NY State LLC Filing Fee: Everything You Need to Know
NY state LLC filing fee refers to the fee a business is required to pay if it wishes to start a limited liability company (LLC) in New York. Besides paying the fee, it must also complete all the procedures required for the formation of an LLC.3 min read
Updated October 26, 2020
NY state LLC filing fee refers to the fee a business is required to pay if it wishes to start a limited liability company (LLC) in New York. Besides paying the fee, it must also complete all the procedures required for the formation of an LLC.
What is an LLC?
Before you decide to start an LLC in New York, you need to know what an LLC is and whether it is a suitable legal structure for your business. An LLC is a flexible business entity that gives its members personal liability protection. Its members can be individuals, other LLCs, corporations, or foreign entities. One benefit of an LLC is that it can have any number of members it wishes. It is considered a hybrid business entity because it combines the elements of a limited liability partnership and a corporation.
How to Start an LLC in New York
In order to form an LLC in New York, you are required to register with the Department of State. The registration process includes:
Choosing a Business Name
You are allowed to use any name you wish as long as it is available and ends with the words “Limited Liability Company” or its variant or abbreviation. You can find out if the name you chose for your LLC is available and meets state requirements by submitting a Name Availability Inquiry to the Department of State.
Appointing a Registered Agent
In New York, the Department of State will act as the registered agent for your company by default. Since the state provides limited services, you can appoint another agent to handle service-of-process documents.
Obtaining All the Necessary Tax Licenses and Permits
Different locations may require different licenses and permits. You need to check with the County Clerk or other local business offices to find out more.
Apply for an Employer Identification Number (EIN)
If your LLC has two or more members, you are required to apply for an EIN with the IRS for tax purposes.
Requirements for Forming an LLC
Starting an LLC in New York is easy and affordable. Similar to other states, New York requires entrepreneurs who wish to start an LLC to meet certain requirements, which include:
- Registration – File the Articles of Organization, or Form DOS-1336 with the Department of State.
- Publication – Publish a notice regarding the establishment of your LLC or a copy of the Articles of Organization you submitted to the Department of State.
- Forms – After the notice is published, you must submit your Articles of Organization and Certificate of Publication to the state.
- Fees – Pay a fee of $200 for the Articles of Organization and $50 for the Certificate of Publication. The fees are subject to change. You can contact the Department of State to find out about the most current fees.
- Timeline – Meeting the requirements for LLC formation usually takes six to seven weeks in New York.
- Formation requirements – If your LLC has two or more members, it must create a limited liability operating agreement.
Business Fees in New York
In New York, both single-member LLCs and multi-member LLCs are typically required to pay an annual filing fee. The amount of filing fee you are required to pay depends on the gross income of your LLC that comes from New York in the previous tax year. The fee can vary from $25 to $4,500. You must pay the fee to the New York Department of Taxation and Finance by filing Form IT-204-LL within 60 days following the end of your LLC's tax year.
Requirements after Forming Your LLC
There are also a number of requirements you need to meet after your LLC is formed, including:
- Biennial report – All LLCs in New York are required to submit a biennial report to the New York Secretary of State. Along with the report, you must pay a filing fee of $9. If you miss your filing deadline, you may be charged a late fee of up to $250.
- Income reporting requirements – The IRS regards every multi-member LLC as a partnership, unless they elect corporation tax status. If your company is a multi-member LLC, you are required to use the partnership return, or Form 1065, to report your income to the IRS.
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