To form an LLC, you have to follow specific requirements based on your business’s location. This guide explains how to create an LLC in New York.
What are the benefits of an LLC in NY?
When you’re starting a business, one important decision is choosing an entity structure. You may decide to form an LLC, or limited liability company, if you want the simplicity of a sole proprietorship with the legal protections of a corporation. An LLC can also protect you from legal exposure to the business’s debt and obligations, which is why many freelancers and startups prefer the LLC.
Creating an LLC in New York: Eligibility requirements
You need to meet one of two qualifications to create an LLC in New York:
You, the business owner, is a New York State resident, or
The business is located in New York state.
The New York Department of State sets the eligibility requirements for LLCs in the state of New York. But there are also industry, licensing and zoning rules to follow, many of which are…
This article was written by Billie Anne Grigg and originally published on www.nerdwallet.com