Once your New York LLC is created, you must adhere to your state’s filing dates in order to maintain good standing and prevent costly fines or penalties.
This article addresses the following issues for a New York LLC:
What exactly is a biannual report?
How do I submit my biannual statement?
Should I use a registered agent?
Table of Contents
What Exactly Is a Biennial Statement?
A biannual statement (also known as a biennial report) is a routine document that your LLC must make every two years in New York to update your company information, which includes:
Process name and address service
The primary address
This report is intended to keep your company records up to date with the State of New York. This enables creditors and other interested parties to locate your company address in the event that they need to contact you. This information is used by the government to trace the payment of your LLC state taxes.
How Do I Submit My Biennial Statement?
The Department of State website is where you may submit your New York LLC biennial statement. To file, you must provide your company name and DOS ID number, which you may discover via the business database search.
Should I Hire a Registered Agent?
A registered agent is a person or corporation designated by your firm to receive and deliver documents on your behalf. You may guarantee that your LLC’s reports are always submitted on time to the relevant government agency by employing a registered agent service. The following are the three primary benefits of employing a registered agent service for your LLC:
Avoid late filing penalties: The Department of State has the authority to terminate a New York LLC that fails to submit a biennial statement. A registered agent service will remind you when reports are due, and they may also submit the paperwork for you for an extra cost.
Gain flexibility: A registered agent service may receive and deliver paperwork for your LLC during standard business hours so that you don’t have to be on the job from 9 a.m. to 5 p.m. every week. You may also employ a registered agent service to create an LLC in states where you do not already have a company presence.
Keep your personal address out of public records: Using a registered agent service helps you to keep your personal address out of public records, preserving your privacy. Furthermore, if your LLC is sued, the lawsuit will be served at the registered agent’s address rather than your place of business.