How Much Does an LLC Cost in New York
Forming an LLC in New York is not the easiest or cheapest process. Before you go all in, discover how much it will really cost you.
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Here are the fees to consider:
- Domestic LLC Formation Filing Fee: $200
- Foreign LLC Formation Filing Fee: $250
- Publication Fees: $80 - $2,000
- Certificate of Publication Filing Fee: $50
- Biennial Statement Fee: $9
- LLC Annual Fee: $25 - $4,500
- Professional License Fee: $25 - $788
- Local Business License Fees: $50 - $200
- Business Taxes: 4% to 10.9% of taxable income
- Optional/Add-On Fees: $0 - $200
Set Up Your LLC - $0 + State Fees
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- Lifetime compliance alerts
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Starting an LLC in New York isn't just about the paperwork. You also need to prepare for the associated costs, starting with the $200 LLC formation filing fee.
Without proper planning, these expenses can balloon, straining your budget and causing unexpected financial stress.
Don't let the costs catch you off guard. Discover the true cost of forming an LLC in New York below.
Domestic New York LLC Formation Filing Fee
Cost: $200
You must submit your Articles of Organization to the New York Secretary of State to officially form your New York LLC.[1]
The Articles of Organization is the most important document you'll fill out to start an LLC in New York. It contains the following:
- LLC name (ends with "LLC")
- County
- Purpose
- Duration (if your LLC will end)
- Management structure
- Filer's info (name and address)
You can submit the paperwork and accompanying fee in person, by mail, fax, or online.
You can lessen the cost of creating an LLC in New York by being your own registered agent and using a free LLC operating agreement.
Foreign New York LLC Formation Filing Fee
Cost: $250
If you already have an LLC in your home state and would like to expand your business into New York, you'll need to file an Application for Authority instead.[2]
You can register a foreign LLC in New York even if you don't have a local LLC in your home state. Before doing so, check both New York's requirements and your home state's requirements to ensure you're compliant.
New York LLC Publication Fees
Cost: $80 - $2,000
In New York, you're required to publish a copy of your LLC's Articles of Organization in two newspapers, one daily and one weekly.[3] You need to pay the publishing fees for both.
Publishing fees vary depending on location. For example, Albany publication fees can be as low as $80, while publications in New York may charge up to $2,000.
New York LLC Certificate of Publication Fee
Cost: $50
The newspaper company will send you a Certificate of Publication after publishing a copy of your LLC's Articles of Organization.
You'll need to submit the Certificate of Publication to the Department of State along with the filing fee.[3] This rule applies to both domestic and foreign LLCs in New York.
New York LLC Biennial Statement Fee
Cost: $9
An LLC in New York needs to file a Biennial Statement to keep its information with the state up to date.[4] It should be filed on your LLC's anniversary month every two years.
For example, if you started your business on March 15, 2023, your biennial report will be due in March 2025, March 2027, March 2029, and so on.
New York LLC Annual Fee
Cost: $25 - $4,500
An LLC in New York must pay an annual fee if it's treated as a partnership or disregarded entity. The exact fee varies depending on the LLC's income.
A disregarded entity is also called a single-member LLC (SMLLC). It's taxed like a sole proprietorship on a federal level.[5]
If your LLC elects to be treated as a corporation for federal income tax purposes, you will not have to pay an annual filing fee.
Annual filing fees typically range from $25 to $4,500. Meanwhile, the Biennial Statement has a fixed $9 fee.
New York LLC Professional License Fee
Cost: $25 - $788
You'll need to pay for a professional license if your LLC offers specialized services, like accounting, medical, and legal services.[6]
The New York Professional License fee varies depending on several factors, like your business' industry and your LLC's physical location, among others.
New York LLC Local Business Licenses
Cost: $50 - $200
Each city in New York has different requirements for owning and operating a business.
For example, a restaurant license in Buffalo might cost $200.[7] Meanwhile, a food service establishment license in New York City might cost $280.[8]
New York LLC Business Taxes
Cost: 4% to 10.9% of taxable income[9]
In New York, LLC profits and losses are typically reported on the owner's personal tax return. This means you'll owe state income tax, with rates ranging from 4% to 10.9%.
On top of that, you must also pay federal income taxes:[10]
| Tax Rate | Taxable Income |
|---|---|
| 10% | $0 to $11,000 |
| 12% | $11,001 to $44,725 |
| 22% | $44,726 to $95,375 |
| 24% | $95,376 to $182,100 |
| 32% | $182,101 to $231,250 |
| 35% | $231,251 to $578,125 |
| 37% | $578,126 and up |
Don't forget the 15.3% federal self-employment tax.[11] This tax covers Social Security and Medicare contributions.
