The objective of the annual report is three-fold. 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 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.
On this page, you’ll learn about the following:
- Contents of the Annual Report
- New York LLC Biennial Report
- Does the State of New York Require an Annual Report Filing?
- Why Do LLCs Have to File the Annual Report?
- How to File a New York LLC Biennial Report
- Seek the Help of a Registered Agent
Contents 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 LLC
- The objective of the business of LLC
- List of all the signatories of the LLC
- Information of the registered agent, if any
New York LLC Biennial Report
An Annual report is essential for all business types. It authenticates that the information provided to the Secretary Of the State is accurate & updated. The information provided in the annual report helps the State officials to ensure that all the companies pay taxes. The New York Biennial Report is filed with the New York Department of State.
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, Limited Liability Companies, bound to file the Biennial Report In New York.
Biennial Report Deadline
The New York Biennial Report is due biennially 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.
Why Do LLCs Have to File the Annual Report?
Some of the states are not required to file this yearly report, commonly known as the Annual Report. However, there are some reasons why states should file 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 allows the State authorities to track down any LLC when communicating.
To Provide the Correct Correspondence
Many times, any creditor or other entity willing to transact with the LLC requires the correct correspondence address. If this information (which can only be modified with the help of an annual report) is not updated every year, such entities will not be able 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 with the Government.
To Provide an Activity Log of an LLC
The Annual Report is like an activity log of the LLC. 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 the 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.
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 biennially by the end of the company’s anniversary month.
Steps to File New York LLC Biennial Report Online
Time needed: 5 minutes.
Here are the steps to file LLC Annual Report in New York online.
- Visit the New York Department of State Site.
The first step in filing the Alabama Biennial Report is to visit the New York Department of State’s Site.
- Select Existing Corporations & Businesses.
Hover mouse over the Licensing & Business tab. Choose Existing Corporations & Businesses from the drop-down list.
- Click on the File Option.
On the next page, scroll down & click on the “File” option.
- Click on the “File your Biennial Statement Option.”
After Clicking on the File tab, you will be directed to a new page. Scroll down & click on the “File your Biennial Statement” Option.
- Enter Department of State ID number & Business Name.
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 on [email protected]. 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 New York Biennial Report is due biennially by the end of the company’s anniversary month.|
|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:||The form can be requested by mailing at [email protected]|
|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.|
Seek the Help of a Registered Agent
Every State will have a different rule for filing the Annual Report. Usually, it is submitted every year, but it is submitted once in two years in some states. Some states require the filing of the report only once in ten years.
Not only the timing, the mode of filing, the proper addresses, exemptions, legality, annual report compliance, etc., have to be taken care of while paying the taxes or filing any reports with the 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 about important dates of filing or payment of taxes.
- 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.
How Fast Can I Fill New York LLC Annual Report
Deadline for filing biennial reports in New York is last the date of company’s anniversary with the New York Secretary of State. Failing to do so may result in dissolution of the LLC.
If you’re planning to form a new LLC in New York, it’s important to be familiar with the steps involved. There are several incentive programs in place to help small businesses get started. These include the Small Business Incentive Wizard and NYS Business Express.
Before you can start a new business, you’ll need to register with the state. This means filing Articles of Organization, paying an annual filing fee, and publishing a notice of formation. The information contained in the documents becomes a public record. It’s important to submit your paperwork correctly, as mishandling can result in fines or the administrative dissolution of your company. You can also choose to file your articles online, or by mail.
In addition to your LLC’s formation, you’ll need to file a bi-annual report. Every other year, your company will need to send the state a report to make sure it’s still in good standing. Failure to do so can result in penalties or the loss of your company’s tax benefits. For more information, visit the New York Department of Taxation and Finance.
As with all state filings, the filing fees for New York will vary depending on your business’s type. Single member LLCs are typically required to pay an annual fee. Depending on the state, the fee can range from $25 to $4,500.
You’ll also need to name a registered agent, a person or organization that will accept legal mail for your business. Your company can choose its own registered agent, or you can choose to have the state assign one. However, you’ll need to provide a full address for the agent.
Unlike other states, LLCs in New York must publish an announcement of their formation. They must do so in two newspapers for six weeks. Although you don’t have to actually publish the Articles of Organization, it’s a good idea to do so.
Once you’ve formed your LLC, you’ll need to prepare an operating agreement, which describes how the members will manage the business. An operating agreement also needs to be adopted by all members within ninety days. Having a written operating agreement can make it easier to secure funding sources and investors. A basic outline of the company’s financials, as well as a list of its members’ contributions, can be included in the operating agreement.
Besides the fees and deadlines mentioned above, there are many other things to consider. For example, your business may need to file for business licenses and permits from the local chamber of commerce. Similarly, you might need to demonstrate your business’s good standing to lenders and contracting authorities. Many states also require an initial annual report when you first form the LLC, although the requirements vary by state.
Fortunately, there are many resources available to help you keep your business in good standing. One of the best places to start is with the SCORE network. Founded by former business owners, SCORE provides mentoring and training for entrepreneurs. Whether you need assistance with a business plan or financing, a mentor can save you a lot of time and hassle.
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 allows the smooth filing of reports & other fees.
The most important thing for filing an Annual Report is record keeping. Make sure that you document every other transaction well.
Yes, the fees may vary depending on the type of entity or the type of legal entity you are representing.
An LLC has to file many types of reports, such as Application for Reinstatement, Periodic Report of a limited partnership (usually filed by the exempt nonprofit organization), etc., which are required depending on the type of entity. The Annual Report is mandatory irrespective of the entity type. It requires compliance across entities.