New York Limited Liability Company (LLC)
The United States LLC is not a partnership or a corporation. It is a distinct business entity that offers an alternative to partnerships and corporations by combining the corporate advantages of limited liability with the partnership advantage of pass-through taxation. US LLCs with non-resident members and which conduct no business in the US and which have no US-source income are not subject to US federal income tax and are not required to file a US income tax return. US LLCs are popular vehicles for conducting international business.
Key Corporate Features
General |
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| Type of entity: | LLC |
| Type of law: | Common |
| Shelf Companies Available: | Yes |
| Time to establish a new company: | 5 days |
| Minimum government fees (excluding taxation): | Varies |
| Corporate taxation: | Fiscally transparent |
| Double taxation treaty access: | Normally No |
Share capital or equivalent |
|
| Standard currency: | Not applicable |
| Permitted currencies: | Not applicable |
| Minimum paid up: | Not applicable |
| Usual authorised: | Not applicable |
Directors or Managers |
|
| Minimum number: | One |
| Local required: | No |
| Publicly accessible records: | On formation |
| Location of meetings: | Anywhere |
Members |
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| Minimum number: | One |
| Publicly accessible records: | Varies by state |
| Location of meetings: | Anywhere |
Company Secretary |
|
| Required: | Not applicable |
| Local or qualified: | Not applicable |
Accounts |
|
| Requirement to prepare: | Yes |
| Audit requirements: | No |
| Requirement to file accounts: | No |
| Publicly accessible accounts: | No |
Other |
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| Requirement to file annual return: | Yes |
| Change in domicile permitted: | Within USA only |
