NYS LLC Filing Fee: Everything You Need to Know
NYS LLC Filing Fees go along with additional paperwork for business owners looking to create an LLC in the State of New York.3 min read
NYS LLC Filing Fees go along with additional paperwork for business owners looking to create an LLC in the State of New York. A Limited Liability Company is a hybrid of a partnership and a corporation that provides owners with protection from business liability and also offers the tax benefits of pass-through taxation.
Requirements to Start an LLC in New York
LLCs are relatively easy to form in the state of New York and involve a few simple steps. The state of New York requires a couple of specific requirements that are not required in all states. Some of the state-specific requirements include:
- Registration - In the state of New York you must file your Articles of Organization on form DOS-1336 with the New York Department of State. The form will need to include your taxpayer identification number, your registered agent address, and any licenses or permits required.
- Publication - Section 206 of the Limited Liability Company Law, requires that there be publications of your company's formation as an LLC. The publication must appear in two newspapers and assigned by a county clerk for at least six weeks. After publication requirements are complete, you will have to obtain Affidavits of Publication and submit them with a Certificate of Publication to the Department of State and pay a filing fee.
- Required Forms and Fees - After the publication requirements have all been fulfilled, the LLC must submit their Articles of Organization with the $200 filing fee.
- Timelines - Timelines in New York can vary from other states with it taking about six to seven weeks for the formation process to complete. After filing the Articles of Organization, you will have about 120 days to submit your publication to newspapers. The publications should run for six weeks.
- Naming Requirements - New York has strict naming laws. The state requires that the name chosen be distinguishable from any other LLC names in the state. The state also requires the use of certain words and forbids others.
- Formation Requirements - If you have more than one member for your LLC, you must draft a limited liability operating agreement between the members. This agreement will lay out the terms, profit and loss distribution, member roles, and rules for voting and changing ownership.
How to Start an LLC in New York
The first step in forming your LLC in New York is understanding what an LLC is. An LLC is a business structure that allows for flexibility in management, organization, and ownership. There are multiple steps to go through for the official formation of an LLC in New York.
- Choose a business name - Your business name must carry a designation at the end describing it as an LLC and be unique.
- Designate a registered agent - Unless you designate your own registered agent, the New York Secretary of State's office will act as one. When designating a registered agent, they will need to maintain a physical address, receive legal paperwork there and be available during regular business hours.
- Obtain all the necessary licenses and permits - You will most likely need to obtain a business license to operate in New York. You may also require other permits and licenses depending on the product or service your business offers.
- Get an Employer Identification Number - You will need to obtain an EIN from the IRS which will serve as your company ID number for tax purposes.
- Draft and Operating Agreement - You will create a limited liability company operating agreement if you are going to have a multi-member LLC has more than one member. While this agreement is not a requirement in the state of New York, it is important to outline your member's rights and responsibilities.
- Publication of Formation - You will need to follow the instructions for publication mentioned above to meet the state requirements for your LL announcement and pay the $50 publication filing fee.
- Determine Your Ongoing Legal Obligations - You should determine any further and ongoing legal options that you will need for your state such as reporting and meetings.
- Annual Fee- The State of New York doesn't require an annual report but it does require an annual fee calculated according to your company's taxed income sourced from New York State.
If you need help with your NYS LLC Filing Fee, you can post your legal need
on UpCounsel's marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.