If you wanted to learn more about Limited Liability Companies (LLCs) you came to the right place! These articles provide guidance to the following questions: (1) Is an LLC the most appropriate entity for my business? (2) Should my LLC be formed in New York or Delaware? (3) What are the steps needed to form an LLC?
Below you'll find a list of all posts that have been categorized as “LLCs”
There are situations when it makes sense for a business owner to close a business. However, a business owner may not just “walk away” from the business. There are steps that need to be taken prior to dissolution of a business in New York State. Tax Return Filing Obligations All required income tax returns have been filed (and taxes paid). …
I previously expressed my love for LLCs here. I like that a Single-Member LLC (“SMLLC”) is a disregarded entity for income tax purposes and does not need to file a separate stand-alone tax return. If the SMLLC is owned by an individual the income and expenses of the LLC are reported on Form: 1040; Schedule C. This will save the …
In my younger professional days I was told that real estate should never be held in a corporation. I would repeat this over and over again in my career until someone asked me to explain why real estate should not be held in a corporation. This article will answer that question: Why real estate should not be held in a corporation …
This article will compare the federal tax effects of entity selection. This article will be relevant to all taxpayers throughout the country but at times may point out New York State specific issues. I will further explain the pros and cons of both an S-Corporation and an LLC from a tax professional point of view. What is an S-Corp? There …
This article is written for the New York business community for informational purposes. I have been asked numerous times: “Should my business be a Delaware LLC or a New York LLC?” This is a popular question as many believe there are legal and/or tax benefits by incorporating in Delaware. This article will compare the costs and filing requirements for a New York based business …
