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Light Drizzle Business Law
Q: I am considering forming a company with a friend. He’s suggested we form an LLC. How do I know if that is the right type of company to own?
A: Good question. There are many different types of entities to choose from: partnerships, limited partnerships, limited liability companies and corporations. Each one is governed by a different statute and case law interpreting those laws. Each one has different requirements and offers different rights, benefits and liabilities, and may have different tax treatment.
It is important to check with a legal and/or tax advisor before you choose the entity and to make sure not only that you’ve chosen the one that is right for you and the venture, but also to make sure that you are compliant with law.
Erica B. Garay is the Chair of the Alternative Dispute Resolution practice group and a member of the firm’s Litigation practice. She is also an arbitrator and mediator and serves on the American Arbitration Association roster of neutrals for commercial and complex litigation.
For the past fifty years, the law firm of Meyer, Suozzi, English & Klein, P.C. has created a reputation for integrity, insight and intellect that has helped establish the standard for excellence in the practice of law. With offices in Albany, Garden City, Manhattan and Washington, D.C., the firm provides legal advice in the areas of Alternative Dispute Resolution, Bankruptcy, Corporate Finance, Corporate, Criminal Defense, Disability Insurance Claims, Employee Benefits, Employment Law, Government Relations, Labor Law, Litigation, Real Estate, Tax Certiorari & Condemnation, Trusts, Wills and Estates. “Ask the Lawyer” is provided by Meyer, Suozzi, English & Klein, P.C. to inform on matters of public interest. The information contained herein is not to be construed as legal advice or opinion. We provide such advice or opinion only after being engaged to do so with respect to particular facts and circumstances.
