Limited liability entities (LLEs) are structured to separate owners from their business or to insert a "veil" between the two. This corporate veil protects owners and company officers from being held personally liable for claims against the business.
New York State’s Abandoned Property Law requires property abandoned with companies and state agencies, to be handed over to the Comptroller of the State in certain circumstances.
In setting up your business, it is essential to consider how you can protect yourself and your family from business failure. Do you intend to grow, and if so, how will this growth be funded?