Easy Questions  
Free Legal Documents

Orientation to Limited Liability Companies (LLCs) in Albany, NY

Orientation to Limited Liability Companies (LLCs) in Albany, NY


I've missed more than 9,000 shots in my career. I've lost almost 300 games. 26 times I've been trusted to take the game winning shot and missed. I've failed over and over and over again in my life and that is why I succeed.
 
- Michael Jordan


A Limited Liability Company (LLC), just like a corporation, offers protection from personal liability for business debts. But, unlike a corporation, which pays its own taxes, an LLC is a pass-through tax entity in which the profits and losses pass-through its owners who report it on their personal tax returns.


How to Form an LLC

  • File "Articles of Organization" with your state government including the name, address, and phone number of the business, and the name of the person who is the "registered agent" of the company. Depending on the state, the names of all LLC members are sometimes requested.
  • Create a written LLC operating agreement. This is a crucial document because it includes the rights and responsibilities of the LLC members. It can also include the percentage interest and the shares of profits of the members.
  • Main Features of an LLC



    Limited Personal Liability

    All LLC members are spared from personal liability for business claims and debts. A creditor cannot go after them and demand payment from their personal assets. The assets of the LLC are used to pay off debts, and the only thing members stand to lose is their investment in the business.

    Exceptions to Limited Personal Liability

    Limited personal liability can be enjoyed by an LLC when doing business transactions, but this protection is not fixed. This particular downside also applies to corporations. An LLC owner can be held liable if he/she:

  • Intentionally does something fraudulent, illegal, or reckless that causes harm to the company or to someone else.
  • Fails to pay taxes withheld from employees' wages.
  • Personally and directly injures someone.
  • Personally guarantees a bank loan or a business debt on which the LLC defaults.
  • Treats the LLC as an extension of his/her personal affairs rather than as a separate legal entity.


  • Business Protection

    Your personal assets can be protected by a good liability insurance which is not possible with a limited liability protection. If you are practicing your craft and accidentally injure someone, your liability insurance policy will cover you. In the event of a court proceeding, your insurance can protect your personal assets if the limited liability status is disregarded by the court.

    LLC Taxes

    An LLC is a "pass-through" entity where the business income passes through the business to the LLC members who will report their share of profits or losses on their individual income tax returns. All LLC members make a quarterly estimated tax payment to the IRS.

    LLC Management

    Member management means participating equally in the management of business. Manager management refers to designating one or more owners, or even outsiders, to take responsibility for managing the LLC. In a manager-managed LLC, only those named "manager" can vote with regards to management decisions and act as an agent of the LLC.


    Ending an LLC

    Depending on the laws of your state, or as indicated in the operating agreement, when one member leaves, the LLC dissolves. The remaining members will be responsible for meeting the business obligations left behind, pay the debts, and divide the remaining assets and profits among themselves. The decision to create a new LLC with the remaining members can be discussed. In order to avoid this kind of abrupt ending, your LLC operating agreement can include a "buy-sell" or "buyout" clause with guidelines on what will happen if a member decides to leave to pursue other interests, retires, or dies.

     
    Edit, Download, & Print a Free
    New York Last Will
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Page 9
    Page 10
     
    Edit, Download, & Print a Free
    New York Living Will
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
     
