New York LLC Formation
New York is a popular place to form a business in due to it’s wide audience and more affordable annual and biennial compliance. However, New York does have certain requirements that must be met once the LLC is formed. The first is that the business will receive a request in the mail asking for information so that the tax account can be created. The annual fee for a business making less than $100,000 is $25. The second is that the state requires the business completes the publication requirement within 120 days of formation. You can either publish a copy of your Articles of Organization or a notice announcing your LLC formation. The New York publication requirement (per Section 206 of the New York LLC Law), requires that LLCs publish notice:
- In two newspapers (one weekly and one daily).
- For six consecutive weeks.
- In the county where the principal business address is located.
The publication will need to run for six weeks, then the newspapers will be responsible for mailing you an Affidavit of Publication to serve as proof that you met the requirement. You’ll need to send that Affidavit of Publication, Certificate of Publication and $50 to the Department of State to complete the process.
Finally, LLCs are required to file a Biennial Statement every two years. This report serves as a way for the LLC to keep the business up to date with the Department of State, which includes information like ownership and contact information. This report is due during the anniversary month every two years. A business formed in July of 2020 will owe their first Biennial Statement in between July 1st, 2022 and July 31st, 2022.
Kuma Filings is happy to assist with the LLC formation with the Department of State to get the process started. This would not include the Request for Information sent after formation, nor the Publication requirement, though Kuma Filings would be happy to recommend ways to lower Publication costs. Send us an email for more information!
At this time Kuma Filings is unable to assist with PLLC formations in New York.