Legal Question in Business Law in New York
Biennial statement
Ok I used an online service to incorporate and with their services they have a site that keeps you up to date with what things your corporation is required to do by law depending on its entity and state. It tells you what things you have to file etc etc.
Today I guess my paperwork was approved by the state and I am now officially incorporated and it lets me use the site now. As I signed in, it had a few things that were past due, such as bylaws etc etc nothing that goes to the state. However it said I was past due on the Biennial statement. Can you tell me exactly what this is and do I have to file it with the state? The last thing I want to do is be fined for something the day I am incorporated.
Also it tells me that sales and use tax is coming up soon and so will franchise taxes. Even though I just incorporated this year would I have to pay franchise tax in march?
1 Answer from Attorneys
Re: Biennial statement
The biennial statement is a report that is required to be filed by every NY corporation in the calendar month of its original incorporation. If your company was originally formed two or more years ago, you may have missed this filing. Go to http://www.dos.state.ny.us/corp/buscorp.html#bs
to get information on how to get the form for the biennial statement and how to get it filed with the Secretary of State, if your online service company does not provide this service.
For the franchise (NY corporate) tax information, you may want to try http://www.tax.state.ny.us/ if you do not use a tax accountant.
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