How To Form New York LLC
When you want to start your own business in New York consider the New York LLC Formations as its a state that combines rich cultures, a healthy economy, and diverse cities. The New York LLC Formation gives one many advantages and protections of larger corporations without all the regulations, rules, and compliance issues that are common to larger business entities. Below are the steps one should know when forming an LLC in New York.
1) Choose a unique business name after completing a New York LLC Search
One is required to come up with an original and distinctive name for your New York LLC that is not used by any business in NY. Make sure the name is available in the NY business entity name search if you already have a name in mind. The business name must have the words 'LLC', 'Limited Liability Company', or 'L.L.C' in it, as one of the rules in naming an LLC business.
2) Have an official business address for your NY LLC
The address can be either your company's office building, one's home address (if you are running the company from your residence), or the physical address of your preference. The New York LLC must have a designated street address that can be even outside the state of New York but it cannot be a P.O. Box.
3) Assign a New York registered agent
The registered agent is responsible for filing reports with the New York department of state as they receive official legal and tax correspondence. The registered agent can either be another manager in the business, the business owner or dedicated registered agent service. The agent must be present to receive important documents for your company during business hours and also have a physical street address in New York.
4) Atthe New York division of corporations, file your articles of Incorporation
After gathering all the information for your New York LLC Formations, filing a formal document with the NY department of state, division of corporations is the next step. This document (Articles of Organization) creates your New York LLC that has your business name and address, details of your registered agent, and the name and address of the incorporator.
5) Get an Employer Identification Number (EIN)
An EIN is used when submitting payroll information and payments for your employees or when filing and paying taxes. The EIN identifies your business to the Internal Revenue Service (IRS). The EIN is also required to open a business bank account.
6) Meet the New York publication requirement
The New York LLC Formations require one to publish a notice of formation in two local newspapers that are approved by the County Clerk's office, in the county in which the business is formed. After meeting the publication requirements, one is sent to an Affidavit of Publication that is needed to be filed with the Department of State to receive your Certificate of Publication.
7) Create an LLC operating agreement
The operating agreement outlines how the business will run and it also includes how the business will be divided amongst its members, what happens if a member leaves the company, and how decisions will be made. The operating agreement doesn't need to be filed with the division of corporations but should be kept on hand.
Conclusion
The New York LLC Formation is a simple way to start a business in New York- the most populous state of the union.