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A.C Smith Law Firm

What is a Business Entity?

A business entity is an organization created by an individual or individuals to conduct business, engage in trade, or partake in similar activities. The most common business types of business entities are: Limited Liability Company (LLC), Partnerships, and Corporations.

Our Services

The A.C. Smith Law Firm will work with you to create a business entity best suited for your needs and the needs of your business. The most common business entity formed by entrepreneurs and small business is a Limited Liability Company (LLC). Schedule a consultation with our attorney so we can help you build your business and brand on a solid legal foundation!

What is a Limited Liability Company (LLC)?

A limited liability company is is a business structure that protects its owners from personal responsibility for its debts or liabilities. It is seen as a hybrid structure that combines features of both a corporation and a partnership.

 

Like a corporation, LLCs provide their owners with limited liability in the event the business fails or gets sued. But like a partnership, LLCs “pass-through” their profits so that they are taxed as part of the owner's personal income. This avoids "double taxation" of both the company and its individual owners.

An LLC also offers tax flexibility. They can choose to be taxed as a sole proprietor, a partnership, an S corporation or a C corporation.

 

Our Limited Liability Formation Services Include:

  • Name Availability Check

  • Draft Articles of Organization

  • File Articles of Organization

  • Obtain Employer Identification Number

  • Operating Agreement Template

*New York LLC Publication Requirement: New York LLC law requires that a notice related to the formation of the LLC must be published in two newspapers within 120 days after the LLC is formed.*

 

Get Started forming your LLC! 

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