How Much Does Starting an LLC in New York Cost?
Legal business registration — and keeping your business in good standing — requires investment. We’ve summarized some of the most common costs here. Some of them are payable to the NYS Secretary of State, while others are due to the federal or other state government entity.
Please note that New York business license and permit fees may be due when you first form your business, on an ongoing schedule or on an ad hoc basis. You'll find more details below.
Initial New York LLC Filing Fee
When you first register your business, you’ll need to file forms with the NYS Secretary of State and pay a filing fee. Here is the current New York LLC cost and filing time:
When you use Incfile for your New York LLC registration, we charge you the state filing fee and forward it to the Secretary of State when we file your formation paperwork.
Employer Identification Number
Every LLC in the U.S. should have a unique Employer Identification Number (EIN) from the Internal Revenue Service. You'll use it when you open a business bank account, file taxes and pay employees. You can get one directly from the IRS or Incfile can get one for you.
If you want to do business in a state other than the one where your business is based, you must create a Foreign LLC.
New York Foreign LLC Registration
Before you can bring an arm of your business from another state into New York, you must request Foreign Qualification in New York. The state will then give you permission to conduct business there by issuing an NYS Certificate of Authority.
To register a Foreign LLC in New York, you must complete an Application for Authority and pay a processing fee of $250. You must also attach a Certificate of Existence from the state where your LLC is headquartered.
The state may have additional registration requirements, so contact the NY Secretary of State directly for more information and to ensure you're in compliance with state law.
Foreign Qualification to Operate in Another State
If you plan to expand your New York LLC into another state, you’ll first need Foreign Qualification or a Certificate of Authority from that state. This is necessary before you can create a physical presence, hire employees or bank in that state.
You'll likely have to complete at least one application and pay a filing fee, but each state has its own requirements. Before you start the process, compare state filing times and state filing fees so you can plan accordingly.
Above all, contact the state government entity that administers business (usually the Secretary of State) to confirm their requirements and for specific instructions.
If you need assistance, Incfile provides a complete Foreign Qualification service for all states.
New York Biennial Report
Most states require business entities to file an annual (or other periodic) report. In this state, you'll need to file a New York Biennial Report. You'll do this online, and pay a filing fee of $9.
During anniversary month of organization.
Section 206 of the New York State Limited Liability Company Law requires that within 120 days after the effectiveness of the initial articles of organization, a limited liability company (LLC) must publish in two newspapers a copy of the articles of organization or a notice related to the formation of the LLC. The newspapers must be designated by the county clerk of the county in which the office of the LLC is located, as stated in the articles of organization. After publication, the printer or publisher of each newspaper will provide you with an affidavit of publication. A Certificate of Publication, with the affidavits of publication of the newspapers attached, must be submitted to the New York Department of State, Division of Corporations, One Commerce Plaza, 99 Washington Avenue, Albany, NY 12231. The fee for filing the Certificate of Publication is $50.
(We do not assist in the filing of the Publication Requirement)
New York Business License and Permit Requirements
Before you start doing business, you must secure the necessary state, federal or local business licenses and permits to operate your LLC. Some of the fees will only need to be paid once, while others may be ongoing charges.
Permits and licenses vary based on:
Operating your LLC without the required New York State business license can leave you vulnerable to risks, such as fines from local, state and federal governments.
You can perform a New York business license search yourself, or use Incfile’s Business License Research Package, which includes:
- A complete report on all the licenses, permits and tax registrations your New York LLC will need
- The application forms you'll need to file with the state, regional and federal licensing authorities
New York LLC Operating Agreement Requirements
Outlining how your business will be run, how managers and members will be chosen, rights and duties of members and several other key areas, an Operating Agreement can save you a lot of headaches as a business owner.
Some states don't require business entities to have them, but per Section 417 of the New York Limited Liability Company Law, you are required to have an LLC Operating Agreement in New York.
You don't have to file the agreement with the NYS Secretary of State, but keep it handy to fulfill the legal requirement and also to protect your business from any future changes and events.
You can make changes to the template based on your unique requirements.
Other New York LLC Fees and Requirements
You may need to pay and meet several other fees and requirements during the life of your LLC. These ad hoc fees will only be payable in specific circumstances, as listed below.
Obtaining an Assumed Name or DBA
Reserving a Name for Your LLC
If you're not quite ready to start your business, you can reserve a name for 30 days with the Secretary of State by filing an Application for Reservation of Name and paying a fee of $20.
First, conduct a New York business search and learn the state's business naming rules to ensure you choose a name that meets legal requirements.
Amending Facts About Your LLC
Your business formation paperwork states certain facts about your business at the time it's formed. Over time, some or all of this information may change. If it does, you'll need to file a Certificate of Amendment with the Secretary of State along with a filing fee of $60.
You can do this yourself or Incfile can do it for you.
Getting a Certificate of Good Standing in New York
Some organizations may request that you prove your LLC’s compliance with laws and tax requirements. In many states, this proof is provided with a Certificate of Good Standing.
Rather than a New York Certificate of Good Standing, the state calls this proof a New York Certificate of Existence or a New York Certificate of Status. To get one, you'll need to submit a written request (there is no form) to the Department of State and include a $25 fee.
The information listed above details many of the fees a standard LLC will be required to pay in New York. In some circumstances, there may be other one-off, periodic or ad hoc fees not listed above.
Of course, your LLC will also probably need to pay self-employment, payroll, federal, state and other taxes. More information about taxes can be found on the New York Business Tax page.