understand the advantage and disadvantages with regard to management, liability, and taxes. Below are several key advantages that often tip the scale in favor of LLCs for many New York business owners:

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