New York LLC Optional/Add-On Fees
Optional fees include fees for expedited processing, obtaining certified copies, or changing registered agents.
They're not essential, but many LLCs in New York end up paying for these services because they either offer convenience or are necessary for specific situations.
To ensure you stick to your budget, consider planning for the following expenses as well:[12]
| New York LLC Optional/Add-On Fees | |
|---|---|
| Registered Agent Fee | $0 - $200 |
| Employer Identification Number (EIN) | FREE |
| Name Reservation Fee | $20 |
| Certificated of Assumed Name Fee | $25 |
| Certified Copy of Document Fee | $10 |
| Certificate of Status Fee | $25 |
| Expedited Handling Fees | $25 - $150 |
| Certificate of Amendment Fee | $60 |
| Certificate of Correction Fee | $60 |
| Certificate of Change Fee | $30 |
New York LLC Registered Agent Fee
Cost: $0 - $200
A registered agent is your LLC's main point of contact with the state. They're also responsible for accepting legal documents, especially if your business is sued.
The Secretary of State is the registered agent for all New York LLCs by default. However, you can still assign someone else to be the registered agent for your New York LLC.
Just make sure your New York registered agent is:
- At least 18 years or older
- Residing in New York
- Available during business hours
Curious to know how much it costs to maintain an LLC in New York? Use the calculator below to get a clear picture of your ongoing expenses.
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Registered Agent - $249/Year
- Includes unlimited cloud storage for your business documents
- Includes a Compliance Calendar (valued at $69) for critical tax and annual report deadlines
- Renews automatically each year. Renewal rate is subject to change.
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Registered Agent - $199/Year
- Get a registered agent for LLCs and corporations
- Available in 50 states
- Get notifications via mail of important legal notices
- Find important documents scanned and uploaded to your dashboard
Yes, a New York LLC is required to have a registered agent. This person or registered agent service is responsible for receiving important legal documents on your LLC's behalf.
New York LLC Employer Identification Number
Cost: FREE
An Employer Identification Number (EIN) is a nine-digit number issued by the Internal Revenue Service (IRS).
It's a business ID you can use for the following:
- Tax reporting purposes
- Opening a business bank account
- Hiring employees
You can get one for free by applying directly with the IRS.
New York LLC Name Reservation Fee
Cost: $20
To reserve a business name, you need to submit an Application for Reservation of Name to the New York Department of State.[13]
Submitting the form and paying the $20 fee will reserve your business name for 60 days.
New York LLC Certificate of Assumed Name Fee
Cost: $25
An assumed name (or DBA) allows your business to operate under a name that's different from your LLC's official name.
To apply for one, you'll need to submit a Certificate of Assumed Name and pay a $25 fee.[14]
However, when naming your New York LLC, be sure you choose one that:
- Is available for use in the state of New York
- Meets New York naming requirements
- Is available as a web domain (optional)
Even if you're not building a business website yet, you can buy the URL to prevent others from acquiring it before you do.
New York LLC Certified Copy of Document Fee
Cost: $10
You might need a certified copy of your New York LLC documents for a variety of reasons. A New York LLC Certified Copy of Document may be required for:
- Registering an LLC in another state
- Opening a business bank account
- Showing proof of business to investors
You can request certified copies through the Business Express online portal, by mail, fax, or in person.
New York LLC Certificate of Status Fee
Cost: $25
A Certificate of Status in New York verifies that your LLC is legally registered and in good standing with the state.[15]
You might need this certificate if you're applying for business loans, engaging in contracts, or conducting business in other states.
You can request a Certificate of Status from the New York State Department of State, Division of Corporations with a written request sent by mail, fax, or in person.
New York LLC Expedited Handling Fees
Cost: $25 - $150
You can pay to have your LLC formation documents processed faster than the standard processing time.
With expedited handling, the New York Department of State will prioritize your paperwork, so you get your LLC more quickly.
The cost depends on how fast you want your LLC formed:[16]
- $25: within 24 hours
- $75: within the same day
- $150: within 2 hours
New York LLC Certificate of Amendment Fee
Cost: $60
You might need to make changes to your LLC's details after filing the paperwork with the New York Department of State. These could be altering the LLC's name, its management structure, or its principal office address.
To make the changes, you need to file a Certificate of Amendment with the New York Department of State and pay a $60 filing fee.[17]
New York LLC Certificate of Correction Fee
Cost: $60
If you realize there are errors in your Articles of Organization after submitting them, don't worry, you can still fix them.
