Despite being a relatively new option, the limited liability company (LLC) is now one of the most popular business structures among smaller organizations. While allowing business owners to remain free from a great deal of the regulations imposed on other types of companies, it still provides limited liability protection for its owners (members). This means that the personal assets of an LLC's ownership cannot be collected to fulfill the debts of the business.
To keep your business legally viable after you incorporate, there are a number of steps you may need to follow. You may need to file an Article of Amendment to indicate changes in your company. You also may need to file an Initial or Annual Report, which is a requirement in most states. Our business filing experts can help you process necessary changes to your business.
New York Shall contain the word "corporation", "incorporated" or "limited", or an abbreviation of one of such words; there is also a long list of words a business corporation is not allowed to use without additional approval from other agencies including "board of trade", "state police", "urban development", "chamber of commerce", "state trooper", "urban relocation", "community renewal", "tenant relocation", "acceptance", "endowment", "loan", "annuity", "fidelity", "mortgage", "assurance", "finance", "savings" and many others New York State Consolidated Laws, Business Corporations Law § 301; Not-For-Profit Corporations Law, § 301
You must report personal property holdings in detail and as requested or mandated. If nothing has changed from the prior year (no equipment was purchased or sold), then you may refer to your prior year's Business Property Statement filing in order to be consistent in completing the current Business Property Statement. If you failed to keep a copy of the prior year's filing, you may request a copy of it from the Assessor's Office.