Getting Started with Setting Up an LLC in New York
Setting Up An LLC in New York: Guidance for Beginners and Pros2 min read
Whether you’re a veteran business owner or just venturing into the business world, setting up a limited liability company (LLC) in New York can be intimidating. With a few extra steps and some guidance, the process of forming an LLC in the state of New York can be simple and straightforward. This article will provide an overview of the process of setting up an LLC in New York, focusing primarily on the steps you need to take to get started.
The first step in setting up an LLC in New York is to choose a name. This name should include the words “limited liability company,” or an abbreviation for it, such as “LLC.” Keep in mind that your chosen name must be unique and cannot resemble any existing business names in the state. To check the availability of your chosen name, you can use the Online Business Names Database provided by the New York Department of State. Once you’ve chosen a name, you’ll need to reserve it with the Department of State. This can be done online or by mail.
After your name is ready, you’ll need to file LLC Articles of Organization with the New York Department of State. This document will provide information about your business such as its name, principal office address, and members. Along with the Articles of Organization, you will need to include a filing fee as well as a Certificate of Publication. The filing fee and Certificate of Publication will vary depending on the county in which you are filing.
Next, you’ll need to create a New York LLC Operating Agreement, which is a document that outlines the rules of your business and the rights of the members. This document is not required by the state, but it is highly recommended for all LLCs as it ensures that all members are on the same page and protects the business from liabilities in case of disagreements.
Once your LLC is officially registered, you’ll need to obtain an EIN or Employer Identification Number from the IRS. You can do this online or by mail. This number is used to identify your business and will be required to open a business bank account or apply for business licenses or permits.
Finally, you’ll need to get a Certificate of Good Standing from the New York Department of State. This document proves that your LLC is legally registered and in good standing in the state. This document will be necessary for some business transactions such as obtaining financing, forming contracts, or selling the business.
The process of setting up an LLC in the state of New York can be complex, but with the help of experienced counsel, you can ensure that your business is properly established and compliant with local regulations. UpCounsel provides access to experienced attorneys who understand the complexities of setting up an LLC in New York, who have the expertise to get the job done, and who can help you with all of your legal needs efficiently and effectively.
Topics:
