A Limited Liability Company (an 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. The New York Limited Liability Company Law governs the formation and operation of a New York LLC.  A New York LLC may organize for any lawful business purpose or purposes.

The LLC is a hybrid form that combines corporation-style limited liability with partnership-style flexibility. The flexible management structure allows owners to shape the LLC to meet the needs of the business. The owners of an LLC are “members” rather than shareholders or partners. A member may be an individual, a corporation, a partnership, another limited liability company, or any other legal entity.

Of course, if you have any questions whether a New York limited liability company is right for your needs, you should call and discuss your questions with a New York Small Business Lawyer (or corporate attorney).