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How to start an LLC in New York

On Behalf of | Apr 13, 2022 | Business Formation And Planning

You can start a business as an LLC in New York or restructure your sole proprietorship as one. This is helpful because it separates you, the owner, from liabilities such as lawsuits and debts that your company can accrue over time. If you’re interested in forming an LLC, here’s how you can do it.

Choose a name for your LLC

The name you choose must include the phrase “Limited Liability Company” or “LLC.” It can also have other words, abbreviations or numbers as long as they do not imply a different business structure. More importantly, your LLC’s name cannot be the same as any other business already registered with the state of New York. You can check the database of existing businesses before registering.

Appoint a registered agent

This is a business entity or individual that will accept legal documents on behalf of your LLC. The registered agent must have a physical address in New York and be available during regular business hours.

File the Articles of Organization

The next step is to file the Articles of Organization with the New York Department of State Division of Corporations. This can be done online, by mail or in person. The filing fee is $200.

Create an operating agreement

You will need to create your Operating Agreement, which outlines how the LLC will be run and sets forth the rights and responsibilities of the members. You do not need to file this document with the state, but it is a good business formation and planning tool that can help prevent disagreements down the road.

Comply with tax and other regulatory requirements

Before your business starts running, obtain an Employer Identification Number from the IRS. You will need this nine-digit number for tax purposes. You will also need to complete the Business Tax Registration Application Form DTF-17, licenses and a bank account.

Forming an LLC in New York can take a few days to months depending on the state’s processing times. Once approved, you can continue with the application online.