Legal Question in Business Law in New York

NY SLLC - is it really more risky?

I have a single member LLC (SLLC) in NY.

I've read that this entity will not protect my assets if I go

under as it is not seen as a real partnership by the law.

Is this correct? Should I therefore incorporate a partner in

order to be have full LLC-type protection?

Thanks in advance.

Ian


Asked on 5/05/09, 2:00 pm

2 Answers from Attorneys
John Friedman Law Office of John K. Friedman

Re: NY SLLC - is it really more risky?

As long as you satisfy the niceties of the LLC form it will protect one or one million members. You need not have any partners.

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Answered on 5/05/09, 2:10 pm
Michael Markowitz Michael A. Markowitz, PC

Re: NY SLLC - is it really more risky?

There is no such thing as an SLLC.

Mike.

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Answered on 5/05/09, 2:24 pm


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