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A New York State LLC that has completed the publishing requirement can transfer ownership to someone else. This is especially useful for those who don’t want to deal with the publishing requirement. Updating an LLC’s address and changing the name are relatively straightforward, so you can still have the company name you want with a head start.
The Steps
Form Your LLC
Publish Your LLC
Obtain an EIN
A limited liability company (LLC) is a flexible, easy to form business entity. Members of an LLC draft an agreement that determines ownership, contributions, and profit and loss allocation. An LLC’s profits are not directly taxed. Instead, the operations of the LLC are divided and allocated to its members. Each member then combines the profits (or losses) with their other income, and are then taxed on an individual basis.
The Steps
Form Your LLC
Publish Your LLC
Obtain an EIN
If you want to form an LLC that provides a professional service, such as a medical office, or a law firm, you’ll need to form a professional limited liability company (PLLC). In New York State the Department of Education manages and maintains professional licensing. Before a PLLC can be formed its members need to be granted permission from the Department of Education. The Department of Education verifies that certifications are current and ensures that business entities are formed within their specific professional parameters.
The Steps
Form Your PLLC
Publish Your LLC
Obtain an EIN
A C-Corporation is an entity whose ownership is comprised of equally valued shares of stock. Because it is a separate tax entity, and not a pass-through tax entity, its income is subject to income tax. The distributions (i.e., dividends) made to its shareholders are then subject to tax as well. This is the type of double taxation that people try to avoid by forming an LLC or making an S-Corp tax election.
The Steps
C-Corp
Obtain an EIN
We allow our clients to use our Albany office address for their business. By doing this, it allows the publishing requirement to be satisfied in Albany county. Why publish in Albany county? Mainly because the publication requirement in Albany county can be hundreds to a thousand dollars cheaper than publishing in other counties. (Don’t worry, this is all perfectly legal!) After the publishing requirement is finished, we offer you the option to change the address of the business. The publishing requirement only needs to be completed once in the lifetime of the entity, so changing the address of your business will not make it so you need to go through the publishing requirements again.
The Steps
Form Your LLC
Publish Your LLC
Obtain an EIN
New York State requires limited liability companies (LLCs), professional limited liability companies (PLLCs), and limited Partnerships (LPs) to prepare a legal notice that contains some basic information about the business entity, as well as some required language. The notice then needs to be run in two different newspapers for six consecutive weeks. To complete the process, proof of publications needs to be filed along with a Certificate of Publication. The state requires that LLCs, PLLCs, and LPs complete the requirement within 120 days of formation. The same requirements apply if you gain authority for a foreign LLC (an LLC formed outside of the state).
The Steps
Form Your LLC
Publish Your LLC
Obtain an EIN
An EIN, or Employer Identification Number, is an identification number assigned by the IRS to businesses. The IRS uses it to identify business just like it uses a Social Security number to identify individuals. An EIN is required if you have employees, operate a partnership or corporation, or if you want to open a business bank account.
The Steps
Form Your LLC
Publish Your LLC
Incorporate
Obtain an EIN
Individual states authorize the existence of LLCs and C-Corps. If you form your business in one state, but want to conduct business in another state, you’ll need to request that the other State recognize your business and grant it authority to operate within that state. In New York, foreign LLCs are also required to complete the publishing requirement. Be wary of forming your business out of state without understanding the filing requirements, annual fees, and actual legal or tax benefits.
The Steps
Form Your LLC
Publish Your LLC
Obtain an EIN