How to use limited liability companies & limited partnerships pdf

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how to use limited liability companies & limited partnerships pdf

Limited liability company - Wikipedia

Select the applicable entity type from the list below. Statement of Information : Due within 90 days of initial registration and every two years thereafter. Filings and information contained in filings you submit to the Secretary of State are public record, including names, phone numbers, email addresses, and mailing and street addresses, except as provided in statutes. To avoid issues related to identity theft you should avoid using and submitting confidential information in public filings unless specifically required by statute. Also, please note that individuals and private companies use this public information to create third party access to these records.
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When entering into a partnership with a company or another individual, it is important to know exactly what your roles, duties, and liabilities will be. A general partnership is the most common type of partnership. Each partner will have the authority to make business decisions and even legally bind the company in contracts. The liabilities, contributions, and responsibilities of the partners are often equal unless stated otherwise. Typically, a partnership agreement will describe which partners have certain authorities and responsibilities.

Asset Protection from Lawsuits. Company Formation. Offshore Company Formation. Offshore Banking. Trust Formation.

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It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation. LLCs are well known for the flexibility that they provide to business owners; depending on the situation, an LLC may elect to use corporate tax rules instead of being treated as a partnership, [2] and, under certain circumstances, LLCs may be organized as not-for-profit. A limited liability company LLC is a hybrid legal entity having certain characteristics of both a corporation and a partnership or sole proprietorship depending on how many owners there are. An LLC is a type of unincorporated association distinct from a corporation. The primary characteristic an LLC shares with a corporation is limited liability , and the primary characteristic it shares with a partnership is the availability of pass-through income taxation. Although LLCs and corporations both possess some analogous features, the basic terminology commonly associated with each type of legal entity, at least within the United States, is sometimes different. Similarly, when issued in physical rather than electronic form, a document evidencing ownership rights in an LLC is called a "membership certificate" rather than a " stock certificate ".

How does a foreign limited liability company apply for authority to conduct business in New York State? How do I obtain copies of documents filed with the Division of Corporations? How do I get information on a corporation or other business entity? What information is available? How can I find the names of officers and directors of a corporation or other business entity? A limited liability company LLC is an unincorporated business organization of one or more persons who have limited liability for the contractual obligations and other liabilities of the business.


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