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Opening an LLC in NY: 5 Things to Remember

Are you looking to open a limited liability company in New York? Here are some things that you may want to keep in mind before you do.

LLC Publishing

If you’re starting a limited liability company in New York, New York’s law requires you to publish notices in newspapers. If you’re unsure how to go about this process, you can get help with Publishing LLC New York. They can complete the process fast – and at a low cost. Failure to comply with the LLC publishing law may incur penalties, so make sure that you do everything by the book to avoid any complications in the future.

Picking a Name

The name of your company must include the suffix ‘limited liability company.’ Alternatively, an abbreviation, such as ‘LLC’ is also acceptable. If you want your name to include restricted words, for example, ‘University’, you might first need to acquire more paperwork to be able to use this name. Your name must also differ from other limited liability companies, corporations, and limited partnerships. There are certain phrases that must be excluded from your LLC name and additional rules that apply. You can learn more about this directly from the New York State Senate website.

Costs of Forming an LLC in New York

To have an LLC in New York, you’ll be charged $20 to reserve your LLC name – and a $200 fee to file the Articles of Organization to the New York Department of State Division of Corporations. There are organizations that can help you to complete your forms.

Compliance with Tax Requirements

There’s a lot to know about LLC tax and legal requirements that you’ll need to comply with. First, you’ll either need a permit or a license to operate your business – you’ll also need to see which one applies to your company.

Then, you need to know about EIN: Employer Identification Number – it’s a regulatory requirement that’ll apply if your LLC has more than one member – that’s even if your LLC has no employees. If your LLC has just one member, you only have to get an EIN if you have it taxed as a corporation. You’ll also need to get an EIN if you employ someone. Good thing is, there’s no fee to request an EIN.

These are only the basics when it comes to filing taxes for your LLC. More information can be acquired from the New York Tax website directly. If you need help with filing your taxes, you can speak to a qualified accountant.

Before Starting a Business

Starting a business is an exciting, but also an important decision that shouldn’t be taken lightly. Before you register your business and begin operations, there are some important factors to consider. You’ll want to research your target market, your competition, and the demand for your product and service in your area. Also remember that as an entrepreneur, you’re liable for your personal and business financial decisions – and your costs. 

However, starting a business is also a great opportunity for the right person.

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