Securing business insurance for your LLC
Just like you can't own a home or a car without insurance, you shouldn't run a business without insurance. Although the risk of property damage is not as big of an issue for businesses as it is for homes and cars, there is always the risk of being sued by individuals with whom the LLC does business.
Not all LLCs require the same coverage, so speak to your local insurance agent to learn more about what is best for your business insurance coverage.
employment of employees
If you are considering hiring additional workers to expand your LLC, New York State has tax requirements for employers that meet certain criteria. You'll also need to make sure you have an EIN so you can register as an employer with the state for tax purposes. As an employer, you must comply with all requirements, including:
LLC Marketing: New York
Once you form your LLC, you'll want to expand your customer base and grow your business. One of the easiest ways to do this is to create an online presence. You can do this by using a website builder to create a page to promote your services or sell your products, or it can be as simple as creating an Instagram account for your business. can. Both can help you increase your online influence and attract new customers.
Using a New York LLC as an Estate Planning Tool
If you have a business that you want to keep in your family for years to come, all the more reason to learn how to register an LLC. A New York LLC can be a powerful estate planning tool. Forming a family LLC is a great way to minimize estate taxes for families that own businesses, investment properties, rental properties, and other investments.
You and your spouse or partner can transfer assets to the LLC, with yourself as managers and members. She can then gift a percentage of her LLC to her child each year that falls within the federal gift tax exemption. Using this technique, you can significantly discount the tax assessment of your LLC's assets and protect them from creditors.
Because your interest in the LLC decreases over time, the value of your gross estate at the time of your death also decreases, reducing or eliminating your death taxes. Transferring ownership of real estate and other investments to an LLC allows these assets to pass to other members outside of the probate process.
If you are interested in registering an LLC as part of your overall wealth management strategy, you should consult with an experienced New York probate and real estate attorney. They can draft your LLC operating agreement according to your state's rules and regulations to ensure it is legally enforceable and maximizes your estate tax benefits.
Why LLC? New York and Small Business Growth
An LLC is a state-created hybrid of a sole proprietorship and a corporation. This structure combines the tax benefits of a sole proprietorship with all the liability protection of a corporation, creating an ideal structure for small businesses.
The majority (98%) of New York businesses have fewer than 100 employees. But together, these small businesses employ more than half of the state's private sector workers. The state's Small Business Administration oversees a wide range of programs and initiatives that support entrepreneurs and promote small business growth.
Organizations like the New York Small Business Development Center provide guidance, training, and resources to new and existing small businesses. These will help many residents considering starting an LLC in New York learn the basics, such as how to write a business plan, where to obtain funding, and how to form an LLC in New York. Learning how to register an LLC in New York may be the next step for solopreneurs looking to grow their small business.
