Forming an LLC is generally a good idea if you’re starting a business. If your business is based in New York, then you have to file your LLC with the New York state government. That way, you’re legal to operate and you avoid unnecessary fines and penalties.
However, if it’s your first time to form an LLC, then you need to know that it will involve quite a bit of paperwork. And that paperwork doesn’t end once you’ve formally established your LLC. To maintain the good standing of your Limited Liability Corporation, you have to periodically send in more paperwork.
These paper works include filing your LLC Biennial Statements. New York law requires all LLCs based in New York to file a Biennial Statement with the Secretary of the State of New York.
What is an LLC Biennial Statement?
An LLC Biennial Statement is a report you file every odd-numbered year In the State of New York, and it’s meant to furnish the state government with the crucial details regarding your LLC. This report should include any updated info or changes that may have happened since the last filing period. As the Biennial Statement contains crucial data, it’s also sometimes referred to as a statement of information.
Every LLC in most states has to submit its Annual reports. The required information may change a bit depending on the state, but usually, the report will contain the following information:
The name of the LLC
- The main business address of the LLC
- The names of each LLC member (owner), and their addresses
- All the crucial ID numbers for the LLC, such as the state entity number
- The main purpose of the LLC
- A list of authorized signatories
- Information regarding your registered agent
In the State of New York, there’s no option to do this by snail mail or in person, as these options take more time and effort anyway. The Biennial Statements have to be filed online through the New York Department of State biennial filing portal.
The good news is that you don’t have much to pay, as the cost of the Biennial Statement in the State of New York is 9 USD only. However, it may cost more if you fail to file the report on time, as it may result in the dissolution of your LLC. You’ll then have to spend money, time, and effort to reestablish the LLC.
Filing the Biennial Statement helps to make sure that your LLC is compliant with all state regulations. That should keep your LLC in good standing with the New York state government, ensuring that your business enjoys all the LLC benefits and protections.
If you’re a member (owner) of a New York LLC, you have to ensure that you send in these Biennial Statements on time. You’ll have to file your Biennial Statement on or before the last day of the month your LLC was formed/approved every other year. The State of New York does not require an initial statement. Therefore, your LLC’s first Biennial Statement is required the 2nd year after your LLC has been formed. For example, let’s assume your LLC was formed on January 27, 2021. Your first Biennial Statement will be due by January 30, 2023, and then 2025, 2027, etc.
To keep you from forgetting, the state helpfully sends out an email reminder to the email address of your registered agent in the early part of the month your LLC was formed. This is a great step by the State of New York, however, it is important that you set your own reminder to reduce the chances of forgetting.
It’s easy since you only have to go online. Here are the detailed steps you need to take to file your New York LLC Biennial Statement:
- Go to the Online filing portal of the Department of the State of New York.
- Input your LLC name and your DOS ID number to search for your LLC and then select your LLC name.
- You’ll be taken to a page that shows the details of your LLC.
- Confirm the name of your LLC, the address of your LLC, your Registered Agent information, etc.
- If all is correct, proceed to the next step. However, if a change is required, make the changes on the page.
- You’ll be required to make a payment of the 9 USD filing fee that the State Charges. Enter your payment information and submit the payment.
- The next page will confirm that you’ve submitted your Biennial Statement for Filing and have made the payment.
Again, just make sure you do all this on or before the last day of the month your LLC was formed/approved every 2 years. Your Biennial Statement will be processed immediately after submission.
Who Should Do This Task?
Basically, the right person to do the task is the person with access to the necessary information that must be included in the Biennial Statement. This can be a member or LLC officer. It can be someone that the LLC authorizes to file on its behalf.
It’s very possible that you can foist this task to professionals, such as the online service provider that helped you with the LLC formation procedure and provided you with its registered agent services. This may be part of a package (usually the medium or premium package), though it may be available as an extra service for a fee with the basic formation package.
This does save you a lot of time and tedium. Plus, you can concentrate on your business while the service deals with all the necessary report filing.
In addition, the service provider can maintain your privacy, as it will take care to submit only the absolutely required information. The privacy benefits may include the following:
- The service provider can list their contact information, so that you won’t have to file your residential address and personal smartphone number.
- The service provider will also list only their IP address. This limits the connection between your smartphone, personal PC, and LLC work computers. That way, advertisers can’t track you online.
- In case that the report asks for bank and credit card information (when the filing suddenly comes with a fee), then the service providers also furnish their own bank and credit card information. You still protect your own bank and credit card info.
An online service provider charges much more reasonable rates, compared to what a lawyer might charge. A reputable service provider can also file the Biennial Statement as soon as possible, so you can be sure that it won’t be late and your LLC won’t suffer any fines and penalties (such as dissolution). You can check our top brands such as ZenBusiness or Northwest Registered Agent.
There’s no uniform fee as to what a service provider will charge for filing the New York LLC Biennial Statement. The best brands in the business usually charge $100 or so.
If you’re the sole owner of the LLC and you have the time to spare, then it’s really no trouble doing this yourself. The main risk is that you may make a mistake, by entering the wrong information or by pressing the wrong keys. A professional with extensive experience with this task will be very unlikely to make those mistakes.
Still, it’s all up to you. Just make sure you get the Biennial Statement filing done for the year!