If you have a limited liability company (LLC) In New York, you must file a biennial statement to keep your business in good standing. But don’t worry – it’s a relatively painless process that can be done online.
Read on to learn how to file your LLC’s biennial statement in New York.
What Is a Biennial Statement?
A biennial statement, an annual report in most states, simply verifies your business information and tells the state of New York that your LLC is still operating.
Keeping up with biennial statements is a legal requirement that enables you to obtain a Certificate of Status, which a bank or creditor might request to confirm your compliance.
In New York, the following information is required for the biennial statement:
- Business name
- Primary business address
- Name and address of service of process
- Authorized signers
How to File a Biennial Statement in New York
To file your biennial statement in New York, visit the Department of State’s website and enter your business ID number and name.
Then simply follow the prompts to complete the statement and submit it.
The filing fee is $9, and statements are due by the end of the anniversary month of your LLC’s formation.
If You Do Business in Other States
If you do business in other states, be sure to register in those states as a foreign LLC. For example, if your LLC is registered in New York and you start doing business in Florida, you’ll need to register in Florida as a foreign LLC.
You’re generally required to register as a foreign LLC if:
- You have a physical presence of any kind in that state
- You have employees in that state
- You regularly meet with clients, managers, or investors in that state
- You are licensed to do business in that state
Once you’ve registered as a foreign LLC, your business will need to follow the annual reporting requirements of that state and pay taxes in that state.
Filing a biennial statement in New York is relatively easy and crucial to smooth business operations.
Failing to file a biennial statement can result in serious penalties, as can filing an inaccurate report.
Be sure to review all your business information and file your report on time to ensure your LLC remains in good standing.