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Business Owner's Manual
There are four basic forms of business organizations in New York: sole proprietorships, partnerships, corporations, and limited liability companies — the form you choose will affect your ability to control and profit from the business, your liability for lawsuits and the debts of the business, and the taxes you pay. The "right answer" for your business depends on your business goals and your personal style. This section gives you some issues to consider, but it's also important that you review your situation with an attorney or a financial advisor. Note: The New York City Bar Association provides free attorney referrals. Call 212-626-7373 (English) or 212-626-7374 (Spanish) Unincorporated Business Tax: New York City currently imposes a special tax on all unincorporated businesses — sole proprietorships, partnerships, and limited liability companies (described in this chapter). Like the corporate tax, this is a tax once on the business entity and once on the individual (also see the chapter on Tax planning)
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