LLC Survey (NIL)

  • Student Athlete LLC Survey

  • Thank you for taking the time to complete this brief survey.

    As part of the process of setting up your Limited Liability Company (LLC), this survey is designed to gather the key information needed to ensure your business structure is aligned with your goals. Your LLC will serve as a layer of protection for any assets or income you may receive through Name, Image, and Likeness (NIL) opportunities.

    Please know that all information provided in this survey is strictly confidential, will be shared only with Nave Law Firm, and is fully protected under Attorney-Client Privilege. Your privacy and legal protections are our top priority.

  • Overview of the LLC Formation Process with Nave Law

    To ensure your Limited Liability Company (LLC) is properly established in New York State, Nave Law will guide you through the following required steps:

    Step 1: File Articles of Organization

    • We will prepare and file your Articles of Organization with the New York State Department of State.
    • The state filing fee is $200.
    • The information provided in this survey will allow us to complete the necessary documentation.
    • Once prepared, you will be asked to review and sign the Articles of Organization before we submit them on your behalf.

    Step 2: Execute a Written Operating Agreement

    • Within 120 days of formation, the LLC is legally required to adopt a written Operating Agreement outlining the structure, rights, and responsibilities of the members.
    • This agreement must be signed by the organizer and notarized.
    • Notarization can be conveniently completed at our office.

    Step 3: Fulfill the Publication Requirement

    • New York law requires newly formed LLCs to publish a notice of formation in two newspapers (one daily and one weekly) designated by the County Clerk, once per week for six consecutive weeks.
    • We will coordinate this requirement using the details from your Articles of Organization and Operating Agreement.
    • The average cost is $150 per newspaper, for a total of approximately $300.
    • If the publication cost exceeds this amount based on your county's publication rates, we will contact you to confirm before proceeding.

    Step 4: File the Certificate of Publication

    • After the publication requirement is completed, we will prepare and file a Certificate of Publication with the New York State Department of State.
    • This filing includes an additional state fee of $50.

  • Contact Information

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  • Format: (000) 000-0000.

  • LLC Details

  • 9. County of Formation:
    We typically file in Onondaga County for jurisdictional purposes in case any legal issues arise. However, you may select any county in New York State.

  • 10. Ownership Structure:
    We typically file as a Single-Member LLC, meaning you will be the only listed owner.

  • 11. Stated Purpose of the LLC:

  • Duration and Address

  • 12. LLC Duration:
    We usually file for indefinite existence unless you prefer a fixed time period.

  • 13. Primary Place of Business:

  • Tax Classification

  • 14. S-Corp Election for Tax Purposes:
    An LLC can elect to be taxed as an S-Corporation, which may reduce self-employment taxes by dividing income into wages and distributions. This tax choice doesn’t impact the LLC’s built-in liability protection. For personalized advice, it's best to speak with a CPA.

  • Note: Filing as an S-Corporation can help you save money on taxes by allowing you to pay yourself a salary and take additional profits as distributions, which are not subject to self-employment tax.  It also provides limited liability protection and adds professional credibility to your business.  This structure is especially beneficial when your NIL earnings become consistent.

  • Note: An EIN (Employer Identification Number) is a free, nine-digit number from the IRS used to identify your business for tax purposes. It’s like a Social Security number for your company, and is often needed to open a business bank account, hire employees, or file certain taxes.

  • Permissions

    Attorney-client privilege protects the confidentiality of all communications between you and our firm. To maintain that protection, we cannot speak with anyone else about your matter unless you specifically authorize us to do so. This section allows you to grant us permission to communicate with designated individuals, but only for the LLC formation process.
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