Fact Checked by Editorial Staff 
The objective of the annual report is threefold. The annual report keeps the Government informed about all the updates, communicates about all the modifications or changes, & keeps the LLC members informed about the necessary taxes and costs. This article has all the information about the New York LLC annual report filing in New York.
An annual report can be called an address book, as it features all the relevant addresses of the company & the members. This yearly report is a record of all the company’s activities in an entire year. It is also referred to as the Annual Franchise Tax Report because it helps in filing the franchise tax.
Content of the Annual Report
Typically, the annual report filed by a New York LLC (or any other business entity for that matter) will include all the information related to its business & members. The standard contents of the annual report or the annual franchise tax report are
- Office Address of the LLC
- Names & Addresses of the Members & managers.
- Identification Documents
- Social Security numbers of the key members of the LLC
- The objective of the business of the LLC
- List of all the signatories of the LLC
- Information of the registered agent, if any
LLC Tax Update: Before you file your LLC annual report in New York, make sure to pay all the tax dues for the year.
New York LLC Biennial Report
An Annual report is essential for all business types. It authenticates that the information provided to the Secretary of State is accurate & updated. The information provided in the annual report helps state officials ensure that all companies pay taxes. The New York Biennial Report is filed with the New York Department of State. Note that the LLC Biennial Report is not the same as the Certificate of Status in New York.
Does the State of New York Require an Annual Report Filing?
The State of New York requires an LLC to file a Biennial Report with the Office of the New York Department of State. All the legal entities, such as C Corporations, Limited Partnerships, and Limited Liability Companies, are bound to file the Biennial Report in New York.
How to File a New York LLC Biennial Report
The New York Biennial Report can be filed online or in person, or by mail. LLCs have to register with the New York Department of State website to file the report online. The New York Biennial Report is due biannually by the end of the company’s anniversary month.
In New York, Biennial Reports can be filed with the Secretary of State online by following a few simple steps.
- Step 1: The first step in filing the New York Biennial Report is to visit the New York Department of State.
- Step 2: Hover the mouse over the Licensing & Business tab. Choose Existing Corporations & Businesses from the drop-down list.
- Step 3: On the next page, scroll down & click on the “File” option.
- Step 4: After clicking on the File tab, you will be directed to a new page. Scroll down & click on the “File your Biennial Statement” Option.
- Step 5: After clicking on the File your Biennial Statement option, you will be directed to the E-Statement Filing System. Enter your DOS ID number & Business Name. Click on the Submit button & start filing the statement.
Filing New York LLC Biennial Report By Mail
To file the LLC Biennial report in New York, you can follow the steps as mentioned below,
- To file the Biennial Report in New York by mail, you have to request the Statement Unit of the New York Department of State’s Division of Corporations by sending an email to corporations@dos.ny.gov. The email request for a biennial report must mention the exact name of the business entity & the date of its formation or the Department of State’s ID number.
New York LLC Biennial Report (Domestic & Foreign)
| State Office: | New York Department of State,99 Washington Ave. 6th Floor, Albany, NY 12231 Links to Website |
| Due Date: | The form can be requested by emailing at corporations@dos.ny.gov |
| Filing Fee: | The Biennial report filing fees in New York are $100 in the second year when the biennial report is submitted. In the first year, there is no fee. |
| Penalty: | There are no late fees if an LLC fails to file the Biennial Report within the prescribed time. However, the LLC may face severe consequences, such as losing good standing in the Department of State records or dissolution. |
| Filing Method: | An LLC can file the New York Biennial report Online Or by Mail. |
| Forms: | It is mandatory to file a biennial report in New York, & non-filing can have serious effects on the functioning of an LLC. |
| Important Information: | It is mandatory to file a biennial report in New York, & non-filing can have serious effects on the working of an LLC. |
Biennial Report Deadline
The New York Biennial Report is due biannually by the end of the company’s anniversary month.
Penalties for Non-filing or late filing
There are no late fees if an LLC fails to file the Biennial Report within the prescribed time. However, the LLC may face severe consequences, such as losing good standing in the Department of State records or dissolution.
Tax Structure in New York LLC
For an LLC in New York, the tax structure is very simple and flexible. First of all, every LLC has the advantage of a pass-through taxation. On the other hand, an LLC can choose the desired tax structure at the time of formation. There are two ways an LLC can be taxed,
Default Status:
When filing your LLC in New York, entrepreneurs have the opportunity to select a desirable tax structure. If they do not choose a specific structure, the LLC will be taxed under the ‘Default Status’. That means the tax will be levied based on the number of LLC members.
For a single-member LLC, it is considered a ‘disregarded entity’. This means that a single-member LLC does not have to file a federal income tax return, but the individual (or the LLC member) must file it personally. In the case of a single-member LLC, it is treated as a sole proprietorship.
In the case of a multi-member LLC, it is considered a partnership for tax purposes. Hence, the default status for a multi-member LLC is a partnership firm. LLCs are required to file a separate ‘partnership form’ with the IRS.
