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FAQ: Frequently Asked Questions For New York
Name Endings
1. Do I have to use a designator in my corporation name?
The name must contain the word "Corporation," "Incorporated," "Limited," or an abbreviation thereof.
2. Can I use a financial institution as my corporation name?
No. The use of certain enumerated words and abbreviations including banking, insurance, and
various professions is prohibited or restricted.
3. Can I use LTD for my Limited Liability Company name?
The name of a LLC must end with "Limited Liability Company," "LLC," or "L.L.C."
Article Requirements
1. How many Directors and Officers do I need for my Corporation?
The minimum number may not be less than three, unless there are only one or two shareholders of
record; then the number of directors may be less than three but not less than the number of
shareholders.
2. Do I report the transfer of shares of stocks?
Stock can be transferred instantly and privately, without filing a public notice.
3. Do I need to publish my articles in a local newspaper?
Section 206 of the Limited Liability Company Law requires a notice related to the formation LLC to be
published in two newspapers for 6 consecutive weeks. Corporations do not have to publish. The
newspapers must be designated by the county clerk of the county in which the office of the LLC is
located. An affidavit of publication from each newspaper must be filed with the Department of State.
4. Should I create an Operating Agreement for my LLC?
The members of an LLC are required to adopt a written operating agreement. See Section 417 of the
LLC Law. The operating agreement may be entered into before, at the time of, or within 90 days after
the filing of the Articles of Organization. The operating agreement is the primary document that
establishes the rights, powers, duties, liabilities and obligations of the members between
themselves and with respect to the LLC.
5. Who is the Incorporator or Organizer?
IncSmart.biz and the filers are the Incorporators and Organizers for your new entity. It is the person
that completes and signs the articles and submits them to the Secretary of State. The Incorporator's
and Organizer's duties and title end after filing.
Taxes and Fees
1. Does New York have annual fees and reports?
The Corporation and Limited Liability Company have a Biennial Statement that is provided by the
Secretary of State.
2. When do I file the Bi Annual Reports?
The filing period for a business corporation or LLC is the calendar month in which its original
Certificate of Incorporation, Articles of Organization or Application for Authority was filed with the
Department of State. The Biennial Statement must be filed every two years.
Compliance Requirements
1. Will New York require me to have a local bank account?
New York does not require a local bank account to run your business from the state.
2. Does New York require me to have a local business address?
Aside from a registered agent address, owners are not required to maintain a physical address
within the state.
3. Do I need permission to dissolve my company?
The Certificate of Dissolution requires the consent of the State Tax Commission.
Filing Process
1. What is the process to file a new company in New York?
The New York Secretary of State averages around four (4) weeks to file new articles. They also have
an expedite service that can reduce your time to less than 4 days.
New York Order Forms
1. New York Corporations
2. New York Limited Liability Companies
3. New York Doing Business As (DBA)
5. New York UCC Statement
6. New York Foreign Qualification
7. New York Mail Forwarding Service
8. New York Bookkeeping Service
9. New York Amendment
1. Do I have to use a designator in my corporation name?
The name must contain the word "Corporation," "Incorporated," "Limited," or an abbreviation thereof.
2. Can I use a financial institution as my corporation name?
No. The use of certain enumerated words and abbreviations including banking, insurance, and
various professions is prohibited or restricted.
3. Can I use LTD for my Limited Liability Company name?
The name of a LLC must end with "Limited Liability Company," "LLC," or "L.L.C."
Article Requirements
1. How many Directors and Officers do I need for my Corporation?
The minimum number may not be less than three, unless there are only one or two shareholders of
record; then the number of directors may be less than three but not less than the number of
shareholders.
2. Do I report the transfer of shares of stocks?
Stock can be transferred instantly and privately, without filing a public notice.
3. Do I need to publish my articles in a local newspaper?
Section 206 of the Limited Liability Company Law requires a notice related to the formation LLC to be
published in two newspapers for 6 consecutive weeks. Corporations do not have to publish. The
newspapers must be designated by the county clerk of the county in which the office of the LLC is
located. An affidavit of publication from each newspaper must be filed with the Department of State.
4. Should I create an Operating Agreement for my LLC?
The members of an LLC are required to adopt a written operating agreement. See Section 417 of the
LLC Law. The operating agreement may be entered into before, at the time of, or within 90 days after
the filing of the Articles of Organization. The operating agreement is the primary document that
establishes the rights, powers, duties, liabilities and obligations of the members between
themselves and with respect to the LLC.
5. Who is the Incorporator or Organizer?
IncSmart.biz and the filers are the Incorporators and Organizers for your new entity. It is the person
that completes and signs the articles and submits them to the Secretary of State. The Incorporator's
and Organizer's duties and title end after filing.
Taxes and Fees
1. Does New York have annual fees and reports?
The Corporation and Limited Liability Company have a Biennial Statement that is provided by the
Secretary of State.
2. When do I file the Bi Annual Reports?
The filing period for a business corporation or LLC is the calendar month in which its original
Certificate of Incorporation, Articles of Organization or Application for Authority was filed with the
Department of State. The Biennial Statement must be filed every two years.
Compliance Requirements
1. Will New York require me to have a local bank account?
New York does not require a local bank account to run your business from the state.
2. Does New York require me to have a local business address?
Aside from a registered agent address, owners are not required to maintain a physical address
within the state.
3. Do I need permission to dissolve my company?
The Certificate of Dissolution requires the consent of the State Tax Commission.
Filing Process
1. What is the process to file a new company in New York?
- Choose a Name for your LLC or Corporation
- File your Articles with the Nevada Secretary of State
- Publish your Articles in the newspaper in the county where the LLC is Registered.
- Order your Tax ID Number
- Order your State Business License
- Receive copy of documents by email and originals by US Post
- Open a business checking account
The New York Secretary of State averages around four (4) weeks to file new articles. They also have
an expedite service that can reduce your time to less than 4 days.
New York Order Forms
1. New York Corporations
2. New York Limited Liability Companies
3. New York Doing Business As (DBA)
5. New York UCC Statement
6. New York Foreign Qualification
7. New York Mail Forwarding Service
8. New York Bookkeeping Service
9. New York Amendment
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