Legal Question in Business Law in New York

Re: Limited Liability Corporation

One of the biggest advantages is that you get the liability protections of a corporation while maintaining the tax advantages of a partnership.

If you need help forming the LLC please feel free to contact my office.

This communication is for informational purposes only and is not intended to create an attorney-client relationship or any other type of relationship, which, under the policies of Gary Adelman, Esq. , can only be created by execution of a formal retainer agreement. You should seek the advice of an attorney before taking any action.

Re: Limited Liability Corporation

In a partnership, not only is the "partnership" responsible for the debts and liabilities of the business, but so is each individual partner. A limited liability partnership removes the personal responsibility. Our firm handles business formation as well as other types of business law matters. If you wish to arrange for an appointment, you may call us at 212-267-7000

Re: Limited Liability Corporation

This is more of an accounting question than a legal question.

Speak with your accoutnant first .. the rest then follows.

Good Luck.

RRG

Re: Limited Liability Corporation

A LLC is a partnership, not a corporation, but with a major distinction. Unlike a general partnership, in which not only the entity but the members themselves have personal liability for any partnership debts, the LLC offers its members liability protection from creditors, provided they have not given personal guarantees for the partnership obligations. If you need assistance or more information, contact me.