Does New York have Series LLC?

While all states have some form of Traditional LLC that you can form within its borders, the State of New York does not have a Series LLC offering. However, this does not mean that New York investors are limited only to the New York LLC. Investors in New York may still take advantage of a Series LLC.

Who uses Series LLC?

The Series LLC was initially pioneered by Delaware, a famously pro-business state. Even today, Delaware remains a popular state for entity formation. Other states followed in Delaware’s footsteps, and today you can get a Series LLC in Texas, Tennessee, Utah, Nevada, Illinois, Oklahoma, and Iowa.

What is the purpose of a Series LLC?

With a Series LLC, a holding company can hold all individual businesses under a single umbrella while mitigating the risk of one business’ assets being used to satisfy the debts or liabilities incurred by another of its businesses.

What states allow series LLCs?

The series LLC is a creation of the state. Only in certain states are series LLCs allowed to be formed. Delaware was the first state to enact legislation authorizing the creation of series LLCs. Several states have followed suit including Illinois, Iowa, Nevada, Oklahoma, Tennessee, Texas, Utah and Puerto Rico.

How long does it take to set up an LLC in New York?

about six to seven weeks
Generally, it takes about six to seven weeks to meet the requirements for New York LLC formation, including processing the forms in New York.

How to form a limited liability company in New York?

How Do I Form a Limited Liability Company? Organizers form an LLC by filing the Articles of Organization, pursuant to Section 203 of the Limited Liability Company Law, with the Department of State. Organizers prepare, sign and file the Articles of Organization that creates the LLC.

Which is New York Consolidated Laws, limited liability company law?

This is FindLaw’s hosted version of New York Consolidated Laws, Limited Liability Company Law. Use this page to navigate to all sections within Limited Liability Company Law. Expand sections by using the arrow icons. Article II. Formation Article III.

Where can I find New York Consolidated Laws?

… This is FindLaw’s hosted version of New York Consolidated Laws, Limited Liability Company Law. Use this page to navigate to all sections within Limited Liability Company Law.

What do you call a limited liability company?

Choosing a Name First, the name of an LLC must include the words “Limited Liability Company” or the abbreviation “LLC” or “L.L.C.” Second, the name of the LLC must be distinguishable from the names of other LLC’s, corporations or limited partnerships on file with the Department of State.