What Is Limited Liability Corporation (LLC)?



Have you heard the term Limited Liability Corporation but never truly knew what it was? That’s alright; many people are in the same boat as you. A limited liability corporation is also referred to as an LLC. And it is a business that protects the owners from the personal responsibility of debts and liabilities. It is a United States specific structure, and the regulations vary from state to state. Gulotta and Gulotta is the best law firm in New York. If you need a corporate lawyer in Suffolk County NY, go to our website right now. We would love nothing more than to do business with you. 

Advantages of an LLC

Like everything, there are advantages and disadvantages to starting a Limited Liability Corporation. Here are a few advantages:

  • Minimal personal liability
  • Straightforward 
  • Easy startup process 
  • Tax flexibility 
  • Few ownership restrictions 
  • Avoids double taxation

These features are what make this an appetizing business structure. But there is always the other side to it.corporate lawyer in Suffolk County NY

Disadvantages of an LLC 

Some disadvantages of an LLC: 

  • Death of a partner may dissolve the company 
  • Difficult to be publicly traded 
  • Expensive to start 
  • Formation fee

These features will make it unappealing to certain entrepreneurs because it may not be suited to their vision, needs, and desires. Based on this information, if you need a corporate lawyer in Suffolk County, call us at 631-285-7000. We have a wonderful team eager to help. 

Examples of LLCs 

Some popular companies that you may have heard of that are LLCs include:

  • Pepsi-Cola
  • Exxon Mobil Corp. 
  • Johnson and Johnson
  • IBM 
  • Sony

These are just a few. There are many more famous LLCs that are still in business today. 

Corporate Lawyer in Suffolk County NY

Gulotta and Gulotta is a firm founded on loyalty, dedication, and experience. We have what it takes to cater to your legal needs. Gulotta &Gulotta is a top corporate lawyer in Suffolk County NY and will take you to where you need to go. It is always a good idea to have a lawyer ready to help you because you never know when you might need one. Please call us today at 631-285-7000 or visit our website to get in touch with us. We are looking forward to servicing your legal needs. 

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