Call on The Law Office of Mark D. Stern, located in Goshen New York, Orange County NY for Shareholder & Operating Agreements.
A limited liability company, or LLC, is a business structure that is similar to a corporation, but less formal. Business owners typically form LLCs to protect themselves from being personally liable for business debts. LLCs combine tax advantages of a partnership or sole proprietorship with the limited liability of a corporation. As is the case with partnerships or sole proprietorships, income passes through the LLC to the LLC owners, and the owners report the business income on their personal income tax returns. Unlike a corporation, the LLC itself is not a separate taxable entity.
Limited liability companies typically do not have shareholders. Contributors are called members. The agreement between them is called the membership or operating agreement.
One of the first steps of forming an LLC is the membership agreement, which discusses how the LLC will operate. Who will manage the company? How will profits and losses be divided? How can the LLC terminate? What additional rights will the members have in making important company decisions?
Mark D. Stern has extensive experience in creating LLC and Shareholder Agreements and all matters of Business and Commercial Law. Contact our firm to see how we can put our knowledge and expertise to work for you. Call us at 845-294-7990 or to contact us via email, click here.