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New York LLC and INC annual filing requirements

If you have a new business idea then you can form any type of business to launch your idea. A limited liability company and a business corporation are the two foremost choices for entrepreneurs and once the company has been registered, the process doesn’t really end there. You will be required to fulfill New York LLC annual requirements or corporation annual maintenance compliance. Hence, we have created this article to provide you with information pertaining to annual maintenance like filing the New York LLC annual report, annual tax returns, and penalties for late or non filing among others.

New York LLC Annual Filing Requirements

Once you have formed an LLC or incorporated a new business, the next step is to ensure your company meets all annual compliances as mentioned by the New York State Laws for business corporations and limited liability companies. This takes into account the filing of the New York Corporation annual requirements. It is important to note that different states in the US have different annual requirements although most states will require businesses to file annual taxes and an annual report. This report is known by different names like an Annual Franchise Tax Report, Statement of Information, Business Entity Report, and the New York biennial statement.

File LLC Biennial report

One of the important New York LLC annual requirements is the filing of the annual report also known as the Biennial Statement or Biennial Report. The biennial statement is a legal document that has to be filed by both domestic and foreign LLCs operating out of New York. The filing of a New York LLC annual report is governed by Section 301(e) of the Limited Liability Company Law.

What does it include and how can you file the LLC Biennial report?

The New York LLC annual report or biennial statement is one of the important annual requirements for a limited liability company registered in the state. This legal report contains important information regarding the said company and helps in keeping the LLC business records up to date with the Department of the State. The report contains the following information:

  • Department of State (DOS) Case ID (DOS ID)
  • Filing Period
  • Name of the limited liability company
  • Principal address of the LLC
  • Owners name and address
  • Name and address of the New York registered agent handling service of process
  • The street address of owner or members

Filing the biennial statement is the most important of all New York LLC annual requirements and you have to ensure it is filed on time. The report has to be filed with the NY Division of Corporation, State Records and Uniform Commercial Code. The New York LLC annual report has to be filed electronically using the e-Statement Filing System along with a statutory filing fee of $9. Alternatively, we at IncParadise can help you file the annual report or NY biennial statement thus saving you processing time.

Do you want to file a New York LLC annual report?

What is the due date for filing?

As a part of the New York LLC annual requirements, you have to ensure the filing of the biennial statement happens during the stipulated time. The filing period or due date for a limited liability company is the calendar month in which the Articles of Organization or Application for Authority (Foreign LLC) was filed. The New York biennial statement has to be filed once every two years.

For Example: If you filed your article of organization on Dec 15, 2021 then the LLC biennial statement will be due in December 2023.

Penalties if fail to file

If you register an LLC in New York then the state considers biennial reports as important annual compliance documents. If at any given point in time if you fail to file the New York LLC annual report then there are no penalties but your company will not be in good standing with the state department. At the same time, the Department of State may also conclude that your said LLC is delinquent if you are unable to file this report within the filing period.

NY LLC Taxes and Annual Fee

The New York LLC annual requirements can vary according to the type of Limited Liability Company you have formed. Apart from the New York biennial statement, there are annual fee and tax requirements that a new business needs to file in the state. The requirements your company needs to be compliant with include:

  • If your LLC is a disregarded entity then you will be required to file annual tax returns in New York if your company shows income, gain, deduction, or loss from state sources. You will be required to file an IT-204-LL form with the Department of Taxation and Finance.
  • If you form an LLC to be treated as a business corporation for the purpose of federal income tax then you will be required to file a NY State corporation franchise tax return.
  • If your LLC is manufacturing or selling products then you will be required to file sales tax or sales and use tax as a part of annual tax returns in New York.

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)..

NY Corporation Taxes and Annual Fee

When you form any type of business there are some state requirements that you have to meet in order to share a good standing with that state. Similarly, New York Corporation’s annual requirements require you to file taxes or annual returns to maintain compliance. The annual tax returns New York applicable to a business corporation are:

  • If you have incorporated in New York or participated in certain business activities in the state then you may be required to file New York State corporation tax return. This tax is filed using Form CT-3 or General Business Corporation Franchise Tax Return.
  • If your corporation is into manufacturing or selling certain goods then you will be required to file sales tax returns or sales and use tax as a part of annual tax returns in New York.

Need any Assistance in Filing New York LLC or INC Biennial Reports?

If you form a business in New York then there are different annual requirements to fulfill depending on the type of business you form. The New York biennial statement or the annual report is one of the most important documents considered a part of LLC or New York Corporation annual requirements.

If you are planning to register or incorporate a new business in the state then IncParadise can help you with your New York LLC or INC annual filing requirements. We also offer a variety of additional business services for LLCs and corporations including obtaining an EIN essential for filing annual tax returns in New York.

Need assistance with LLC and INC Annual Filing Requirements?