Here’s a breakdown of the likely taxes and fees you’ll incur when you start and run an LLC in New York State.
When you first from your LLC in New York State you will need to pay a fee of $200 to file your Certificate of Formation.
You will need to pay licensing and permit fees on a regular basis depending on the type of business you are operating and where you are located. These do vary from city to city and industry to industry.
The certificate of publication fee is $50 and you will also need to pay the two newspapers for publishing details of your business for six consecutive weeks. This must be completed within 120 days of starting your LLC.
The fee for filing a biennial statement is $9. New York State may charge up to $250 in late fees if you miss your filing deadline.
You will need to pay to file with the Department of Tax on an annual basis. The fee will be between $25 and $4,500, depending on your gross income in the previous year. You can find details on the Department of Taxation and Finance website.
New York State income is typically around 6.5 percent which you will need to pay on your net earnings.
If you’re selling products or services in New York State you may need to pay a state sales tax of between 4 to 8.875 percent.
Because your New York State LLC income flows through to your personal tax return, you must pay self-employment tax (also known as FICA, Social Security or Medicare tax) on your earnings. This is typically at a rate of 15.3 percent. You will be able to deduct your business expenses from your income when working out how much self-employment tax you owe. Note that if you are an LLC electing to be treated as an S Corp, you can reduce your self-employment tax.
You will also need to pay regular federal income tax when you file your tax return every year. You can see the federal tax bands here. Note that you will be able to apply your standard deduction, personal exemption and business expenses to this tax.
Incfile provides a cost-effective service to help you create your New York State LLC. We guide you through the process and handle most of the administrative steps, such as filing the articles of organization on your behalf. Our basic package also provides a free registered agent service for the first year. If you're looking for help to start an LLC, our comprehensive services provide outstanding value.
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|State Fee||State Filing Time||Expedited Filing Time|
|$200||5 Business Days||1 Business Day|
This report is mandatory and must be filed within the specified time frame in order for the entity to remain in good standing with the state. Failure to file this report can lead to the company being revoked or administratively dissolved.
Due Date: During anniversary month of organization.
Filing Fee: $18
Important: 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)
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