A limited liability company (LLC) is similar to a corporation because it shields the members from the liabilities of the business like a corporation shields the shareholders from the liability of the corporation.
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Now that the holiday season has passed, it is a good time to review your business. If you are still operating your business under a DBA, now is a good time to discuss protecting your personal assets from claims associated with your business.
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You often hear that the LLC is more "flexible" than a corporation. Corporations and LLCs are created by statute, meaning that the state grants the authority to exist upon the filing of the appropriate paperwork and compliance with the necessary steps.
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Many believe that your new business is better served by forming the LLC in Delaware or Nevada to reduce costs and to avoid New York's publication requirement. If you intend to do business in New York using a LLC that was formed in another state, you must comply with the foreign LLC requirements under New York law.
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