Table of Contents
Write a comment
the following information is provided for educational purposes only and in no way constitutes legal tax or financial advice for legal tax or financial advice specific to your business needs we encourage you to consult with a licensed attorney and/or CPA in your state the following information is copyright protected no part of this lesson may be redistributed copied modified or adapted without prior written consent of the author in this video we will discuss the newspaper publication requirement for your LLC we want you to know about this requirement before you form your LLC because it affects how much you will pay in publication costs this requirement is more annoying than it is useful but it is still New York law however we have a strategy we're going to share with you in this lesson which could easily save you up to $1,000 we will discuss the strategy later on since we need to cover some basics first by law every LLC formed in New York is required to notify the public of its formation by publishing add in to newspapers your ad must run in both newspapers for six consecutive weeks one newspaper must have a daily circulation and the other newspaper must have a weekly circulation for each the daily and the weekly newspapers your ad just needs to appear once per week for those six consecutive weeks your ads must be published within 120 days of your LLC's approval date your ads will contain basic information such as the name of your LLC your address and the formation date just to offer some clarity here's an example of what your ad will look like turtle pond LLC articles of organization filed with the Secretary of State of New York on 731 14 office in Albany County Secretary of State of New York designated as agent of the LLC upon whom process against it may be served that means that if you're sued the state of New York is notified and then they'll notify you the Secretary of State of New York show mail copy of process to the LLC at 100 Jane Street number for a New York New York 114 purpose any lawful purpose you will use the same ad format for both newspapers we will cover how to publish your ads in a later lesson this sample ad is also shown below this video for your reference there are two costs associated with your newspaper publication requirement the first of these is the cost to place the ads in the newspapers the cost to place the ads will vary depending on the county in which you publish the second cost is filing what's called a certificate of publication this is your certification to the state that you've met the newspaper publication requirement the cost to file this document is $50 we will discuss the certificate of publication again in the later lesson after you have formed your LLC the office address that you list in your LLC formation documents determines the county where you are required to publish your ads publication costs can vary quite a bit among the counties some are very expensive and some are quite affordable for example publishing costs in manhattan county will be 1000 to $1500 on the other hand the least expensive county is Albany County where the publication cost will be 75 to 100 dollars obviously the goal here is to keep your newspaper publication cost down you can do this by using an address located in Albany County even if your LLC is not actually located there New York requires that you list an LLC office address in your LLC formation documents however this address does not have to be your LLC's actual office address it just needs to be an address located in the state where your LLC is able to receive mail you can accomplish this by using our strategy which is hiring a registered agent located in Albany County and then using their address in your LLC formation documents a registered agent is a company that receives mail and important documents on behalf of your LLC and then them to you at any address you'd like if you hire a registered agent located in Albany County you'll be able to use their address as your LLC's office address since you're new LLC's office address will list all Bonney County you will then be able to take advantage of Albany's less expensive newspaper publication costs this is only a temporary address that you will use just to meet your newspaper publication requirement once met you will then simply change your address back to your LLC's actual office address and we'll show you how to do this in the later lesson don't worry New York does not require that you publish new ads if you change your address you only have to meet this requirement once in order to determine how much money our strategy can save you you will first need to call a weekly newspaper and a daily newspaper in the county where your LLC is actually located and obtain their publication costs you will then compare those publication costs with the cost of using our strategy if running ads in your actual county will cost you less than $300 then our strategy will not save you any money if this is the case you will just use your actual address in your LLC formation documents and publish your ads in your actual County however if running ads in your actual county will cost you $300 or more then we recommend that you hire a registered agent located in Albany County use their address in your LLC formation documents and publish your ads in Albany County the registered agent we recommend charges a fee of one hundred and twenty-five dollars for their services after you've met the newspaper publication requirement you will need to file a change of address with a state for just thirty dollars these costs are minimal compared to the hundreds of dollars you would otherwise spend running ads in your actual County typically registered agents charge one hundred to three hundred dollars per year for their services if you decide to use our strategy and hire a registered agent located in Albany County then we recommend a company called Northwest registered agent they have been in the business for more than two decades and they have a solid reputation again their fees are $125 per year and their support is top-notch the benefit of using Northwest registered agent is that their New York office address is located in Albany County if you want to hire them there's a video tutorial below on how to sign up for their services once you signed up with Northwest registered agent you will then be able to use their Albany address in your LLC formation documents if you have any questions for them we've also listed their phone number below this video here's a breakdown of what it will cost you to hire Northwest registered agent run ads in Albany County and then file a change of address after you have met your newspaper publication requirement hiring Northwest registered agent is 125 dollars publishing in the Times Union daily which is a daily circulation paper is $60 publishing in Altamonte enterprise which is a weekly circulation paper is $35 changing your address afterwards is $30 your total cost of this strategy is two hundred and fifty dollars so if total costs to use our strategy are approximately two hundred and fifty dollars that anyone who expects to
Thanks for your comment Reginald Derrow, have a nice day.
