Legal Question in Business Law in New York

There is no four to six week wait necessary - an LLC can be formed within a day, if necessary. There are annual filings required, some of which have fees attached, others of which are tax related.

After you register with the Department of State in New York, you don't have to wait to start doing business. However, there are some things that you should think about, like NY's publication requirements. These publications requirements mean that you have to pay a newspaper to let the public know that you're in business. The costs for this can be expensive depending on where you are located. You can still do business, but NY officially requires that you publicize that you're in business within 120 days after being formed. After completing the publication requirements, you should then file another form including an affidavit certifying you've completed publication that costs $50.

As for maintenance costs, NY requires that you file the "Biennial Statement" every two years. This costs $9, and basically gives NY your updated address. If you fail to file however, NY says you may be prevented from doing business! So pay the $9 bucks!

Other things to think about:

A. An EIN (employment identification number): this is sometimes required to open up a bank account or for other filings with the federal government.

B. Licensing Requirements: these will depending on what type of business you have and where you are.

C. NY state taxes: these may depend on how you want your LLC to be taxed. LLCs pay taxes like a sole proprietor, partnership, corporation, or even S-corp, so best to discuss with an accountant or tax lawyer. You will also have to think about NY sales tax if you sell things, and let the IRS know if you have employees.

D. Operating Agreement: this document determines the responsibilities of the members, and spells out ownership and how to split profits.

E. There is also this excellent guide you should check out: http://www.citmedialaw.org/legal-guide/forming-llc-new-york

Ms. Nu is not 100% correct.

1. Although the filing fee for the LLC maybe $200, there is a publication fee. The cost of the publication fee various from place to place. In Nassau County, the publication fee may be several hundred dollars.

2. Ms. Nu is correct that you have to pay for a biennial statement, and the cost is $9. She forgets to mention that you have to pay a franchise tax. The fee is based on the amount of gross receipts. The amount of the fee ranges from $25 to $4,500 for LLCs and LLPs.

3. Once you file the Articles of Organization, you must prepare and execute an Operating Agreement. You may then start operations. You can start operations before publication is complete.

Mike.

Bad idea to use an online service.