Does Forming An Llc Or Corporation Fully Protect You From Liability?

There is a lot at stake for the owners and partners in business entities, and it is not limited to any initial capital contribution. A business must be set up particularly to safeguard members’ personal assets since there is an inherent danger of personal liability for the company’s or its other agents’ activities. Limiting personal exposure is made possible by forming an LLC or other limited liability corporation. People establishing an LLC in NY should be especially careful about how they set up the business and how they lay out duties and responsibilities, regardless of the size of the company. New York law around LLCs and other limited liability companies is complex, and it doesn’t offer the same level of protection as some other states. Forming an LLC is a start toward protection of your personal assets, but you have to ensure that all paperwork is filed properly and the business structure is sound to avoid various types of liability.

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