New York Limited Liability Companies FAQ

What is a New York Limited Liability Company (“LLC”)?  Who can form an LLC?  How do I form an LLC?  How much does it cost to form an LLC? What ongoing requirements are there for maintaining an LLC?  How does an LLC pay taxes?  Is an LLC a good choice for my new business? Read on for answers to  such common questions about  LLCs. What is a New York Limited Liability Company...

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Five Steps to Buying a Small Business in New York – Part 3: Due Diligence

(See Part 1 here; Part 2 here; Part 3 here; Part 4 here; Part 5 here😉 Due diligence is the process of investigating the business you are planning to buy inside and out;  lots of files to look at, numbers to crunch and agreements to review.  You want to know that the price you are paying for the business is fair, and that there are no hidden secrets about the business that could haunt...

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Don’t be a Victim of your Law Firm’s “No Small Business” Policy

Via MyShingle I learned about this telling article by a leading law firm consulting company.   According to the article, small businesses are bad news for big law firms.  Short of telling the client to hit the road, they recommend these ways to get rid of small business clients: Eliminate discounts. Most businesses provide price discounts based on volume. But in law firms, often...

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Keep Your Legal Fees in Check!

Most attorneys and law firms still charge  by the hour.  Even though flat fees seem to be more common nowadays for certain routine agreements and matters, the meter usually starts running as soon as you start talking to your attorney.  Here are a few tips on how to keep legal fees under control. 1. Manage your time with your attorney.  Make a note of your questions and...

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Promissory Notes

  What: A Promissory Note (also known as “note” or “negotiable instrument”) is a written statement  that evidences that money is owed to you by the author (also known as “maker”) of the statement.  You can transfer the note to other people who can then demand payment from the person or entity that owed money to you originally.  Your attorney might say ...

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NY Business Certificates – Know Your “Doing Business As” Responsibilities

NY Business Certificates – Know Your “Doing Business As” Responsibilities

D.B.A. or “Doing Business As” is not only a cool bar in the East Village, it also refers to individuals (sole proprietorships), partnerships, corporations and other entities that do  business under a name different from their real name.  For example, Joe Smith operates a computer service business under the name “Computer Geeks to the Rescue,” (fictional example) and Town...

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