State fees for LLC formation in New York vary between $45 and $500. That’s the minimum you should budget. Setting up an LLC costs $200 for the Articles of Organization.
New York LLCs don’t pay state or federal taxes. However, they must pay annual filing fees. Rather than a one-size-fits-all approach, the fees are based on gross income. LLC annual fees in New York range from $25 to $4,500. You must file within 60 days of your LLC’s tax year.
To maintain an LLC you’ll pay state sales tax, state income tax, and federal taxes.
In New York, LLCs are generally exempt from federal and state income tax, but they are still obligated to pay an annual filing fee, which is determined based on the LLC’s gross income:
- $25 annual report fee: businesses earning $100,000 and below
- $50: $250,000 and below
- $175: $500,000 and below
- $500: $1,000,000 and below
- $3,000: $25,000,000 and below
Biennial Statement: The New York LLC Biennial Statement costs $9 every 2 years.
Taxes: To maintain an LLC in New York you will need to pay state sales & use tax at 4.5%, state income tax at 4% to 10.9%, and federal taxes.
When you publish in New York state, you’re restricted to the county you list as your address of business. That address can belong to your registered agent, meaning if you find the right service, you can literally save over $1000 in publishing costs.
Foreign Entities: Foreign entities wishing to do business in New York must remember to include a Certificate of Existence or Good Standing with their application.
Formation Costs: If you are planning to form a limited liability company in New York then there will be certain types of costs associated with it, including the initial formation cost of $200 for filing articles of organization.
Annual Renewal: Each LLC formed in New York must pay an annual filing fee to the New York Department of Taxation and Finance by filing Form IT-204-LL within 60 days following the end of your LLC’s tax year. The fee can vary from $25 to $4,500. The New York LLC Biennial Statement costs $9 every 2 years.