Why You Shouldn’t Ignore New York’s LLC Publication Requirement?
If you are looking to form a new limited liability company in New York, the chances are that you have heard of the infamous New York LLC Publication Requirement. The publication requires that you publish two newspaper ads in the county where you intend to establish your LLC informing the public of it’s formation. Many have regarded this requirement as archaic, resulting in a backlash that has seen many try to challenge it in court.
Despite the backlash, the publication requirements still stand, and new LLCs in New York are obligated to meet the requirement within 120 days of the it’s formation. The provision also serves as a relic of when newspaper ads were the only means of notifying the public about a new business or cooperation. Unfortunately for many business owners, the requirement process requires you to dig deep into your pockets, so most people prefer having an attorney to help out with the process.
From contacting the county clerk to the newspaper firms to getting an affidavit for the LLC, all of these stages can be frustrating. This is incredibly tedious, time-consuming, and expensive for small businesses. That is why you will find that many companies intending to form an LLC are likely to allow publishing firms in NYC to handle the entire process. A reputable publishing firm in NYC will eventually help save time and money compared to when a business operates the entire process independently.
The Process of Filing Your LLC
Before the publication requirements enter the picture, there is the process of filing your LLC. If you intend to limit your liability from the business’s possible debts and lawsuits, an LLC is the best way to go. Here are the steps you need to take in filing your LLC.
Name Your LLC
The name of your LLC, according to NYC laws, must contain “LLC” or “Limited Liability Company.” Therefore, you must ensure that it does not match another LLC’s name when naming yours. This is usually the first step in filing your LLC; naming your company.
Provide an Official Address of Receiving Official Documents.
The Secretary of State in New York acts as the registered agent who will receive your official mail and send all necessary information or documentation to you. To effectively obtain the information, you need to provide an official address. You can choose your business lawyer or any other trusted individual in New York who will serve as a registered agent.
File the Articles of Organization
After providing the official documents to the state department, next is to file your Articles of the Organization document when filing your LLC. Articles of Organization identify your LLC as a separate legal entity in New York. It includes the basics of your LLC, including the name of your LLC, your registered agent name and their address, the filer’s name (which could be you), and their address. The filer’s name doesn’t need to be you; it can be someone else.
Get a New York Business Permit
Every state has different requirements for operating a business. In New York, more than 30 professions need a license from the state to continue working. If your business is among the highly regulated industries in New York, such as a food or children’s service, you will need a license. The business wizard of New York will help you establish whether your business needs a permit or not.
Publish a Notice of Your LLC Formation
When establishing an LLC in New York, you need to publish a newspaper advertisement informing the public of your LLC within 120 days of its formation. You will publish the newspaper in two forms: a daily publication and a weekly publication.
Adopt a Written Operating Agreement
An operating agreement includes basic information of the LLC, including its name and address, the LLC business purpose, tax treatment, duration of the business, member meetings, members compensation, and others.
The Operating Agreement may be signed before, at the time of, or within 90 days of the Articles of Organization being filed. It is a private agreement that is not submitted with the Department of State.
Keep Your LLC Running
To start running and to keep your LLC active, you need to first pay your business taxes. Paying taxes is one of the crucial obligations you have to follow to keep your LLC running. Here are other points to make sure that your LLC is running.
- Get your business credit card.
- Get insurance for your small business.
- Select an accounting software.
- Hire employees
Comply With the Federal Requirements
One way of complying with the federal requirements of the state is by getting an employer identification number. The EIN is used when paying for the business tax and when requesting a loan. Excellent and reliable publishing firms in NYC will get the EIN for you without a hustle and at an affordable price.
This process can be daunting and stressful. Therefore, to be at ease while you get your LLC established, it would be wise to hire one of the best publishing firms in NYC.
The Total Cost of Filing Your LLC
Having an idea of how much it will cost you to file for your LLC is a big step as you go through the process of filing for an LLC. When filing for your LLC, you will come across two types of costs; the ones that are mandatory and ones that are optional to business owners.
The most required fees include;
- The Articles of the Organization will cost you $200, whether for online forms or mailed forms.
- The Certificate of Publication Fees are also mandatory, but fees vary.
- Business licenses in New York range from $50-$150 depending on the city that your LLC will be located in.
- Company Name Reservation Fee – if you have a name that you feel could be used by another business owner, you can pay a reservation fee. After investing a $20 reservation fee, you will have a 30 days exclusivity to file your LLC.
- You will require an additional $200 to obtain an online and hard copy of The Articles of Organization.
- As we mentioned, if your business is among the most regulated industries, you may need a license. But, again, the business license fee will vary according to your state.
However, if you seek support from one of the best publishing firms in NYC, the charges could be reduced since most of these firms may receive discounts.
Why Do You Need to Comply With the Publication Requirements?
Many business owners still argue that the Publication Requirement is unnecessary, considering that anyone can get the information from the government’s website. Further complaints have landed with the Publication Requirements, such as the high cost of placing the newspapers ads. Despite these complaints, the legislature still states that the requirements set for LLC formation are in the interest of the state’s consumers.
Failing to comply with the publication requirements will have dire consequences for business owners. As a business, if you fail to publish the newspaper ads and file the publication within the stipulated time, which is 120 days after the LLC formation, the LLC’s ability to conduct or transact with any business in New York will be suspended.
What does LLC suspension mean? The suspended LLC will also lack the power to conduct business in New York City. Complying with the Publication Requirement will save your LLC plenty of problems. Part of the consequences are that the LLC will not have the authority to sue in the New York courts, but it can be sued. Publishing firms in NYC will significantly support you in meeting all the legal requirements.
Why Is Hiring an Attorney Beneficial to Meet the Requirements?
As we mentioned before, the whole LLC publication process is tiresome and frustrating to business owners. Furthermore, there are some exorbitant fees that you will come across during the process. To reduce the tedious and frustrating part, many small business owners prefer to hire an attorney or a publication firm to help them in the whole process.
In addition, when you need a registered agent to receive your service of process documentation, a lawyer is your best choice. In the filing for your LLC process, you will need to come up with the name of your LLC, but there are so many legislative requirements that you will have to meet to come up with the name of the LLC you are forming. A well-versed and reliable attorney is always conversant with legislation rules of the LLC formation which means they will advise you on the best name to take.
Most of the steps taken when filing for an LLC formation require having the legal requirements at your fingertips. In one way or another, meeting the legal requirements of the whole process will need legal help, and hiring a lawyer or publishing firm in NYC will significantly help meet these requirements.
How Windsor Publishing Services Ease Your Workload?
Windsor publishing firm in NYC has helped business owners file and publish their limited liability companies for over two decades. We pride ourselves in the tens of thousands of businesses that we helped file and establish their LLCs. Since the inception of our firm, we continue to support all sizes and types of businesses.
We understand that a business owner’s main hindrances from filing their LLCs are the tiresome process, the legal requirements, and the money involved. Therefore, to ease your burden, we have different packages that equally serve any business size and type. You can choose from different budget-friendly packages.
The Standard Package and the Ultimate Package include everything you will need to get started. The package price will include the required New York State filing fees. Windsor corporate services will help you in the name search. You don’t have to go through the hustle of coming up with names only to cancel them later when you have learned of the legal requirements involved.
Both packages include name search, disbursing the required state fees, preparation, and filing of all the LLC formation documents involved. When you need reliable publishing services to ease your workload, call us at 518.475.9285 or send us a message online today. We are your trusted publishing firm in NYC.