If you have an LLC that was founded in Delaware and want to do business in New York, you might be wondering if you also need to register your LLC there. Yes, if you intend to conduct business in New York, you must register your Delaware LLC there.
The New York Department of State must receive a Certificate of Authority before your Delaware LLC can be registered in New York. This form, which must be submitted within 120 days of your LLC starting operations in the state, enables your LLC to conduct business in New York. If your LLC is not registered, you risk fines and other legal repercussions.
You could also be required to issue a notice of creation in two newspapers in the county where the LLC’s office is situated in addition to the Certificate of Authority. This must be completed within 120 days of submitting your Certificate of Authority in accordance with New York state law. Depending on the newspapers you select, the price of printing the notice can change, but it normally costs between $200 and $1,000.
Depending on how quickly the state processes your paperwork, incorporating an LLC in New York can take several weeks. However, the process can be finished much more rapidly if you work with a service provider. Choosing the right service provider and the quantity of assistance you need can affect the price of incorporating an LLC in New York.
It’s critical to take your requirement for liability protection into account when deciding between an LLC and a sole proprietorship. A sole proprietorship lacks the asset separation that an LLC has, making it less secure than a sole proprietorship. This means that in most cases, your personal assets will be safeguarded if your LLC is sued.
In terms of buying coops in NYC, foreigners are welcome to do so. The procedure, however, may be more challenging than it is for US citizens. Foreign buyers may be required to provide more paperwork, such as proof of income, and may also be required to make a larger down payment.
In conclusion, you must register your Delaware LLC in New York and publish a notice of formation if you intend to conduct business in New York with your Delaware LLC. Although the process might be time-consuming and expensive, it’s crucial to follow state rules to prevent fines. Think about the degree of liability protection you require while deciding between an LLC and a sole proprietorship. Finally, although there may be additional conditions, foreigners are permitted to purchase co-ops in New York City.