- Rudy Aguinaga, Staff Member
hey guys clint coons here and in this video we're going to talk about why you should never use your own name when creating your limited liability company or land trust okay let's get started okay so i have another video on naming your limited liability company how to choose the right name but i i see this all the time unfortunately where i sit down with someone and they send me a copy of their existing structure their exist you know their existing entities that they've set up and i'm looking at the names that they've chosen and a lot of times people will use their own name in their planning and they don't understand the rationale why you wouldn't want to do that well if you recall and if you've watched a lot of the content on my channel one of the things that i'm always hitting on is anonymity you can't sue what you can't see but here you are right say my name is clint coons i went out i go out i create a limited liability company and i call it the coons family limited liability company or or i call it the coons land trust or the clint coons limited liability company you've just shot your anonymity right because your name is listed in the title of that company so if i'm looking for anonymity people are just going to pull up the company say hey it's you so that's one major problem no anonymity when you use your own name the second problem you have in putting your own name into an llc or a land trust is that someone could argue in the event that you engage in you enter into a contract with someone that they thought they were entering into a contract with you individually that they didn't realize they were dealing with an llc because your name and the llc you have the same name and so if you ever can you've ever hear stories about people piercing the veil of a limited liability company well this is a a situation where someone may be able to do that because you're associated with it now this isn't to say that you shouldn't ever use your name in a company uh in the name of the company there are certain circumstances like for example if you're a professional it's required under state law that your name be used in that professional entity then it would make sense to do that or if you're trying to brand yourself and you want people to know about you then maybe it makes sense to to set up an entity where your name's associated in the name of that entity but by and large stay away from that do not choose names that relate back to you and don't think hey i'm just going to use my initials they'll never figure that out believe me people will figure that out i mean for example check this out let's assume i set up this llc right here and i call it c and c llc all right clint coons huh well c and c now i have this piece of property right here and i deeded into this llc and i think i have anonymity here because my name's not associated with it you know i've got that little wyoming llc down here owning the interest so if i pulled title and i saw that this used to be under clint coons ll's clint coons individually and now it's held by cnc llc you think that's going to throw me off and i'm not going to realize this is the same person or that clint is somehow involved with this company and then once they figure this out and the camels in the tent is sniffing around you're not getting them out because that person is going to notice that this wyoming llc here is in play and if that wyoming llc owns multiple other llc's that you've set up across the board all pointing back here well game over they're now going to know that you're associated with all of those companies so definitely avoid using your own name whenever you're setting up your llc now if you've already used your name what should you do well i mean the best thing to do if you can is to consider closing that entity down transferring the property out and set up a new entity maybe what you could do as well is uh if i if i had done that made that mistake then i would take this llc a simple solution would be to set up a land trust here transfer that property into the land trust and then set up a new llc over here that has anonymity and then move that land trust interest into that new llc and then close that entity down that way the deed never comes out to your name individually it goes from from the llc to a land trust that you have anonymity with then that land trust is held by a separate limited liability company so that would be a quick easy solution for someone's already done that and just shut that down now you could change the name on the llc but there's going to be a chain a record of that and so if somebody dug they would see hey used to be cnc llc and now it's 1411 mercury street llc and again they can trace it back to you all right guys hope you learned something about that never use your own name when creating limited liability companies take carebye
Thanks opombam8 your participation is very much appreciated
- Rudy Aguinaga
About the author
I've studied aerial archaeology at Tufts University in Medford and I am an expert in elementary education. I usually feel rejected. My previous job was baker (commercial) I held this position for 5 years, I love talking about bowling and figure skating. Huge fan of Alexa Demie I practice shuffleboard and collect militaria.
Try Not to laugh !
Joke resides here...