There are many benefits of setting up an LLC in New York State, like it allows a business to enjoy the flexibility of a partnership. And at the same time, your business could enjoy the same protections of a corporation. You must know that an LLC is not a corporation; therefore, it is not essential to keep formal minutes or hold a meeting.
The LLC’s best thing is that it could run like a partnership firm and avoid the double taxation process. Creating LLC in New York State allows you to enjoy flexibility at the management level, and it could have many members as per its requirements. The most beneficial thing about LLCC is that the members of the LLC are personally protected from any liability of the LLC.
Some of the popular benefits of forming an LLC in New York are mentioned below:-
- Less cost
Creating a limited liability company in New York could cost you less as it is cheap to establish
- Protect your assets
It protects your personal assets as the creditors cannot go to your personal assets in order to pay off business debts.
- No double taxation
The best thing about LLC is that is it prevents a double taxation process as it is separated from the company.
- Less restriction
There are very few restrictions involved in the creation and running of an LLC in New York. And the owner could also be easily transferred from one member to the other member.