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SINGLE-MEMBER OPERATING AGREEMENT

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LLC Operating Agreement

                      

 

 LLC Operating Agreement

 

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DESCRIPTION
A Single Member LLC provides a single owner with limited liability protection. This protects the owner from being personally liable from lawsuits or any obligation in question. By having a single member LLC operating agreement form, you will be acknowledging that you recognize your business as one separate and apart from yourself.

 

 

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NEW YORK LLC OPERATING AGREEEMENT

Multi Member LLC Operating Agreement

DEFINITION

Multi-Member A multi member LLC provides multiple members the ownership of one entity.This protects the members from being personally liable from lawsuits or any obligation in question. It aslo gives Members day to day operations of the LLC.

 

 

 

PROTECTION

An LLC operating agreement helps to ensure that courts will respect your limited personal liability. This is paticularly key in the formation of an LLC, where, without the formality of an agreement, the LLC will look like a sole proprietorship.
What is an LLC?

A New York LLC is a form of enterprise that provides limited liability (low risk) to its owner(s) and has tax benifits of an S corporation without conforming to the S corporation restrictions. A LLC is an unincorporated association that is flexible and easy to set up which makes it very appealing to small business owners and it allows for pass through income taxation (no double taxation).

What are the advantages of having a LLC in New York?
  • An LLC can elect to be taxed as a sole proprietor, partnership, or C corporation.
  • Partnerships may specially allocate the members' distributive share of income, gain, loss, deduction or credit.
  • Members are protected from some or all liability for acts and debts of the LLC depending on the state.
Is an LLC Operating Agreement needed if I am the only member of the LLC (Single Member LLC)?

YES, if you want to protect yourself to the fullest, it's a no brainer! You need to create an Operating Agreement to separate yourself as an individual from your LLC. In New York, without an Operating Agreement the LLC can closely resemble a sole proprietorship, which leaves you wide open for personal liability for business debts of the LLC and the core of the business operation would then be governed by state law, which would play an unfavorable role.

Do I need an Employee Identification Number (EIN) after I form my LLC?

If you plan on forming a Single Member LLC in New York, you will not need to obtain an EIN if you do not plan on having employees.

Your Social Security Number can be used instead. You will need an EIN if the following occur:

  • The act of hiring of employees.
  • The act of withholding taxes on income, other than wages, paid to a non-resident alien.
  • The act of operating your business as a corporation or a partnership (including Multi-Member)
  • The act of filing taxes on: Excise, Employment, Alcohol, Tobacco, and Firearms.

You will also need an EIN if you are envolved with the following types of organizations:

  • Estates
  • Real Estate Mortgage Investment Conduits
  • Farmers' Cooperatives
  • Non-Profit Organizations
  • Trusts
Where do I file my LLC Operating Agreement in New York?

The LLC Operating Agreement does not have to be filed with any paticular Agency but every member shall keep a signed copy for their records.

 

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