Legal Question in Business Law in New York

Re: Limited Liability Company requirements?

Failure to publish will result in the suspension of the LLC's ability to do business in NY and may make you personally liable for debts and conduct of the LLC. The penalties for not obtaining proper licenses may be anywhere from fines to the inability to sue if you do not get paid and possibly, personal liability for the acts of the LLC.

Not obtaining the proper licenses and publishing is almost always "penny wise-pound foolish."

Let me know if you need anything further.

Re: Limited Liability Company requirements?

You have to complete the publication requirement of the LLC formation within six months of forming your company. Failure to do so will result in your right to do business in New York being suspended. Your company will also not be able to file suit in New York courts if you do not publish. There were changes to the publication law last June, so the penalties are now more severe than they used to be. It is possible that a party who is suing you may be able go after your individual assets if you do not observe legal formalities, such as the publication requirement.

In terms of licenses I can not answer that question without knowing the nature of your business. Some lines of business require specific licenses in order to be in compliance with the law. While it may seem like a large amount of money starting up a business in the end it is a much better idea to spend the money now, because later on if there is a problem it will be much more costly. Please feel free to contact my office if we can be of any assistance in this matter.

Re: Limited Liability Company requirements?

The NYS Department of State has a web site. All of your LLC questions may be answered there,except the ones that require legal conclusions.

Good Luck

RRG