Legal Question in Business Law in New York

Re: Starting a business

The biggest advantage of the LLC is the

ability to avoid personal liability if

the business is established and run correctly

This protection is not available to a dba

You may also still be taxed personally to

take advantage of any losses to offset

any other income with the LLC, again if done

properly

The biggest drawback is cost. The LLC

requires publication, which can run

up to $ 500.00 in addition to the filing

fees with the State and the legal fee for

establishing the same which run $ 500 - $ 600

The annual cost, though, has been reduced

to $ 100.00

The LLC is the biggest growing form of business

and generally is better than the dba from

the liability standpoint unless there is no

way to be sued.

You may call 1-716-235-2560 to further discuss

Re: Starting a business

d/b/a leaves the individual owner personally laible for business debts.

Limited Liability Company (LLC) shelters the owner from personal liablity for business debts. However, creditors may seek personal guaranty of payment.

Tax consequences are identical.

LLC is more costly to form