Legal Question in Business Law in New York
NY SLLC - is it really more risky?
I have a single member LLC (SLLC) in NY.
I've read that this entity will not protect my assets if I go
under as it is not seen as a real partnership by the law.
Is this correct? Should I therefore incorporate a partner in
order to be have full LLC-type protection?
Thanks in advance.
Ian
Asked on 5/05/09, 2:00 pm
2 Answers from Attorneys
John Friedman
Law Office of John K. Friedman
Re: NY SLLC - is it really more risky?
As long as you satisfy the niceties of the LLC form it will protect one or one million members. You need not have any partners.
Answered on 5/05/09, 2:10 pm
Michael Markowitz
Michael A. Markowitz, PC
Re: NY SLLC - is it really more risky?
There is no such thing as an SLLC.
Mike.
Answered on 5/05/09, 2:24 pm
Related Questions & Answers
-
Business question I recently took over a business from somebody that ran it into... Asked 5/05/09, 1:24 pm in United States New York Business Law
-
Add new member to single-member LLC in NY I set up an LLC in NY as a single-member... Asked 5/05/09, 12:33 pm in United States New York Business Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
