New York INC Annual Filing Requirements
If you are planning to form a business corporation then there are several annual maintenance requirements that you will need to fulfill. Annual compliance is required in all states of the USA and New York Corporation annual requirements revolve around the filing of taxes and an annual report. The annual report is also known as a New York biennial statement and is an important legal document. The annual filings are governed by the 2020 New York Laws, BSC – Business Corporation.
File Corporation Biennial report
One of the important New York Corporation annual requirements is the filing of the annual report, which is also known as the Biennial Report or Biennial Statement. A biennial statement is a legal document, which needs to be filed by both domestic and foreign business corporations operating in the state. The filing of a New York biennial statement is governed by Section 408 of the Business Corporation Law.
What does it include and how to file the Corporation Biennial report?
The biennial statement is a mandatory New York Corporation annual requirement and has to be filed pursuant to NY Bus-Corp L § 408 (2020). It is a legal document that contains business-related information pertaining to the corporation. The information set forth in this report is:
- Department of State (DOS) Case ID (DOS ID)
- Filing Period
- Name and address of the chief executive officer
- Street address of its principal office
- Number of board of directors
- Name and address of the New York registered agent handling service of process
- The number of women directors on the board
The New York biennial statement for business corporations has to be filed on time to ensure good standing with the New York Department of state. The report has to be filed with the NY Division of Corporation, State Records and Uniform Commercial Code using their e-Statement Filing System along with a statutory filing fee of $9. Alternatively, IncParadise can help you with the filing of the biennial statement for corporations in New York and this will help you to save valuable time and resources.
Wondering how to file an annual report for a New York Corporation?
What is the due date for filing?
As a part of the New York Corporation annual requirements, you will need to file the annual report during a specified time period. The filing period for a corporation is the same as that of an LLC, which is the calendar month in which the Certificate of Incorporation or Application for Authority (Foreign Corporation) was filed. The New York biennial statement has to be filed once every two years.
For Example: If you filed your Certificate of Incorporation on Nov 10, 2021, then the New York Corporation annual requirements state that the annual report will be due in November 2023.
Penalties if fail to file
Once you incorporate in New York you will have to maintain compliance with the state by ensuring all New York Corporation annual requirements are met. If at any given point in time, you fail to file your annual report within the due date then there are no penalties as such. If the New York biennial statement has not been filed for a period of two years then such a company will be declared as delinquent on the records of the department of state pursuant to NY Bus-Corp L § 409 (2020)..