Why form a New York LLC?
There are many reasons why an individual would want to start a LLC in the state of New York. Many individuals have personal assets that they want protected should any litigation arise out of operating a small to large business. This is probably the biggest reason why anybody would want to start a LLC in New York. All personal assets are protected when you organize a LLC. Only the assets of the company are vulnerable.
How to create a New York LLC
The first step in forming a New York LLC is to determine if the name is available. If the name is available then you can prepare the Articles of Organization pursuant to Section 203 of the Limited Liability Company Law. These articles are then submitted to:
NYS Department of State
Division of Corporations
41 State Street
Albany, NY 12231
Once the filing is submitted then it is up to the Secretary of State to approve those documents. They will then send out the approved documents along with the filing receipt. Unlike most states, the Secretary of State of New York does not issue any LLC ID numbers. It is important to have all these documents on file.
Tips on naming your LLC
New York LLCs can use the company designators Limited Liability Company, L.L.C. or LLC. LLCs are not allowed to use the name of an existing Corporation or a legal descriptor of a corporation. The company name itself must be distinguishable upon the records of the office of the Secretary of State. This means that the company must not similar to that of another company. For instance, the Secretary of State will not find the use of some words such as “the”, “and”, “a” to be distinguishable. Also, some use of certain words will be rejected such as “school”, “bank”, etc.
Requirements of an LLC
For the LLC to be approved by the Secretary of State, they do have certain requirements. Each LLC must have an approved name. The LLC must have at least one organizer to serve as the officers of the LLC. The LLC must have an individual to serve as the registered agent in New York.
Publishing requirements for LLC in New York
New York is one of a handful of states that has a publication requirement. A publishing requirement exists for your LLC that the members must follow. Section 206 of the LLC Company Law requires the LLC to publish in two newspapers that have been approved by the clerk of the county in which the LLC is located. This filing must take place within 120 days of the approval of the LLC. After publishing you must notify the state by submitting a certificate, along with the affidavits to the Dept. of State along with a $50 fee.
How fast can I file in New York?
New York like most states offers those individuals who require approval of their LLC as soon as possible an expedited service. For an additional fee, the Secretary of State will expedite the filings. They do offer different levels of expedited times depending how quickly you need to have documents approved. Fees are adjusted accordingly.