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New York Tax Status of Limited Liability Companies and Limited Liability Partnerships

New York Tax Status of Limited Liability Companies and Limited Liability Partnerships

Certain investment companies that are established and regulated under Article 12 of the New York State Banking Law are given the option to organize as limited liability investment companies (LLICs). The LLIC option is available only to Article 12 investment companies that serve as holding companies for foreign banking operations. Also, certain trust companies that are established and regulated under section 102-a of Article 3 of the New York State Banking Law are able to organize as limited liability trust companies (LLTCs). The LLTC option is available only to Article 3 trust companies that do not receive deposits from the general public and are exempt from obtaining insurance on deposits and share accounts. LLICs and LLTCs are also governed by certain provisions of the New York State Banking Law (Chapter 2 of the Consolidated Laws). Throughout this publication, the term limited liability company (LLC) includes a limited liability investment company and limited liability trust company.

The New York personal income tax and the corporate franchise tax conform to the federal income tax classification of LLCs and LLPs. Accordingly, an LLC or LLP that is treated as a partnership for federal income tax purposes will be treated as a partnership for New York tax purposes. An LLC or LLP that is treated as a corporation, including an
S corporation, for federal income tax purposes will be treated as a corporation for New York tax purposes or as a New York S corporation if the New York S election is made.

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