There is a state tax form for New York State, yes. A tax return must be filed and state income taxes must be paid by any person or business organization that receives income in New York State. This also applies to limited liability companies (LLCs), a well-liked corporate form in New York.
You can still be obliged to submit a state tax return in New York even if your LLC is not earning any money. Because of this, even if there is no income to declare, the state requires all LLCs to file a partnership return. You may also need to file additional tax forms if your LLC employs people or deducts taxes from vendor payments.
An LLC is regarded as a perpetual entity in New York, which means it has no predetermined end date. To keep their position as a registered business entity, LLCs must submit a biennial statement to the New York Department of State. The state may dissolve the LLC if this statement is not submitted.
The LLC’s income determines the tax rate in New York State. The tax rate for LLCs that are subject to partnership taxation is determined by the proportion of the LLC’s income that each partner owns. All income received in New York State is taxed at a flat rate of 6.5% for LLCs that are treated as corporations.
You must submit an article of organization to the New York Department of State in order to establish an LLC there. You can do this via mail or online. The name and address of the LLC, its registered agent’s name and address, and the names and addresses of the LLC’s members or managers must all be listed in the article of establishment. The article of organization has a $200 filing cost.
In conclusion, LLCs and other business entities must submit a state tax form to New York State. Even if your LLC is not earning any money, you may still need to file a tax return and a biennial statement to keep your LLC in good standing. The income of the LLC and the manner in which it is taxed determine the tax rate for an LLC in New York. You must submit an article of organization to the New York Department of State and pay a filing fee in order to establish an LLC there.