It’s been over 20 years since legislatures in New York and across the nation gave birth to the limited liability company. The LLC filled the need for a hybrid form of business entity featuring limited liability, partnership taxation, and default rules that provide substantially greater ownership and management flexibility through the LLC operating agreement than that permitted by the statutes regulating subchapter S corporations and limited partnerships.
The LLC has proven massively popular, becoming the entity of choice for newly formed business organizations in most if not all jurisdictions, in some instances by an overwhelming majority. New York has been somewhat slower in the evolution toward LLC dominance, arguably due to its singular and expensive publication requirement upon formation.
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