Business Formation - Legal guidance

New York Law Firm

Expertise in Business Formation, Startups, and Franchises

Empowering Entrepreneurs for Business Success

Welcome to Your Business’s Beginning

Embarking on a business venture marks a thrilling and significant milestone. It’s more than just developing a unique brand or assembling a dedicated team; it’s about laying a solid foundation for your business’s future.

Critical First Steps for a Strong Start

A strong start is paramount for any new business, and choosing the right business structure is crucial. The entity you select will shape your tax liabilities, capital raising capabilities, partnership opportunities, and much more. It’s vital to consider both immediate and long-term implications when making this decision. Our seasoned attorneys are here to guide you through understanding your options and ensuring you make the best choices for your business’s future.

Tailored Legal Protection for Your Startup

Partnering with us means securing your startup with legal protection and setting it up for growth from day one. With over three decades of corporate experience, we’re committed to leveraging our expertise for your venture’s success.

Choosing the Right Business Entity

Deciding on the form your business will take might seem complex, but we’re here to simplify it. Whether it’s a sole proprietorship, partnership, corporation, S-corporation, or a limited liability company (LLC), each option has its unique advantages and limitations. Our legal team will walk you through each choice, helping you select the structure that aligns with your personal and business goals.

Naming Your Business: More Than Just a Label

Choosing a business name is more than just a creative process. It involves considering trademark protection and marketing potential. Our guidance will steer you in the right direction, ensuring your business name resonates with your brand and complies with legal standards.

Navigating New York Laws for Business Entities

Collaborations and partnerships often spark the best business ideas. Whether you’re teaming up with a financial backer, a creative partner, or investors, setting up your business correctly from the start is crucial. We ensure that rights, responsibilities, and corporate governance are clearly defined and diligently managed, fostering a smooth operation and legal compliance.

Expert Guidance for Franchise Opportunities

Considering a franchise? It’s more than just choosing a brand; it’s understanding the commitments and obligations involved. Our team provides independent counsel to help you navigate franchise opportunities, agreements, and obligations, ensuring your decision is well-informed and legally sound.

Beyond Web-Based Services: Comprehensive Legal and Business Expertise

While online services might make business formation seem straightforward, they often overlook crucial legal details. Our comprehensive approach goes beyond filing forms; we provide the legal solidity and business acumen your venture requires.

Customized Service Packages for Every Business Need

Our experience has taught us what businesses truly need. We’ve structured our services into flat-rate packages, allowing you to select the one that best fits your business requirements.

Attorney Cook “wrote the book” on New York Entity Formation. This book is titled:

Entrepreneur’s Legal Playbook: Forming Your New York Business

Entrepreneur’s Legal Playbook Forming Your New York Business

In New York, a variety of business entities can be formed depending on your business structure and goals. Here is a comprehensive list of the main types of entities available in the state of New York. These entities each have different advantages depending on factors such as liability protection, taxation, and flexibility, so it’s important to choose the right one for your specific business needs.

  1. Sole Proprietorship
  • Description: A business owned and operated by a single individual. No formal entity is required.
  • Key Features: Unlimited personal liability for debts.
  1. General Partnership (GP)
  • Description: Two or more people who share ownership of a business.
  • Key Features: Partners are personally liable for business debts.
  1. Limited Partnership (LP)
  • Description: Includes both general partners (with unlimited liability) and limited partners (liability is limited to their investment).
  • Key Features: Limited partners are typically passive investors.
  1. Limited Liability Partnership (LLP)
  • Description: Often used by professional groups like law firms, accounting firms, and other service providers.
  • Key Features: Provides limited liability for the partners while maintaining some partnership structure.
  1. Corporation (C-Corp)
  • Description: A legal entity separate from its owners, which may be owned by shareholders.
  • Key Features: Limited liability for owners, but subject to double taxation (corporate and personal).
  1. S Corporation (S-Corp)
  • Description: Similar to a C-Corp, but allows profits and losses to be passed through to shareholders’ personal tax returns (avoiding corporate tax).
  • Key Features: Limited to 100 shareholders, and shareholders must be U.S. citizens or residents.
  1. Limited Liability Company (LLC)
  • Description: A flexible form of enterprise that blends elements of partnerships and corporations.
  • Key Features: Limited liability for members and pass-through taxation.
  1. Professional Limited Liability Company (PLLC)
  • Description: Similar to an LLC but is designed specifically for licensed professionals (e.g., doctors, lawyers, architects).
  • Key Features: Owners must be licensed professionals in New York.
  1. Non-Profit Corporation
  • Description: A corporation organized for charitable, educational, religious, or other purposes permitted by state law.
  • Key Features: Eligible for tax-exempt status, but profits cannot be distributed to members or officers.
  1. Professional Corporation (PC)
  • Description: A corporation specifically for licensed professionals, such as doctors or lawyers.
  • Key Features: Similar to a C-Corp but for professionals. Limited liability protection is provided.
  1. Benefit Corporation (B-Corp)
  • Description: A corporation that operates for-profit while also pursuing a social mission.
  • Key Features: Must create a public benefit and meet higher standards of accountability and transparency.
  1. Low-Profit Limited Liability Company (L3C)
  • Description: A type of LLC created to support socially beneficial ventures, with profit being a secondary goal.
  • Key Features: Attracts investments from foundations and individuals interested in social missions.
  1. Joint Venture
  • Description: A legal entity formed by two or more parties to undertake a business endeavor together.
  • Key Features: Can be structured as a corporation, LLC, or partnership, depending on the terms.
  1. Cooperative (Co-op)
  • Description: A business organization owned and operated for the mutual benefit of its members (workers, consumers, or producers).
  • Key Features: Operates on a democratic governance model where each member has a vote.
  1. Foreign Corporation/LLC
  • Description: A business entity formed in another state but registered to do business in New York.
  • Key Features: Must file as a foreign entity and comply with New York regulations.
  1. Trust
  • Description: A legal entity in which one party holds property or assets for the benefit of another.
  • Key Features: Can be used for business purposes, particularly for managing assets.

Partner with Us for Your Business’s Future

Your journey to business success starts here. Contact us to explore how we can turn your entrepreneurial vision into reality.

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