Choosing between an S Corporation and an LLC – The New York Perspective [Updated Jan 16, 2010]

Many small business owners end up deciding between a New York S corporation and a New York limited liability company (LLC) when choosing a formal legal structure for their New York business. Both entities offer limited liability and a startup friendly tax treatment. But which entity is right for your small business? The following are some frequently asked questions with respect to the two...

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Pimp Your Site (with Legalese): Part 1 – Terms of Use

Having a web business does not save you from the normal perils of having a brick and mortar business, such as being sued, robbed or getting caught in not complying with the law.  In many ways it is more dangerous than having a real life location.  You expose your business to millions of users, many different laws and court systems. Thus, pretty much every website has a lot of legalese...

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Transferring Assets to your new LLC

Another reader question:  "If you start a new LLC, but have web sites or other IP that you want to be “owned” by the new LLC, what needs to be done to make it property of the new LLC?" The property has to be transferred to the new LLC, some say "contributed" to the LLC.  If the property consists of a website, you may write up a one page document that says...

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Keeping your LLCs separate

Somebody asked me the following question:  "If you start a new LLC, but have old business credit cards from a previous (but now closed) LLC, can you use those credit cards with the new business without causing problems?" It is a little bit like asking, "If my grandfather died and left behind some credit cards in his desk, can I use those cards for my spring break vacation...

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