Business, Real Estate, and Estate Planning Attorneys in NYC

New owners could potentially use many business structures when forming a New York business. Some examples are a limited partnership, general partnership, sole proprietorship, limited liability company, professional limited liability company, S corporation, or C corporation. Each entity has its own unique advantages and disadvantages, so speaking with a lawyer is essential in deciding the right path for you. For example, a sole proprietorship is easy to form but does not offer the liability protection of an LLC or corporation. While corporations give greater credibility and capital-raising potential, they are complicated and expensive to set up, making them less ideal for many new business owners.

The contracts your business needs depend on your chosen entity. For example, an LLC must have an operating agreement according to NYC business laws. If you plan to hire employees, you will want employment agreements to indicate what duties and responsibilities each employee has. Contracts with other businesses and partners can help prevent lawsuits if disputes arise. Shareholder agreements are also essential if you plan to incorporate your business. Contact our law firm for attorneys who can help you craft contracts that meet your company’s unique needs.

The limited liability company is relatively simple compared to forming a corporation, but you must still follow some legal guidelines to start your company on the right foot. You must pick a business name that is not being used by any other entity in New York, file Articles of Organization with the New York Department of State, and create an operating agreement. New York law also requires LLCs to publish ads in two New York newspapers for six consecutive weeks (the NY LLC Publication Requirement). You should also choose a registered agent, which can be an LLC member, a friend, or another company, to receive mail on your behalf, and obtain an EIN from the IRS for tax purposes.

In New York, the LLC itself is typically formed within 1 to 2 weeks of filing the Articles of Organization with the New York Department of State. However, full compliance also requires meeting the New York LLC Publication Requirement — publishing notice in two newspapers for six consecutive weeks — and filing a Certificate of Publication. Most LLCs are fully compliant within 8 to 10 weeks of starting the process. At Fisher Stone, we handle all filings, the publication requirement, your operating agreement, and your EIN application as part of our flat-fee LLC formation service.

Yes. New York is one of the few states that legally requires an attorney to be involved in residential real estate closings. Both buyers and sellers should be represented by their own counsel. A closing attorney reviews the contract, negotiates terms, orders title and lien searches, prepares closing documents, calculates and pays NYC and New York State transfer taxes (including the Mansion Tax on properties over $1 million), and represents you at the closing table. Trying to close without an attorney exposes you to significant legal and financial risk.

A will is a document that takes effect at death and directs how your assets should be distributed; it must go through probate, the court-supervised process of administering an estate. A trust is a legal entity that can hold assets during your lifetime and distribute them at death (or earlier) without probate. Trusts also offer benefits wills don’t, including potential Medicaid planning, asset protection, and privacy. Most New Yorkers benefit from having both. Fisher Stone helps families decide which combination fits their situation, then drafts the documents accordingly.