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Forming an LLC in New York
Forming an LLC in New York is not difficult, but if you want to save yourself some time and effort you can let an incorporation company do it for you. Hiring an attorney to check the Operating Agreement is a good idea, since improper Operating Agreements have caused IRS problems for LLC’s in the past.
Forming an LLC in New York in 5 easy steps
- Choose a name for you company. The name must contain an LLC identifier, i.e. “Limited Liability Company” or an abbreviation thereof. The name of your LLC cannot be the same as the name of any other LLC or violate trademarks. When forming an LLC in New York, there is a long list of restricted or prohibited words that cannot be used. Some terms cannot be used at all, while others may be used if your LLC gains the approval of the correct authority, e.g. the Dept. of Education. To find out more about exactly which terms that are prohibited and which terms that require approval, it is always recommended to contact the New York State filing office.
- File Articles of Organization with the New York State filing office.
- Arrange an organizational meeting where the Operating Agreement for the LLC can be formally adopted.
- Acquire a Federal Employer Identification Number (FEIN) for the LLC and open a company bank account.
- Apply for local business licenses. A business license is necessary for each and every city or county where the LLC will conduct business.
Important facts to take into consideration before forming an LLC in New York
- The minimum LLC state filing fee is comparatively high in New York: $210.00. (For 35 business days.)
- Contact the New York state filing office for detailed information regarding LLC’s and Annual Reports.
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