New York Corporation & LLC Annual Fees Rashad Evans, August 22, 2023August 22, 2023 Welcome to the world of New York Corporation & LLC Annual Fees! In this article, we delve into the nitty-gritty details of the fees that corporations and limited liability companies in the bustling state of New York are required to pay on an annual basis. So grab your calculators and join us on this informative journey! Table of Contents Toggle Starting and Maintaining a New York CorporationAnnual Report Requirements for New York CorporationsFees and Costs Associated with New York CorporationsImportant Considerations for New York LLCs Starting and Maintaining a New York Corporation Starting and maintaining a New York corporation requires careful attention to annual fees. These fees vary depending on the type of entity, such as LLCs or business corporations. The state LLC filing fee, as well as other processing fees, must be paid on time to avoid penalties. Fee schedules can be found on the New York State Department of State’s website. Payment methods include money orders or a business bank account. It’s important to keep track of deadlines and submit necessary reports, amendments, or filings promptly. Hiring an attorney or using a service like Harvard Business Services, Inc. can simplify the process and ensure compliance with New York laws. Annual Report Requirements for New York Corporations To comply with New York state regulations, all New York corporations are required to submit an annual report. This report must be filed with the New York Department of State and includes important information about the company’s operations, such as its address, registered agent, and any changes to its officers or directors. The fee for filing the annual report varies depending on the type of entity, so it’s essential to consult the fee schedule provided by the Department of State. Payments can be made online or by mail, using methods such as credit cards or money orders. Failure to file the annual report can result in penalties or even the dissolution of the company. Stay compliant and ensure the smooth operation of your business by meeting these annual report requirements. Fees and Costs Associated with New York Corporations Type of Fee Fee Amount Due Date Filing Fee for Incorporation $125 At the time of filing Biennial Statement Fee $9 Every two years, starting from the year following incorporation Publication Fee Varies based on county Within 120 days of formation Franchise Tax Varies based on net income Annually, by the 15th day of the third month following the close of the tax year Registered Agent Fee Varies based on service provider Annually or as per agreement with the registered agent Amendment Filing Fee $30 At the time of filing amendments Important Considerations for New York LLCs When operating a New York LLC, there are several important considerations to keep in mind. One of the first things to be aware of is the state LLC filing fee, which is required for the formation of your LLC. Additionally, it is crucial to understand the annual fees that must be paid to maintain your LLC’s good standing. This includes fees for the Biennial Statement Amendment, Foreign Qualifying, and Extension. It is important to carefully follow the procedures outlined by the Department of State to ensure your LLC remains in compliance. Finally, be sure to keep track of any changes to the tax laws that may affect your LLC’s tax obligations. By staying informed and taking the necessary steps, you can ensure the success of your New York LLC. Rashad EvansWas this article helpful?YesNo LLC Annual Fees