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how do i form an llc in new york let's do the 30-second breakdown hal here he's a proud new yorker and he wants to own abc tile llc what is the bare minimum that he needs well the bare minimum is that he goes to the new york secretary of state's website he fills out the form and he gets an llc state filing that's the bare minimum now to open a business bank account and to uh just generally do business and pay his taxes and whatnot he's going to need this whole combo here so he goes to the irs and he gets an ein from them and then he has some legal documents generated that proves that he's the owner of the business and that is the 30-second breakdown but if you spend a little bit more time with me we can go into each one of these elements uh more deeply plus get some extra information at the end that's uh fairly important so disclaimer i am not your lawyer i am not your cpa i'm just providing general public information that you can get from anywhere now what is the cost of an llc well it's two hundred dollars the new york secretary of state charges two hundred dollars to facilitate that filing for you the amount of time it takes is instant it's not a couple of days it's not 30 days it's not a week it's instant the moment that you fill out the form and you pay the 200 it is in your email inbox now anybody that is trying to charge you for an expedited fee or a rush fee that is highway robbery it is unnecessary it's instant better legal uh provides ours in one hour we do a one hour turnaround for new york llc's now do you own abctile.com doesn't matter if you own the domain name it's a totally separate system than all of the states the united states so you can have abc tile llc in new york and someone else can own abc tile llc in california and someone else can own abctile.com so just because you have the domain name does not mean that you can get the legal name uh so you're going to need to just double check and go to secretary of state's website that's a little clunky so you can actually go to our site and our site at betterlegal.com is the name search and you can do that search for the state of new york now every state has the requirement of a registered agent a registered agent nobody wants to get sued but it happens and so the state of new york requires that you have an in-state address that they can send a sheriff or constable to to hand you a lawsuit in person it cannot be a po box it needs to be somewhere where a person is is there during normal business hours now this information is public so if you don't want people being able to see your home address you might want to use a third party registered asian service they are very plentiful we are one as well every state requires that you check in with them every certain period of time they just want to make sure that they don't have a growing database of dead companies and so they're going to require that you check in with them every now and again to make sure it's really just a filing it's an annual report or a state compliance filing and that is just to make sure that they know that you're still in active business now a separate thing this is going to be after uh after the fact but just make sure that you are kind of in compliance with your local township or county now you know you're going to get the llc from the state but there might be permit and licenses or taxes that are at the township or county level so you know let's say you're a baker and there's a tax on flour in your county that's something you might need to know about so you can check with your local chamber of commerce and generally they'll know that type of information for you uh finally new york is one of two states that has a publication requirement and so this means that you basically have to uh in the county that you file in you have to publish a classified ad saying that i'm a new business and so do some research on that we actually recommend a company and i will uh post that or if you just use us we'll recommend that to you now an ein this is how you file your taxes this is you might be familiar with the concept of a business being like a person it's kind of a well-known thing but that business that is a person is going to need a social security number it's going to how it's going to be how they pay their taxes to the irs and so that's what the employer identification number is you do not have to be an employer to have an employer identification number if you are the only person in the business you still need an employer identification number this is just governments make it so difficult with their terminology i don't know why but this is your tax id it's it could be an fein a tax id a federal tax id it's all the same thing it's just a tax id now you use this to pay your taxes you're going to need to open a bank account because the bank's going to want to know that you're paying your taxes the money that you're putting in their bank needs to get paid to the irs a certain percentage of it now as you start doing business and get uh clients those clients are going to start asking you to fill out a w-9 so they can send you a 10.99 at the end of the year and what this is is the the irs has a stipulation that over 600 payment from one business to another needs to uh be filed with them and so uh if a business is going to pay you 600 or more they're going to require that you fill out this w-9 and if you don't want to put your social security number on that and have everybody you do business with knowing your social security number you can substitute with an ein it's on that form instead of putting in uh so secure number just says put in your ein now if you are a sole proprietor and you're just setting up this llc you've been in business for a couple years and you're just setting up this llc to protect yourself you cannot carry over your ein from your sole proprietorship to your llc i'm not going to go into why you just cannot do it so just get a brand new ein with your brand new llc now the legal documents for an llc are called an operating agreement or a company agreement the purpose of that is to define the managers and members of a company so in an llc of managers and members we have a video on this uh i'll post that above but a manager is the operator of business and a member is an owner of a business so these are specific to llc's i should say a manager is an operator of an llc and a member is an owner of an llc so the legal documents prove the ownership of the business so the state doesn't know who owns the business but the legal documents do it also provides the rules of the business so let's say i own the business 50 50 and i want to um bring on a new uh a new investor what are the rules of that if i get into a fight with my uh my partner that i'm in business with what are the rules of that how do we uh uh resolve the these things so usually they're you know 30 40 50 page documents because they go over all this stuff all these gotchas that you know what if this happens what if that happens so that's uh the purpose of the legal documents and really they're often overlooked a lot of people just kind of throw the
Thanks for your comment Emery Banta, have a nice day.
- Hoa Kahae, Staff Member
The points in the month of Char's insurance were written in the story n The
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- Hoa Kahae
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I've studied purchasing at Valley City State University in Valley City and I am an expert in abrahamic religions. I usually feel numb. My previous job was armored assault vehicle crew member I held this position for 29 years, I love talking about parkour and via ferratta. Huge fan of Morgan Freeman I practice cheerleading and collect artist trading cards.
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