NY LLC Filing Fee: Everything You Need to Know
The NY LLC filing fee along with your Articles of Organization must be included with your LLC registration. You have to adhere to specific requirements but forming a limited liability company in New York is accessible and affordable.3 min read
The NY LLC filing fee along with your Articles of Organization must be included with your LLC registration. You have to adhere to specific requirements but forming a limited liability company in New York is accessible and affordable.
Main Fees Associated with Forming an LLC
One of the first things you need to do is file form DOS-1336 with the Department of State. This registers pertinent information like the name of your LLC, your taxpayer identification number, registered agent address, permits, licenses, and signatures of the members.
By following Section 206 of the New York Limited Liability Company Law, you must also publish a notice about the LLC you have formed or a copy of the Articles of Organization in two newspapers. The county clerk will assign which one and the ad must run for six consecutive weeks. You will receive affidavits from the publishers of the publication. You want to send them along with a Certificate of Publication within a specific amount of time after the ad gets published and filing fees to the Department of the State.
The NY LLC filing fee for the Articles of Organization is $200, and for the Certificate of Publication, it is $50. The costs are subject to change. Contact the New York Department of State to learn about the current fees. It typically takes six to seven weeks to form an LLC, which includes the processing time of the required forms. You have 120 days from the date of filing the Articles to publish.
Other Important Requirements in Forming an LLC in New York
To name an LLC, you must follow strict guidelines. In New York, the limited liability company name must be distinguishable from all other businesses registered with the state. It must get approved by state agencies and have specific words. Before filing your formation documents, you may want to check to see if your preferred name is available.
You want to make sure before creating an LLC that you understand what the business structure is and if it is viable for your business. For example, if your company has more than one member, it is a requirement that you have an operating agreement between the members. The legal document governs the taxation, income, and roles of each member. The structure of an LLC has flexible organization and limited liability for the members. The members can include foreign entities, individuals, others LLCs, or corporations. There is no limit to how many members you can have for your LLC.
The limited liability company is sometimes referred to as a "hybrid" business structure because it combines elements of limited liability partnerships and corporations.
Tips To Help You Before Registration
You should remember the following when putting together your LLC:
- Make sure you pick a name that includes either "Limited Liability Company," "Ltd. Liability Co.," "LLC," or "L.L.C." As mentioned above, you want to make sure you do not use restricted or prohibited phrases or words in your company name, and you can do a name availability search with the Department of State to ensure the name is distinguishable from other LLCs in operation.
- You want to be sure that you have all the tax licenses and permits necessary for running your business. The Small Business Administration (SBA) can help with finding the local permits and forms, or you can use a business license service provider online to get the right ones you need. You can also check with the county clerk or city government to learn more.
- For tax purposes, get your EIN or Employer Identification Number, especially, if you have two or more members in your LLC.
- Take time to learn what your continuing legal obligations are after forming the limited liability company. For example in New York, you are responsible for the biennial report.
- Establish an operating agreement with the LLC members before filing or within 90 days of filing the Articles of Organization. It is not required to submit the document to the Department of State, but it is necessary for forming the company.
- Although the Secretary of State, by default, serves as your registered agent, if you do not elect another agent, you need to provide a valid address where legal notices can get sent in the event you get sued.
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