LLCs with Spouses: There are specific states (like California) where starting an LLC with a spouse is considered a single-member LLC instead of a partnership or multi-member LLC. In such cases, both husband and wife will be liable to pay taxes
Elective Status:
For an elective status, the LLC can choose the tax structure while filing the formation documents. LLCs in New York should file a separate tax form if they do not wish to be taxed by default. Many LLCs choose to be taxed as a corporation to enjoy corporate benefits, especially if the LLC is large.
LLCs can choose between S-Corp and C-Corp tax status when filing the formation document in New York. In that case, the concerned LLC needs to submit a separate form for each type it chooses. For the S-Corp type, Form 2553 must be submitted; for the C-Corp type, Form 8832 must be submitted.
In New York, there may be local taxes (inquire with the local government body for details) that LLCs must pay to be updated. Make sure to pay and update your tax dues before you file your annual report in New York.
Annual Report vs Certificate of Status in New York
The Certificate of Status is a legal document that certifies that an LLC in New York is in good standing and compliant with all applicable laws. That includes an updated annual report as well. While Annual Reports show if your company is up to date.
They are both similar documents (although not identical) and serve as proof of the company’s good standing. The Annual Report is a domestic document, whereas the Certificate of Status in New York is a mandatory document if the LLC is going beyond the home state to a foreign state. There are several ways to obtain a Certificate of Status in New York.
To obtain the Certificate of Status in New York, LLCs must download the PDF file from the link given below. The form must be filled out and submitted to the office by mail, Fax, or hand-delivered to the given contact.
A filing fee of $25 must be paid to the SOS to obtain the Certificate of Status. The amount might be more depending on the number of copies you request. If you request additional copies of documents, you may incur an additional fee.
Request Certificate of Status:
- Online application: No online form available
- Offline application: Written Document to Request certificate of status (PDF)
- Fees: $25
Why Do LLCs Have to File the Annual Report?
Some states are not required to file this yearly report, commonly referred to as the Annual Report. However, there are several reasons why states require an LLC Annual Report. Here are some reasons,
To Maintain the Accuracy of the Information
An annual report filed by the LLC has all the updated information about its official addresses & the names or addresses of all its officials. This updated information enables state authorities to track down any LLC when communicating.
To Provide the Correct Correspondence
Often, creditors or other entities willing to transact with the LLC require the correct correspondence address. If this information (which can only be modified with the help of an annual report) is not updated annually, such entities will be unable to communicate with them.
To Notify the Government About All the Significant Changes
If you have changed your main business address or had new business appointments of managers or members, the annual public information report notifies the State Government Entities about it. So, the next time someone questions a newer reform that you have introduced in your LLC, you will be saved because you had submitted the information to the Government.
To Provide an Activity Log of an LLC
The Annual Report serves as a record of the LLC’s activities. It brings on record all the transactions, new associations, appointments, etc. & keeps those records intact for all future references.
To Help You With the One-time Filing of Taxes
The annual report is an excellent means to keep you on your toes in case of your dues payment. Every LLC must pay taxes through the annual report filing. By filing the report on time, the LLC can manage the exemptions & can avoid penalties imposed by the Government.
To Enable the State to Track the Payments
The government authorities use all the information filed through the annual report for tracking the payment of State Taxes.
Seek the Help of a Registered Agent
Every State will have a different rule for filing the Annual Report. Usually, it is submitted annually, but in some states, it is submitted every other year. Some states require the filing of the report only once in ten years.
Not only the timing, but also the mode of filing, proper addresses, exemptions, legality, annual report compliance, etc., must be taken care of when paying taxes or filing reports with state authorities. In many such scenarios, it is advised that an LLC appoints a Registered Agent to manage all this. Check out the best LLC service that offers all the services at an affordable price. An experienced agent is required for:
- Streamlining the mandatory processes & filing.
- Sending or receiving any documents.
- Reminding you of important tax filing and payment dates.
- Simplifying the filing procedures.
- Avoid any penalties.
- Flexibility in working.
- Maintaining Privacy (as it keeps your personal records off the public record)
You can read more about a New York Registered Agent here.
FAQs
Yes, an annual report is essential for every business entity in most states. Some states also ask to file biennial or decennial reports to be filed.
A Yearly Business Report or the annual report typically incorporates the address of the business, names & addresses of the members, a list of all the signatories, SSN of the members, & details of the registered agent.
A Registered Agent is well-aware of all the filing requirements, annual report filing fee, & overall Annual Report compliance. The knowledge & proficiency of the registered agent allow the smooth filing of reports & other fees.
The most important aspect of filing an Annual Report is maintaining accurate record-keeping. Ensure that you document every transaction thoroughly.
Yes, the fees may vary depending on the type of entity or the type of legal entity you are representing.
In Conclusion
An LLC must file various types of reports, such as the Application for Reinstatement and the Periodic Report of a Limited Partnership (typically filed by an exempt nonprofit organization), depending on the entity’s type. The Annual Report is mandatory irrespective of the entity type. It requires compliance across entities.
Additionally, please note that an annual report is not the same as a Certificate of Status in New York. They might look similar, as many parts of the certificate are the same as those in the annual report; however, it is a completely different document and should be compliant with the filing requirements for the biennial report in New York.