By Lindsay A. Getman, Summer Associate
In part one of this series, we provided information on the benefits and disadvantages of sole proprietorships and partnerships as business entities. Part two of this series will discuss corporations and limited liability companies, two additional entity types that a business owner in New York may choose. These types of entity formations can be a costly and burdensome process for a business owner, but formalizing the business structure in this way can also provide numerous benefits and protections. In New York State, business owners may choose from the C corporation, the S corporation and the limited liability company, or LLC.