Just submit a Certificate of Correction with the $60 fee to the New York Department of State to correct them.[18]
New York LLC Certificate of Change Fee
Cost: $30
If you want to change your LLC's registered agent in New York, you need to file a Certificate of Change with the $30 filing fee.[19]
This will update your LLC's registered agent information with the New York Department of State.
No, they're not the same. The New York LLC Amendment Fee is the cost of amending the Articles of Organization. This might be necessary if there are major changes to the LLC's structure, name, or purpose.
Meanwhile, the New York LLC Certificate of Change Fee is the cost of changing the LLC's registered agent, office address, or other similar changes.
Is it Worth Forming an LLC in New York?
It could be worth forming an LLC in New York because it attracts millions of tourists yearly. This creates a steady flow of potential customers and generates billions in revenue - a huge pie you can have a share of.
Just remember that New York has a high cost of living and doing business. To start, you must have a budget for the formation filing fee, publication fee, and business permits.
Should I Hire LLC Formation Services?
It's a good idea to hire LLC formation services if you've never formed an LLC before. They handle all the paperwork and help you avoid costly mistakes.
You don't have to spend hundreds of dollars either. The cheapest LLC filing services can help you start an LLC for free.
Set Up Your LLC - $0 + State Fees
- Free business plan included (no credit card required)
- Lifetime compliance alerts
- Comprehensive name check
- Lifetime customer support via email and phone
Business Formation Service - $39 + State Fees
- Form Your LLC, Corporation, or Nonprofit Today
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Economy Package at $149 + State Filing Fees
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Starter - $0 + State Filing Fees
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Bottom Line
New York isn't the most budget-friendly state for LLCs. You have to pay a minimum of $200 to start a New York LLC or $250 if you're from another state. On top of that, there's the biennial statement, annual fee, and publication fees to consider.
Being prepared for these costs lessens the financial shocks down the road. Now that you're armed with this knowledge, you're on the path to launching a successful and financially savvy business.
| Alabama LLC Costs | Alaska LLC Costs | Arizona LLC Costs |
|---|---|---|
| California LLC Costs | Colorado LLC Costs | Delaware LLC Costs |
| Florida LLC Costs | Georgia LLC Costs | Illinois LLC Costs |
| Indiana LLC Costs | Louisiana LLC Costs | Maryland LLC Costs |
| Massachusetts LLC Costs | Michigan LLC Costs | Nevada LLC Costs |
| New Jersey LLC Costs | New York LLC Costs | North Carolina LLC Costs |
| Ohio LLC Costs | Pennsylvania LLC Costs | South Carolina LLC Costs |
| Tennessee LLC Costs | Texas LLC Costs | Virginia LLC Costs |
| Wyoming LLC Costs |
References
- ^ New York Department of State. Articles of Organization for Domestic Limited Liability Company, Retrieved 8/30/2024
- ^ New York Department of State. Application for Authority –Foreign Limited Liability Companies, Retrieved 8/30/2024
- ^ New York Department of State. Certificate of Publication for Domestic Limited Liability Company, Retrieved 8/30/2024
- ^ New York Department of State. Biennial Statements for Business Corporations and Limited Liability Companies, Retrieved 8/30/2024
- ^ New York Department of State. Limited Liability Companies (LLCs) and Limited Liability Partnerships (LLPs), Retrieved 8/30/2024
- ^ New York State Education Department. Office of the Professions Fees Chart, Retrieved 8/30/2024
- ^ City of Buffalo. License Applications & Code Requirements, Retrieved 8/30/2024
- ^ City of New York. Food Service Establishment Permit, Retrieved 8/30/2024
- ^ New York State Department of Taxation and Finance. Instructions for Form IT-201, Retrieved 08/16/2024
- ^ IRS. Federal Income Tax Rates and Brackets, Retrieved 08/16/2024
- ^ IRS. Self-employment Tax (Social Security and Medicare Taxes, Retrieved 08/16/2024
- ^ New York Department of State. Fee Schedules, Retrieved 8/30/2024
- ^ New York Department of State. Application for Reservation of Name, Retrieved 01/12/2024
- ^ New York Department of State. Certificate of Assumed Name for Domestic and Foreign Business Corporations, Retrieved 8/30/2024
- ^ New York Department of State. Certificate of Status, Retrieved 8/30/2024
- ^ New York Department of State. Fee Schedules, Retrieved 01/18/2024
- ^ New York Department of State. Certificate of Amendment, Retrieved 01/12/2024
- ^ New York Department of State. Certificate of Correction, Retrieved 01/12/2024
- ^ New York Department of State. Certificate of Change, Retrieved 01/12/2024
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