New York LLC Cost: Is It Expensive? (Fees Revealed)
Are you Ready to Start your own LLC in New York? Don’t let the costs of starting a New York LLC overwhelm you – there are plenty of ways to save money! With our guide, we’ll walk through all the startup and ongoing New York LLC costs associated with launching an LLC in New York. Read on for tips on how to reduce your initial investments as well as keep your long-term budget under control.
Ready to start your own LLC? But don’t know where to start? Check out our step-by-step guide on how to start your own LLC. This works in any state.
- Hire Professionals to Create a New York LLC (from $0 + state fee)
- Quick Costs for New York LLC Breakdown & Best Options
- Pros and Cons of Starting Your LLC in New York
- How Much Does an LLC Cost in New York?
- New York LLC Online Filing Fee ($200)
- New York Biennial Statement Fee ($9)
- New York Foreign LLC Filing Fee ($250)
- New York Registered Agent Fee ($39 or $125/year)
- New York LLC Publishing Cost (varies $300-$1200)
- New York LLC Certificate of Publication Filing ($50)
- LLC Operating Agreement Fee ($0)
- LLC EIN Number Fee ($0)
- Other LLC Filing Costs (Optional)
- Cost of Filing Formation Certificates
- New York Business License and Permit Fees (varies)
- LLC Taxes (varies)
- New York Department of State
- How to Start Your Own NY LLC in a Few Simple Steps
- Get Professional Help in Forming an LLC in New York
Quick Costs for New York LLC Breakdown & Best Options
|Who forms the LLC?
|You form the LLC in New York Yourself
|$280 = ($200 Articles of Organization + $9 Biennial Fee +$50 Business License Fee + $20 Name Reservation Fee)
|by using ZenBusiness
|$0 + state fees
|by using Northwest Registered Agent
|$39 + state fees
|see our other top-rated LLC service providers
Pros and Cons of Starting Your LLC in New York
If you are looking to start your LLC in New York then you must be very interested in taking a look at some Pros and Cons that will match your business structure.
- Flexible management structures
- Owner liability protection
- Various tax benefits
All of these factors should be carefully weighed before embarking on forming an LLC in New York.
How Much Does an LLC Cost in New York?
Setting up an LLC in New York is a simple process that costs $200 for the Articles of Organization. All you need to do is file the form with the Department of State, and once it’s approved your company will be officially established!
New York LLC Online Filing Fee ($200)
When starting an LLC in New York, the initial expense is the $200 fee for filing your Articles of Organization with the State Department. Nevertheless, there are other associated costs and fee that you should keep in mind other than New York LLC filing fee.
New York Biennial Statement Fee ($9)
If you have an LLC registered in New York, it is mandatory to submit a biennial statement or report every two years via the New York Department of State website before the end of your formation month. Thankfully, this process can be easily completed online!
New York Foreign LLC Filing Fee ($250)
If you are looking to expand your business Entity into New York, and already have an LLC established in another state, then registering as a Foreign Limited Liability Company (LLC) with the State of New York is essential.
The fee for doing so is $250 and can be done by completing Form 1361-f-a: Application for Authority. Don’t delay – explore the potentials that await when you join forces with one of America’s largest hubs!
New York Registered Agent Fee ($39 or $125/year)
As mandated by New York law, when registering your LLC you are obligated to designate a LLC’s Registered Agent. Thankfully, the state does not require any additional filing fees for this service. A Registered Agent is an individual or business that receives legal documents and notices on behalf of your LLC in New York State and should generally be available during regular office hours. Moreover, if you wish to act as your own Registered Agent or have someone else fulfill this role there will be no extra expenses incurred!
Here are our recommended Agent service providers:
- Northwest Registered Agent services is the perfect choice for those seeking to establish a new business and gain access to a registered agent, with full LLC creation package starting at only $39 + state fees
- When you only require a professional registered agent service, Northwest is the perfect solution. Their exceptional RA service comes at an unbeatable price of $125/year!
New York LLC Publishing Cost (varies $300-$1200)
As mandated by the state of New York, those filing Articles of Organization must make two announcements in both a weekly and daily newspaper. These notices need to remain active for six consecutive weeks.
