New business owners in New York often choose to organize their enterprises as limited liability companies, so that they can benefit from the legal protections that structure provides. To accomplish that with a minimum of difficulty, entrepreneurs need to understand the basic process for completing that type of NY LLC formation. That's the best way to ensure that all of the specifics for a successful filing are made in accordance with state law.
The process usually begins with the name. Each new name must be submitted to the state's Division of Corporations, and must be wholly distinguishable from all existing businesses on file. To help with that process, the state maintains an online database of names that each owner can use to check availability. In addition, every business of this type must have a name that includes the words "limited liability company" or one of the two abbreviated forms: "LLC" or "L. L. C."
The Division also must have Article of Organization on file, laying out the basic details of the enterprise. This document must contain the company's name, county of location, and a valid mailing address. These Articles, along with the required filing fee, can be submitted either online or by regular mail.
New York differs from most states in its requirement that each limited liability company list the State as its Registered Agent rather than legal counsel or other entities. It does so that all legal summons, lawsuits, and similar documents are directed toward the appropriate state agency. That agency then delivers those documents for the company's consideration.
Entrepreneurs must also create an Operating Agreement. This document lists all of the members of the company, as well as their powers, obligations, duties, and extent of liability. While it does not have to be officially filed with the State, the Agreement is used for the next step of this business formation process.
With that Agreement, entrepreneurs have two options for obtaining a Certificate of Publication within the 120 days required by the Division. They can either have the document published in two newspapers or publish a notice that the LLC has been formed. The publishers then provide the company with the aforementioned Certificate that is then submitted to the Division.
The owners of any new LLC must also apply for an Employer Identification Number, except in instances where there is but one owner. In that case, he or she has the option to be considered as a sole proprietorship for tax purposes. All necessary licenses and permits must be acquired to comply with state regulations. For foreign enterprises, there are additional filings, so companies organized outside the State should contact state officials to verify those requirements.
Doing business as an LLC in New York can be a truly rewarding experience for any entrepreneur who has the desire to succeed. As with any business filing, however, it is all too easy to miss the critical details required for commercial activity in any given area. By paying attention to these critical areas of business formation, any new owner should be able to more easily navigate the complexities of establishing this type of new enterprise.
The process usually begins with the name. Each new name must be submitted to the state's Division of Corporations, and must be wholly distinguishable from all existing businesses on file. To help with that process, the state maintains an online database of names that each owner can use to check availability. In addition, every business of this type must have a name that includes the words "limited liability company" or one of the two abbreviated forms: "LLC" or "L. L. C."
The Division also must have Article of Organization on file, laying out the basic details of the enterprise. This document must contain the company's name, county of location, and a valid mailing address. These Articles, along with the required filing fee, can be submitted either online or by regular mail.
New York differs from most states in its requirement that each limited liability company list the State as its Registered Agent rather than legal counsel or other entities. It does so that all legal summons, lawsuits, and similar documents are directed toward the appropriate state agency. That agency then delivers those documents for the company's consideration.
Entrepreneurs must also create an Operating Agreement. This document lists all of the members of the company, as well as their powers, obligations, duties, and extent of liability. While it does not have to be officially filed with the State, the Agreement is used for the next step of this business formation process.
With that Agreement, entrepreneurs have two options for obtaining a Certificate of Publication within the 120 days required by the Division. They can either have the document published in two newspapers or publish a notice that the LLC has been formed. The publishers then provide the company with the aforementioned Certificate that is then submitted to the Division.
The owners of any new LLC must also apply for an Employer Identification Number, except in instances where there is but one owner. In that case, he or she has the option to be considered as a sole proprietorship for tax purposes. All necessary licenses and permits must be acquired to comply with state regulations. For foreign enterprises, there are additional filings, so companies organized outside the State should contact state officials to verify those requirements.
Doing business as an LLC in New York can be a truly rewarding experience for any entrepreneur who has the desire to succeed. As with any business filing, however, it is all too easy to miss the critical details required for commercial activity in any given area. By paying attention to these critical areas of business formation, any new owner should be able to more easily navigate the complexities of establishing this type of new enterprise.
About the Author:
When you are looking for information about NY LLC formation, pay a visit to the web pages online here today. Details are available at http://www.hendricksfirm.com now.
Aucun commentaire:
Enregistrer un commentaire