Whether you've been in operation for decades and you're ready to close up shop or your good idea that never picked up steam is ready to meet its untimely demise, all limited liabilities companies in New York State must follow some simple guidelines in order to officially dissolve and close out a business. Shutting down an LLC in New York is known as dissolution. Prior to officially dissolving the business, the owners will engage in the process of "winding up," which involves some of the requirements typically laid out in the LLC's operating agreement, like paying off debts and distributing assets.
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As the gig economy continues to rise, replacing the traditional company structure of having full-time employees focused on career development, with independent contractors or freelancers, the ways in which companies seek and hire talent has changed significantly. While the pros and cons of this type of economy are constantly up for debate, one thing remains true, freelancers that possess unique skills and considerable talent can really cash in on their expertise and the value they can bring to companies, big and small. Companies continue to lean on freelancers for writing engaging articles, crafting unique menus for restaurants and even drafting legal documents for litigation or transactional matters.
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In order to answer the question posed in the title of this post, it's important to understand the distinction between a sole proprietorship and a limited liability company ("LLC"). The most important distinction is that a sole proprietorship is not actually a corporate entity separate from the owner, like a corporation or LLC. When someone chooses to operate their business as a sole proprietorship, they are simply running their affairs under their personal name and accept unlimited liability (i.e., your personal assets are at risk) as they carry out the nature of their work. Of course, this has inherent risks, but it is by far the cheapest option available for anyone looking to start a business.
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