    Edit, Download, & Print a Free
    New York Power of Attorney
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Related Legal Services near Albany, NY
    Bosman and Associates Pll
    1 Executive Centre Dr
    Albany, NY 12203
    (518) 464-9958
    General Practice Attorneys, Legal Service Plans, Attorneys
    Ford Jr Donald P
    20 Corporate Woods Blvd # 7
    Albany, NY 12211
    (518) 455-9952
    General Practice Attorneys, Attorneys
    Monroe Kelly M
    20 Corporate Woods Blvd # 7
    Albany, NY 12211
    (518) 455-9952
    General Practice Attorneys, Attorneys
    Jeffers F Patrick
    435 New Karner Rd
    Albany, NY 12205
    (518) 464-9874
    Attorneys, Legal Service Plans
    Maguire Richard R
    16 Sage Est # 208
    Albany, NY 12204
    (518) 434-9807
    General Practice Attorneys, Attorneys
    Ganz Wolkenbreit Friedman LLP
    1 Columbia Cirste 2
    Albany, NY 12203
    (518) 869-9500
    Legal Service Plans, Business Litigation Attorneys, Collection Law Attorneys, General Practice Attor
    Carey Beth E
    1 Columbia Cir
    Albany, NY 12203
    (518) 869-9500
    Probate Law Attorneys, Attorneys
    Roche Robert
    36 S Pearl St
    Albany, NY 12207
    (518) 436-9370
    General Practice Attorneys, Attorneys, Legal Service Plans
    Brousseau, Shawn F - Napierski Vandenburgh & Napier
    296 Washington Avenue Ext
    Albany, NY 12203
    (518) 862-9292
    Attorneys, Legal Service Plans
    Dolan Mark J
    296 Washington Avenue Ext
    Albany, NY 12203
    (518) 862-9292
    General Practice Attorneys, Attorneys
    The Rose Law Firm P
    501 New Karner Rd Ste 7
    Albany, NY 12205
    (518) 869-9200
    General Practice Attorneys, Attorneys, Legal Service Plans
    We the People
    133 Wolf Rd Ste 1
    Albany, NY 12205
    (518) 435-9110
    Family Law Attorneys, Divorce Assistance, Attorneys
    Meyers Richard M
    1734 Western AVE
    Albany, NY 12203
    (518) 464-9075
    General Practice Attorneys, Attorneys
    Donohue Sabo Varley & Huttner
    24 Aviation Rd Ste 205
    Albany, NY 12205
    (518) 458-8922
    Attorneys,  Consumer Law Attorneys,  Accident & Property Damage Attorneys,  County & Parish Governme
    Cohen, Laurie T - Wilson Elser Moskowitz Edelman
    677 Broadway # 901
    Albany, NY 12207
    (518) 449-8893
    Administrative & Governmental Law Attorneys, Attorneys, Legal Service Plans
    Rosenberg Philip
    677 Broadway # 901
    Albany, NY 12207
    (518) 449-8893
    Attorneys, Business Law Attorneys, Justice Courts, Corporation & Partnership Law Attorneys, Medical
    Piscitelli Anthony
    677 Broadway
    Albany, NY 12207
    (518) 449-8893
    Litigation & Tort Attorneys, Attorneys
    Thomas, Mark - Wilson Elser Moskowitz Edelman
    677 Broadway
    Albany, NY 12207
    (518) 449-8893
    Attorneys, Medical Law Attorneys, Corporation & Partnership Law Attorneys, Business Law Attorneys, P
    WILSON; ELSER, MOSKOWITZ,EDELMAN & DICKER LLP
    677 Broadway Ste 1
    Albany, NY 12207
    (518) 449-8893
    Corporation & Partnership Law Attorneys, Business Law Attorneys, Product Liability Law Attorneys, Ju
    Legal Services
    173 Madison Ave
    Albany, NY 12202
    (518) 376-8818
    Attorneys Referral & Information Service
    Barone Michael S
    798 Lancaster St
    Albany, NY 12203
    (518) 489-8596
    Attorneys, Legal Service Plans
    O'Connell & Aronowitz
    54 State St Ste 9,Ste 9
    Albany, NY 12207
    (518) 290-8327
    Bankruptcy Law Attorneys,  Personal Injury Law Attorneys,  Product Liability Law Attorneys,  Litigat
    Frank C. Kiepura PC
    116 Everett Rd Ste 3
    Albany, NY 12205
    (518) 459-8299
    General Practice Attorneys, Attorneys, Tax Return Preparation
    Kohn Richard
    74 Chapel St
    Albany, NY 12207
    (518) 458-8080
    General Practice Attorneys, Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US