Establishing a Limited Liability Company (LLC) in New York requires that you comply with the state’s Publication Requirement. Depending on which paper(s) are chosen to publish your ad, costs may range anywhere from $300 to upwards of $1,200 – as each newspaper sets its own rates.
New York LLC Certificate of Publication Filing ($50)
Once your notice has been advertised in the daily and weekly newspapers for 6 weeks, it’s time to complete the Certificate of Publication and file with the Department of State at a fee of $50. From each newspaper where you published your LLC notice, there shall be an Affidavit of Publication along with a copy sent to you. Gather these documents together as well as mail off both forms (Certificate/Affidavits) directly to the Secretary Of State accompanied by that one-time filing fee – only then will your corporation be official! The only way to opt-out of this progressive fee is to change your LLC tax classification to a corporation for federal income tax purposes.
LLC Operating Agreement Fee ($0)
An Operating Agreement for your New York LLC is a must-have. It outlines the specifics regarding ownership, management, and profit distribution among all Members of your LLC. You don’t want to miss out on this foundational document; whether you’re dealing with a Single or Multi-Member Limited Liability Company, having an Operating Agreement will save you from potential liability down the line – as well as give peace of mind that everything is in order now! While some sites may charge up to $200 for such agreements, we have plenty at no more than $50 per agreement. Don’t delay and get yours today!
LLC EIN Number Fee ($0)
An Employer Identification Number (EIN) or Federal Employer Identification Number (FEIN), is an essential component of a business. This number serves multiple purposes such as filing taxes, opening an LLC bank account, and hiring employees.
You don’t have to pay through the nose for an EIN number when it comes to your LLC. In fact, you can get one from the IRS in a matter of minutes without spending anything! All it takes is filling out some paperwork online and you’re good to go. This process should be hassle-free and costless – so why not take advantage of this amazing opportunity?
Other LLC Filing Costs (Optional)
There are optional fees associated with LLC formation:
LLC Name Reservation ($20)
Secure your name up to two months in advance of establishing an LLC by filing a Form 1233-f Application for Reservation of Name and paying the fee of $20.
Doing Business As (DBA) Name ($25)
To register an alternative name for your limited liability company, submit a Certificate of Assumed Name (Form 1338-f) and pay the associated filing fee of $25.
Certified Document Copies ($10)
Get Certified copies of your New York business documents by ordering from the Department of State and paying an affordable $10 fee.
Certificate of Status ($25)
A New York Certificate of Good Standing is a must-have document for banks and lending institutions – procure yours by ordering through the Department of State and paying the nominal fee of $25. Obtaining it is easier than ever, so don’t hesitate to get a jumpstart on your financial security today!
Cost of Filing Formation Certificates
|Name Reservation fee
|$25 (Good Standing)
|By Mail: Fill out the application form, and send it to New York Department of State, Division of Corporations, One Commerce Plaza, 99 Washington Avenue, Albany, NY 12231. Costs $200.
|By Mail: Fill out the application form, and send it to New York Department of State, Division of Corporations, One Commerce Plaza, 99 Washington Avenue, Albany, NY 12231.
New York Business License and Permit Fees (varies)
Depending on where your LLC is located in New York and the industry, you may be required to acquire a few extra business licenses or permits. For instance, City Business Permits are sometimes necessary. The costs of said licenses or permits differ by region and sector, but they don’t tend to cost too much money overall. Some are issued at state level while others come from municipalities such as townships, cities, and counties.
LLC Taxes (varies)
Forming an LLC in New York is a great way to protect your business and its assets, however it comes with various taxes that must be paid annually. Depending on the size of your company, these taxes can vary widely.
Some of them include:
- Federal Government taxes
- State fees income tax
- Local income tax
- Business taxes
- Self-employment taxes
- Sales and use tax
The taxes on your New York LLC will vary, depending on the industry and level of business activity. As each company is unique in its own way, we can’t provide an exact figure for what you may owe as it all depends upon your individual circumstances. Therefore, understanding which taxes apply to your particular LLC is essential.
