Should you form your LLC in New York? We’ve collected the relevant information that will help you make this decision.

Pros

  • Only pay state taxes up to $4,500
  • Qualified workforce
  • Home to one of the top 20 metro areas in the US

Cons

  • Competitive market
  • High cost of living
  • High cost of real estate

Cost of doing business

  • $250 filing fee / $9 bi-annual statement

Privacy

  • No disclosure of owners

Forming an LLC in New York

The name 
In order to communicate to the public that your new business is an LLC, its official name will need to end with one of the following signifiers (or abbreviation of): “Limited liability company”, “LLC”, or “L.L.C.” In addition, it is required that the name of your business is not intentionally misleading to consumers, for any reason. Your company’s new name must also be completely unique, and not deceptively similar to any other organizations name or trademarks. There are also restrictions on use of accent marks. Do a FREE name search now.

Ownership
The owners of an LLC are called “members.” The following information must be required regarding your LLCs members:

  • Required number of members
    New York LLCs must have at least one member or manager listed in their incorporation documents.
  • Age restrictions
    LLC members in New York may be of any age.
  • Residence restrictions
    There are no residence restrictions imposed on LLC members in New York.
  • What information needs to be included in the Articles of Organization?
    Outside of the principal member, LLC Members in New York are not required to list their name or addresses in their Articles of Organization.

Requirements for the Articles of Organization

The Articles of Organization is a document that must be filed during the LLC formation process in every state. Here is the information that must be included in this document when filing in New York:

Registered agent information
All New York LLCs must have a registered agent on file, and submit their name and address (which cannot be a PO box). This agent is required to be accessible during standard business hours and acts as the state’s point of contact with the company. Learn more about registered agents.

Additional New York filing requirements

Many states have steps in the LLC formation process that are unique to that state. These can also vary at the municipality or county level as well. Here are the typical steps required throughout all of New York:

Public notice requirements
New LLCs must publish a public notice of their formation in two local newspapers for six straight weeks. Once this is done the Department of State must be officially notified.

New York LLC taxation and fee requirements

There are several tax and fee requirements that must be addressed by LLCs in New York. They are as follows:

Taxation
All states have complex taxation requirements. For more information regarding taxes in New York, it is advised that you visit the state’s official business related website. 

Annual report requirements
LLCs in New York are required to file a bi-annual report once every two years during the month of the company’s incorporation anniversary date. The cost of this filing is currently $9. Learn more about annual reports.

Tax identification numbers
New York requires an EIN (employee identification number) for all LLCs that will have employees, and most banks will require one to open accounts. New York does not require LLCs to obtain state tax ID numbers. Learn more about EINs.

Business license requirements

The business licenses and permits required in New York vary wildly depending on the county or municipality in which your new LLC is located. If you would like to see more in-depth information on licenses and permits, please feel free to visit the content in our learning library that covers these topics. Learn more about business licenses and permits.

Need a New York corporation instead? Click here.