Forming an LLC in New York
Forming an LLC in New York in 7 easy steps
- Pick a name that contains an LLC designator, such as “Ltd Liability Co” or “L.L.C.”. You cannot use a name already used by another LLC and you must naturally adhere to trademark law. When forming an LLC in New York, there is a long list of prohibited or restricted words that you have to know about. Prohibited words can never be used in the name of an LLC, while a restricted word can be used if your LLC is approved by the proper authority, e.g. the Department of Education. Before you pick a name for your LLC is it advisable to contact the New York State filing office to get a list of prohibited and restricted terms and find out what you need to do to be allowed to use the restricted ones.
- It is advisable to let an attorney check your Operating Agreement before you proceed, but it is not required by law when forming an LLC in New York. The reason why many companies choose to hire an attorney is that a flawed Operating Agreement can cause serious tax problems in the future.
- When you have gotten this far, it is time to visit the New York state filing office to file the Articles of Organization and pay the filing fee. The minimum state filing fee for limited liability companies is comparatively high in New York: $210.00. (For 35 business days.)
- During step four, the members of the LLC will attend an organizational meeting where they adopt the Operating Agreement.
- The LLC can now get a Federal Employer Identification Number (FEIN).
- Open up a company bank account.
- Apply for local business licenses and permits from any city or county in which you wish to be active.
Maintaining an LLC in New York
In order to obtain correct and updated advice about how to maintain an LLC in New York it is best to contact the New York state filing office. They will for instance let you know when and how you should file the annual reports for your particular LLC and how high the annual filing fee is.
