You might be wondering whether you need to publicize your Limited Liability Company (LLC) if you have formed one in New York (NY). Yes, you must make your LLC New York public. All newly established LLCs are required by New York State law to issue a notice of creation in two newspapers for a period of six weeks. The publication requirement’s two main goals are to safeguard the interests of the LLC’s creditors and give the general public notice of your LLC’s creation.
The New York Department of State requires LLCs to submit a biennial statement. The biannual statement is a mechanism for the state to keep track of your LLC’s contact information and is due every two years. The biennial statement can be submitted online or via mail. If you don’t submit the statement, your LLC risk fines and eventual dissolution. The filing charge is $9.
The state of New York does charge an annual fee for an LLC. The charge is a one-time $50 cost known as the LLC Publication cost. When you publish the notice of formation for your LLC, the cost is required. The cost can be paid online or by check.
In New York, LLCs don’t have a time limit. Up until you dissolve it, your LLC won’t end. An LLC may dissolve willingly or involuntarily. An LLC can be dissolved voluntarily if all of its members agree to do so. When the state or one of the members file a lawsuit to dissolve the LLC, this is referred to as an involuntary dissolution.
In conclusion, if you created an LLC in New York, you must publish the notice of formation for your LLC. Every two years, you must also submit a biannual statement and pay a $50 LLC Publication Fee. Until you willingly or involuntarily dissolve it, your LLC will remain in existence. To avoid fines and guarantee the preservation of your LLC’s interests, you must adhere to the state’s regulations.