The limited liability company (“LLC”) is a unique vehicle that offers a few distinct benefits over other corporate entities: (i) limited liability of all of its owners or members, setting it apart from
partnerships and limited partnerships; (ii) pass through taxation, setting it apart from “C” corporations; and (iii) flexibility due to its contractual origins, setting it apart from both “C” and “S” Corporations.1 Due to these benefits, it is often the perfect vehicle for small business
This is, of course, from a legal perspective. As a small business owner, a parallel concern to legal considerations is cost. Unfortunately, in New York City it costs approximately three times as much to form an LLC than it does to form a corporation.2 This additional cost is due to the requirement that an LLC meet a publication requirement.3 The publication requirement states that an LLC announce its existence in two papers, one of weekly publication and one of daily publication, each for a period of six weeks.