LLC Cost in New York - How Much To Pay In Fees & Taxes in NY
If you’re hoping to start an LLC and are curious about the cheapest way to start an LLC in New York, the answer is quite simple.
All you have to do is familiarize yourself with all the LLC fees in New York which will help you figure out what you will pay for and what you can do without. This guide takes you through the different New York LLC fees in detail.
How Much Does an LLC Cost in New York?
Regardless of how you fill and file your paperwork, your initial registration will set you back $200. This New York LLC cost is payable to the state department in charge of processing your application.
Please note that the LLC fee New York depends on several factors:
- If you will rush the order: Expedited applications cost more;
- If you will use a third party to process your application: You will incur service costs in addition to the LLC in New York cost;
- If you will require a copy of the registration paperwork: You will be liable for a $5 fee for a plain copy or $10 if you want a certified copy.
Thus, while the LLC fee in New York may be set at $200, what you pay could be higher than this based on the above factors.
New York LLC Online Filing Fee: $200
The New York LLC fee remains standard regardless of whether you file your paperwork online or via mail. You will still be liable to pay a $200 LLC New York cost as follows:
- Online payments are completed via the state portal where you will remit the LLC cost New York via card after filling in your details;
- Offline payments (mail/ fax) are completed by including a card authorization form or a cheque when sending the registration papers to the state.
In each case, you may be subject to additional New York LLC filing fees if you want a plain or certified copy of the registration paperwork.
New York LLC Annual Fee: How much is an LLC in New York?
Most LLCs in New York do not pay state income or federal taxes. However, they are still liable for annual filing fees, payable at the time of filing the IT-204-LL form each fiscal year.
Rather than use a one-size-fits-all approach, the state determines the payable fees based on the gross income from the company.
- How much is the New York LLC annual fee? The LLC annual fees New York range from $25 to $4,500;
- Companies making more than $25,000,000 pay in the $4,500 range while those making more than $0 or thereabout are liable to pay $25;
- When is it payable? You must fill in this annual form within 60 days after the last day of your company’s fiscal year;
- Who is exempt? Not everyone must pay the annual LLC fee New York. If your company has not generated income or is not regarded as an LLC, you do not have to pay this amount.
Thus, when it comes to the question, ‘how much does an LLC cost in New York?’, you must also consider how much you would need to pay the state based on your income generation.
LLC Business Enterprise Tax: How Much Does an LLC Cost in New York?
Companies operating in New York are not subject to federal or state income taxes. Instead, their members pay taxes based on what they accrue from the company. Please note though that the company is subject to the filing fees as stated above.
LLC Fees in New York: Publication Fee
Your estimated cost of starting an LLC in New York should also include the amount payable to publish your company. You will need to publish a notice of your company’s registration weekly for six weeks in two publications (one daily and one weekly).
Please note that the publications should be available in the county where you register your main address. The cost to form an LLC in New York will thus come down to the applicable charges based on the state costs ($50) and the newspaper costs.
You can save money by choosing counties where the costs are lower than $200, e.g.,
- Albany;
- Genesee;
- Fulton;
- Franklin;
- Wyoming.
The LLC filing fee New York would be considerably lower in these counties.
Registered Agent LLC Cost in New York
Per New York state laws, the secretary of state also doubles as your registered agent.
However, it is always a good choice to work with a reliable registered agent in New York who can tailor their services to meet your company’s unique needs. The cost of this undertaking depends on the said company and the services you enjoy.
Some of the best companies include:
- Harbor Compliance whose rates start at $99;
- LegalZoom whose rates start at $79;
- Northwest whose rates start at $39;
- ZenBusiness with a package as low as $49;
- Incfile which can get your business running for as low as the state fee.
Perks include:
- Lower publication costs;
- Fewer paperwork needs;
- Updates on filing deadlines;
- Privacy;
- Efficiency.
The ROI on delegating someone to deal with your communication with the state is quite high.
Biennial Report Fee
You must update the state every two years about the current standing of your company. Doing this enables you to:
- Maintain your good standing with the state;
- Avoid fines and other penalties;
- Keep your business running.
Thus, your New York LLC price should also factor in this fee which comes to $9 every two years. Please note that this fee is payable at the end of the month in which you formed your business.
Cost to form a Foreign LLC in New York
New York LLC fees depend on whether you are forming a domestic or foreign company. The latter category applies to you if you already have a running business registered in another state – and you want to expand your business to New York.
You are liable to pay $250 to get your business recognized by the state.
Cost to form a PLLC (Professional LLC) in New York
Setting up a PLLC will cost you $200 just like an LLC would. The difference lies in the type of supporting paperwork the state requires but the price remains the same.
Business License Renewal Fee
How much is an LLC in New York when it comes to licenses? Any business offering goods or services in NY may be liable to apply for a license.
You should check with the local and state authorities regarding the nature of your business. The cost of obtaining a license lies anywhere between $50 to $150 on average, and some licenses are free, with some costing more than this.
There is no set license cost to start an LLC in New York as it depends on the nature of your business. Moreover, renewal takes place at the discretion of the licensing authority which reviews your business and gives you a figure of what you owe.
Franchise Tax
This cost to start an LLC in New York only applies to LLCs categorized as C or S corporations. If that’s the case, you will likely pay 6.5% of your business income to the state.
Please note that the accurate cost comes down to your business income, capital, and fixed dollar minimum tax, and the rate could thus be higher or lower.
Other LLC Filing Costs
Besides the above costs of an LLC in New York, you may also wish to enjoy additional services which will set you back as follows:
LLC Name Reservation
You can reserve a name for up to 60 days by filing a name reservation request (form 1233 f) and paying $20 to the state.
Doing Business As (DBA) Name
If you want to operate under another name other than your primary business name, you can file for a DBA at the cost of $25. This fee applies to foreign and domestic companies.
Certified Document Copies
Suppose you want to access your original registration paperwork for official use, the state can issue this to you for $10.
Certificate of Status
This document, used for official purposes, is available upon request at a New York LLC cost of $25. It shows that you:
- Are in good standing with the state and can help you secure investments and other financial facilities;
- Have a business that exists in accordance with state laws.
Plain Document Copies
In circumstances where certified copies are not necessary, you can use a plain copy. It costs $5 to get one from the state.