Starting a business in New York can be an intimidating process. New York is home to one of the more complex and stringent regulatory regimes in the United States. Thankfully, forming a Limited Liability Company (LLC) in New York state is a fairly straightforward affair. Before you get started, consider the following five things to make sure your business is setup properly, and you’re in compliance with New York state laws.

1. Review New York LLC Law and Regulations

The most important thing to do when you’re starting a New York LLC is to familiarize yourself with the LLC law and regulations. Knowing the various statutes, regulations and filing requirements is key to setting up your business in full compliance with the law. Although New York State has published guidance to help entrepreneurs, you’ll need professional legal counsel to glean a full understanding of the legal requirements for forming an LLC.

2. Choose a Name for Your LLC

Once you’ve read up on LLC law in New York, it’s time to pick your corporate name. Your LLC must include the words Limited Liability Company, Limited or the abbreviation LLC., which must be in all caps. The name must be sufficiently different from other existing business names to avoid confusion in the marketplace. You can search the Department of State’s Corporation and Business Entity Database to check if the name you want is available.

3. Register Your LLC with the State

Once you have chosen a name, you will then need to file Articles of Organization with the New York Secretary of State. Additionally, you will need to pay a fee for registration. Once you have filed your Articles of Organization and paid the required fee, your LLC is officially registered with the state of New York.

4. Appoint a New York Registered Agent

All businesses in New York need to maintain a registered agent. You may appoint an individual or company—just make sure they have a physical address in the state. The registered agent will be responsible for accepting important notices and legal documents that require your business’s attention.

5. Create an LLC Operating Agreement

It’s also important to create an LLC operating agreement. This document outlines the ownership and operating procedures for your LLC. It also defines how profits and losses are allocated, who is responsible for decision-making, and how management of the LLC is handled. Having a well-crafted operating agreement is a key to streamlining the running aspects of your LLC.

Forming an LLC in New York can be an involved process with many different steps. To ensure your business is properly formed and compliant with state regulations, consult experienced LLC and business lawyers with an understanding of local regulation.

Topics:

LLC,

New York,

Registered Agent