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How Much Do LLC Fees Cost in New York?

How Much Do LLC Fees Cost in New York?
If you’re thinking about forming an LLC in New York, you’re probably wondering how much it’s going to cost. Here’s a breakdown of the fees you can expect to pay.

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Introduction

In the state of New York, it costs $200 to file LLC Articles of Organization with the Department of State. There is also a biennial filing fee of $26 due every two years on the anniversary of your LLC’s formation. These fees are separate from the annual LLC franchise tax, which is paid to the Department of Taxation and Finance.

How Much Does an LLC Cost in New York?

The LLC filing fee in New York is $200. This is the fee that you will pay to the state when you file your LLC Articles of Organization. The LLC annual fee in New York is $52. This is the fee that you will pay to the state every year to keep your LLC in good standing.

Fees for Registering an LLC in New York

The filing fee for registering an LLC in New York is $200. This is a one-time fee that is paid when you file your Articles of Organization with the New York Department of State. There are no ongoing fees or annual report fees associated with having an LLC in New York.

Annual LLC Fees in New York

The annual LLC fee in New York is $25. This fee is paid to the Department of State when you file your annual report. The annual report is due on the anniversary of your LLC’s formation.

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How to Save on LLC Fees in New York

LLC fees in New York can be expensive, but there are a few ways to save on them. One way to save is by forming your LLC in a different state. You can also save by taking advantage of discounts and waivers. Let’s take a closer look at each of these ways to save on LLC fees in New York.

LLCs with Fewer Members

An LLC, or limited liability company, is a type of business structure that can help protect your personal assets in the event that your company is sued. Though LLCs do come with some fees, there are ways to minimize these costs, particularly if your LLC has fewer members.

In general, the more members an LLC has, the higher the fees will be. That’s because each member of an LLC is required to pay an annual fee to the state in which the LLC is registered. So, if you have a two-member LLC, you’ll need to pay two annual fees. However, if you have a single-member LLC, you’ll only need to pay one annual fee.

There are also some states that offer discounts on LLC fees for veterans or other groups of people. So, if you belong to one of these groups, be sure to ask about any potential discounts when you’re forming your LLC.

Overall, the best way to save on LLC fees is to form a single-member LLC. However, if your business will have multiple members, there are still ways to reduce your costs by taking advantage of discounts and other offers.

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LLCs That Do Not Conduct Business in New York

An LLC that does not conduct business in New York is not required to file a biennial statement with the New York Department of State. LLCs that cease doing business in New York must provide notice to the Department of State by certified mail, return receipt requested. Once the Department of State receives notice, it will take action to remove the LLC from its records.

LLCs that are based outside of New York and do not have a physical presence in the state are not required to file an annual report or pay a franchise tax. These types of LLCs are only required to file a certificate of authority, which costs $30. The certificate of authority allows the LLC to transact business in New York.

LLCs That Do Not Have Employees

If your LLC does not have any employees, you may be able to file what is called a “one-person LLC.” In New York, the filing fee for this type of LLC is $50. If you are approved for a one-person LLC, you will not have to pay any additional fees to the state.

Conclusion

Overall, LLC fees in New York are not overly expensive, but they can add up if you are not careful. The good news is that there are ways to reduce the cost of LLC fees, such as by forming a multi-member LLC. Overall, LLCs are a great way to do business in New York, and the cost of forming one is relatively affordable.

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*This applies to Virginia residents too!

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