New York Department of State
LLC owners need detailed information about costs, paperwork, and other needed requirements when setting up a new LLC in New York, and contacting the New York Secretary of State’s Division of Corporations is a reliable way to answer any questions or concerns you may have about this process. When you contact them for assistance with an NYC LLC, it is important to provide details about your specific needs in order to receive tailored advice that fits your individual situation.
The New York Department of State’s Division of Corporations will be able to provide you with helpful insights into setting up your new LLC, while ensuring that you remain compliant with all applicable rules and regulations.
If you have any questions about the cost of opening a New York LLC, you can contact the Division of Corporations at the New York Department of State (aka New York State Department).
How to Start Your Own NY LLC in a Few Simple Steps
Here are the Basic steps you can follow for starting your own LLC in New York.
Step 1: Choose a Name for Your LLC
When forming an LLC in New York, your company name must include the words “Limited Liability Company,” or refer to it using its abbreviations “LLC” or “L.L.C.” Your chosen title should also be easily distinguishable from businesses that have already been registered with the Secretary of State; you can verify available names on their business database found at the Department of State Division of Corporations.
You can save a name for 60 days by submitting an Application for Reservation of Name to the New York Department of State Division of Corporations. This application must be sent in via mail, along with a $20 filing fee.
Step 2: Submit an Address to Which Legal Papers Can Be Forwarded
In the state of New York, all LLCs are legally obligated to have a designated Department of State agent for service. The primary role of this agent is to accept and forward any legal papers (such as summons or complaints) that your LLC may receive in case it gets sued. This can either be done automatically by the State or you can choose an individual person from within NYS with whom you wish to appoint as your registered process-receiving representative.
Step 3: File Articles of Organization
Establish your New York LLC by submitting Articles of Organization to the Department of State Division of Corporations in New York for processing.
Step 4: Prepare an Operating Agreement
When forming an LLC in New York, you must draft a written Operating Agreement within 90 days of filing the Articles of Organization. This document sets out each member’s rights, duties, and liabilities to one another as well as to the LLC itself—which is not required to be filed with the Department of State. Keep in mind that although there are no penalties for failing to create this Agreement, it can provide invaluable protection if issues arise between members or with external entities later on down the line.
Step 5: Publication Requirements
After your LLC is formed and its articles are in effect, you must advertise a copy of the documents or an announcement related to the formation of the LLC within 120 days. To do this, you will need to designate two newspapers for publication approved by your local county clerk’s office that correspond with where your company headquarters are located. After publishing these announcements, both printers/publishers will supply you with proof of printed verification (an affidavit).
To receive the Certificate of Publication from the New York Department of State, Division of Corporations, one must submit a filing fee in the amount of $50 along with affidavits that confirm publication within official newspapers.
Step 6: Comply with Other Tax and Regulatory Requirements
When forming an LLC, there may be additional tax and regulatory requirements that must be met.
- Business Licenses
- Annual State Filing Fee
Get Professional Help in Forming an LLC in New York
It can be difficult and time-consuming to form a New York LLC all by yourself.
That’s why we decided to give you a few of the best options for professional services that can help you start an LLC in no time & with 0 effort!
#1 – Create an LLC in New York Using Northwest Registered Agent
Northwest has vast experience in creating LLCs and Corporations. They by far have the best support and client satisfaction rate. We’ve used and tested them ourselves and can guarantee that they’ll do an exceptional job for you.
You can read our full & extensive Northwest review here.
Review count: 4850+
Form an LLC today with Nortwest. They have 98% customer satisfaction rating and over 4150+ verified reviews. They will include 1 year of free registered agent service!
#2 – ZenBusiness Can Form an LLC in New York for You
ZenBusiness is one of our top-rated LLC services as well. They have a super value-to-price ratio. And it’s perfect for those who are looking for the cheapest option to form their LLCs. When we tested their service — they’ve done a great job, so we can honestly recommend them.
To know more about them — read our full ZenBusiness review here.
$0 + State Fees
Review count: 4830+
Form an LLC today with ZenBusiness for only $0 + State fees. They Have 98% customer satisfaction rating and over 4830+ verified reviews.