When it comes to forming a limited liability company, the hardest step is actually making the decision to take the leap. The steps that follow may seem complicated, but they are actually fairly easy to complete, especially with help from We The People of NY. Located in the heart of Manhattan, they specialize in preparing legal documents, and their experienced team knows all the ins and outs of setting up an LLC.
3 Steps for Setting up an LLC
1. Decide on a Name
You must come up with a name for your LLC that is available and complies with New York’s naming requirements. You will need the name before you can proceed with the rest of the steps for setting up an LLC because it will be on all the future documents you file with the state. We The People will do a free name check to make sure the name is available.
2. Prepare Your Articles of Organization
Preparing the articles of organization might sound challenging, but it is actually quite simple—as long as you know what you are doing. Fortunately, the team at We The People of NY will help. They can ensure your document contains all the essential information, including the name of your LLC, the address, and the name of the filer. You can streamline this process by appointing one owner to prepare the articles of organization. After We The People has prepared this document, you sign it and We The People will then file it with the Secretary of State.
3. Devise an Operating Agreement
Your operating agreement should contain each member’s percentage interests in the LLC; each member’s rights, responsibilities and voting power; the terms detailing the procedures if a member wants to sell, becomes disabled, or dies; and any management guidelines.
Once you have prepared the above documents, you will need to publish notice of the LLC’s formation 6 times in one weekly and 6 times in one daily newspaper of the county where the LLC is located. Publishing this notice is complicated as you need to first get a designation from the county clerk, get a price from the papers, get affidavits from the publications after they have run and file those along with a Certificate of Publication with the Secretary of State.
If you need help drafting the documents required to establish an LLC, turn to We The People of NY in Manhattan. You can learn more about the legal services they provide clients who are setting up an LLC by visiting their website. To make an appointment, call (212) 633-2200.