How do I maintain an LLC in New York?
How do I maintain my New York LLC? | BetterLegal
What's the next step after registering my business in New York?
After successfully setting up your business in New York, you need to make sure that you keep your LLC in good standing with the state. This way, you will be able to transact with third parties smoothly, especially with your vendors and clients.
A good standing status shows that your company is compliant with the state requirements. This includes, but is not limited to, payment of annual fees and updating of your company information with the state.
Additionally, certain other formalities are required by the state, like appointing a registered agent for service of process and maintaining a registered office in New York.
If you do not have a physical address in the state where you registered your LLC, check out BetterLegal's Registered Agent Service. Through BetterLegal's Registered Agent service, you will receive scanned copies of your important mails and you may also request for physical copies to be mailed to your address for a minimal administrative fee. Subscribe to our service now!
Why is it important to Maintain my LLC in New York?
Third parties are able to obtain your good standing status by submitting a request to the Secretary of State in New York. If a third party you are transacting with finds out that your company is in bad standing with the state, it may cause unnecessary delays and issues in your business transactions.
Also, failure to comply with state requirements may result to forfeiture, dissolution, or involuntary termination of your LLC.
This is why you should be on top of New York's periodic requirements for Limited Liability Companies (LLCs) like yours. Maintain your LLC to avoid any issues and delays in your transactions.
If you need help in maintaining your LLC in New York, check out BetterLegal's State Compliance package. We will make sure that your company complies with the state requirements to keep your company in good standing. Subscribe to our State Compliance Service Now!
The Basics of Maintaining Your LLC
There are different administrative tasks that make up the maintenance of an LLC in New York, but can be grouped into categories:
- Biennial Statement: Required filing in New York to keep your LLC in good standing
- Articles of Organization: Updating of your LLC information in New York
- Operating Agreement: Legal document outlining the internal rules and procedures of a Limited Liability Company
- Licenses and Permits: Documentary requirements for these in New York vary depending on the nature of business
- DBAs: Registration of other names a business may go by other than its official name
- Taxes: Money owed to the government for revenues and earnings
Filing your New York LLC's Biennial Statement
If you are planning to file your New York LLC's Biennial Statement, BetterLegal has prepared an easy to follow step-by-step guide for you below. We have also included pertinent information that you need to remember when filing.
When is the due date for my New York LLC's Biennial Statement?
File your New York LLC's Biennial Statement on your LLC's anniversary month. You need to file it with the state every two years. The Biennial Statement may be submitted within the anniversary month.
How much do I need to pay for my New York LLC's Biennial Statement?
Prepare $9.00 to pay for your New York LLC's Biennial Statement.
What information are needed when filing my New York LLC's Biennial Statement?
When filing your LLC's Biennial Statement, make sure to provide your LLC's DOS ID, which may be found on the state's name search website. Additionally, provide any updated information of your LLC, except for LLC name change.
How do I submit my New York LLC's Biennial Statement?
You may submit your New York LLC's Biennial Statement online or by mail.
(1) File online using this link https://apps.dos.ny.gov/eBiennialWeb/
(2) by Mail
a. Determine your filing deadline. Your Biennial Statement is due every two years based on the date of your LLC's original formation.
b. Obtain the Biennial Statement form. You can download the Biennial Statement form from the New York Department of State's website at this link: https://www.dos.ny.gov/corps/bus_entity_search.html
c. Fill out the Biennial Statement form. Provide the requested information in the form, including the name of your LLC, the address of your LLC's principal office, the names and addresses of your LLC's members and managers, and your LLC's Federal Employer Identification Number (FEIN).
d. Mail your completed Biennial Statement form and a check or money order for the filing fee to the following address:
New York State Department of State
Division of Corporations, State Records and Uniform Commercial Code
One Commerce Plaza
99 Washington Avenue
Albany, NY 12231
e. Make sure to include a check or money order for the filing fee. As of 2021, the filing fee for a Biennial Statement in New York is $9.
What is the turnaround time for my New York LLC's Biennial Statement?
Your payment or filing submission will reflect on the state's records immediately.
What should I do if I miss my New York LLC's Biennial Statement's due date?
Late submission of Biennial Statement in New York is allowed. There is no late fee. You may file your late submission online.
If you fail to file even after the grace period, your LLC will lose its good standing in the state. This will reflect in any request for a Certificate of Status.
I missed my New York LLC's Biennial Statement's grace period for late submission, what should I do?
If you also missed the state's grace period for the filing of Biennial Statement, file the late biennial statement.
Articles of Organization
If you want to update your company information but it is too early to file for your LLC's Biennial Statement or maybe you have already filed your LLC's Biennial Statement, but forgot to update your information, you may still do so by filing an amendment with the state.
BetterLegal may also assist you in filing these amendments. Check out the links below:
- New York LLC Name Change
- New York LLC Articles of Dissolution
- New York LLC Name Reservation
- New York LLC Name Reservation Extension
- New York LLC Name Reservation Cancellation
- New York LLC Resignation of Registered Agent
- New York LLC Resignation for Receipt of Process
- New York LLC Certificate of Correction
- New York LLC Certificate of Assumed Name
- New York Certificate of Discontinuance of Assumed Name
Operating Agreement
The operating agreement outlines your LLC's internal rules and regulations. Some events, such as change in ownership, may require you to update your operating agreement. BetterLegal may also assist you with this.
Licenses and Permits
Licenses and Permits requirement may vary in each state and depending on the nature of your business. These licenses and permits ensure that companies within specific industries are abiding by its rules and regulations. If you need assistance in obtaining the licenses and permits required for your LLC, you may check out BetterLegal's Permit and License Search service.
DBAs and Fictitious Names
A DBA (Doing Business As) or a Fictitious Name is an alternative name or nickname under which a business can operate. This allows a business to conduct business under a name other than its legal name. For example, an LLC named "ABC Tile LLC" might file for a DBA and conduct business under the name "New York Tile".
A DBA or Fictitious name is not a separate legal entity, it is a name that the business can use for its transactions and it does not change the legal structure or the ownership of the business.
If you need help in registering a DBA for your LLC, reach out to us via chat or call to confirm if we can assist with your filing.
Taxes
The type of taxes that each state requires vary. Meanwhile, all LLCs are subject to Federal Taxes due to the IRS and are reported through the LLC’s EIN. For the filing of your taxes, it is best to consult your accountant.
