Do I need and attorney to form my business?

• While and attorney is not required to form a business entity, because of the many filings that are involved and rules and regulations governing this important transaction, it is advisible to seek the assistance of a qualified professional.  Qualified professionals offer years of experience and can help you avoid many of the common pitfalls that can delay or prevent your successful business formation.  Often such professional can help you avoid issues that you may not even know about.  It has been said, its not what I know that scares me, its what I don't know that does.

What are the disadvantages of forming an LLC?

• LLC's are relatively new business forms, but are widely accepted and have even been described as the business entitiy of choice.  However, because each situation is different there may be more attractive options for a business from than the LLC form.  In New York State, forming an LLC requires newspaper publication among other things.  This requirement adds time and cost to the formation process.  Other states do not necessarily have this requirement, but may have other requirements unique to that jurisdiction.  It is best to seek help of a qualified professional to help you understand the benefits and the detriments of the LLC as compared to other available buisiness form before choosing which business from is right for you.

What is the best time of year to form a new business?

• Formation can be done at any time of year.  Generally the fees are the same regardless of when a business is formed.  There may be tax consequenses associated with forming at a particular time of year that could be avoided at other time.  These consequenses are best addressed by your tax advisor in consultation with your attorney.

What is the cost of formation?

• The cost of formation depends on the services requested.  This firm is very flexible and attempts to work within the client's budget.  This is done by advising what, if any, services can be done by the client and which are best performed by qualified professionals.  We even offer an avisory service whereby the client can do the filings themself and have ready access to a qualified professionl for those related questions that arise.

Are there advantages to forming in New York vs. Nevada or Delaware or some other state?

• Each state has its own rules and regulations.  These offer benefits and detriments to business that are related to the particular circumstances.  For example, some states favor majority shareholder, others minority shareholders.  Some have favorable requirements when applied to a particular kind of business (e.g. real estate) that others do not.  For these reasons, it is very difficult to give overall guidance as to which is "best".  You are advised to discuss your particular situation with a qualified professional to explore which is "best" for you in your unique circumstances.

Can we put a several businesses under one company?

• Some business types cannot be combined with others.  These generally require a "professional" designation and can be identified by the terms "Professional Corproation",  "P.C.", Professional Limited Liability Company", " PLLC", and the like.  But even within these categories some combinations (multidisiplinary practices) are permited.  Outside of this "professional" category, a company can be formed for "any lawful purpose" and engage in several businesses.  However, this may not be the "best" idea for these people in this situation.  It may be wise to compartmentalize the liability by forming different entities for one or more of the businesses.  Moreover, it may be advisable to own one business in a different entity form than another for a variety of reasons (e.g. investment properties may be better held in an LLC and another business may be better held as an S-Corp.).  For this reason it is advisable to consult with qualified professional to see what is "best" for you given your circumstances.

Can I have limited liability if there is only one member in an LLC?

• Single member LLC's are recognized limited liability entities.  If formed, operated and maintained properly is highly likely to afford limited personal liability.

Can there be many members in an LLC??

• Multiple member LLC's are also recognized limited liability entities.  If formed, operated and maintained properly is highly likely to afford limited personal liability to all equity owners.  It is advisable to discuss your particular situation with a qualified professional to explore whether other advantages or disadvntages exist.

After formation, what do I need to do to keep my business active and in compliance?

• Once the business is formed, there are numerous filings and activities that are required and many options that you may elect (that may or may not require filings) within certain periods of time.  This firm generally sends out a letter to clients (after formation is accomplished) to help clients identify and understand these tasks to which some attention should be devoted.  We offer services related to the continuing successful operation of the business from the legal perspective. 
• After all, Your Success is our Business.SM     Please visit the Services page to explore the scope of services provided.