Updated October 25, 2024

How Much Does an LLC Cost in New York

By Nicole King
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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.

How much does it cost to set up an LLC in New York?
Here are the fees to consider:

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.

How do you plan to form your LLC?

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.

What's the cheapest way to start an LLC in New York?
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.

An LLC is the most common business structure used in New York because it offers liability protection for LLC owners.

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.

You need to publish a copy of the formation documents within 120 days of submitting your Articles of Organization (domestic LLC) or Application for Authority (foreign LLC).[3]

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.

How much does it cost to maintain an LLC in New York?
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.

2024 Federal Income Tax Rates:[10]

Tax RateTaxable Income
10%$0 to $11,600
12%$11,601 to $47,150
22%$47,151 to $100,525
24%$100,526 to $191,950
32%$191,951 to $243,725
35%$243,726 to $609,350
37%Over $609,350

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 - $300+
Operating Agreement$0 - $500+
Employer Identification Number (EIN)$0 - $99
Beneficial Ownership Information Report$0 - $149
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

What's your main concern when considering the cost of forming an LLC?

New York LLC Registered Agent Fee

Annual Cost: $0, or $100-$300/yr

In New York, you must have a registered agent to receive business and legal documents for your LLC. This includes government notices, tax forms, and annual reporting forms.

You can technically be your LLC's registered agent—as long as you're at least 18 and have a physical street address in New York. You must also be available to receive documents during business hours.

However, your address will be public record. So many LLCs like to hire a registered agent service to keep their personal details private. These services usually charge $100-$300 per year to be your registered agent.

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.

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.

Minimum Annual LLC Expenses

Is a registered agent required for my LLC in New York?
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 Operating Agreement

Cost: $0, or up to $500+

LLCs in New York are not required to have an operating agreement. However, it's recommended because it defines important rules and regulations that all members must follow.

An LLC operating agreement contains the following:

  • The roles and responsibilities of each member
  • How new or departing members will be treated
  • How business profits and losses will be divided

Ideally, you should already have a signed Operating Agreement before forming an LLC in New York. But if your LLC is already formed, you can always draft it yourself after.

Alternatively, an LLC attorney might charge you a $500 flat fee for a standard operating agreement. If you have more complex details, the cost could be higher.

Save money with a free operating agreement template.
You can write your own with free online operating agreement templates. If you want a professional to create it for you, LLC services usually offer this as a part of their packages for much less than attorney costs.

New York LLC Employer Identification Number

Cost: $0, or $50 to $99

Any LLC with more than one member or with employees must have an EIN, regardless of how it's taxed. This is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to identify a business entity for tax-related purposes.

You can just apply for an EIN for free on the IRS website. But if you'd like an LLC service to process it for you, you can do so for a small fee. Here are some providers that do this and their pricing:

Single-member LLCs in New York don't require an EIN, but it's almost essential in practice. For instance, you'll need one if you hire employees or want to open a business bank account.

Does my LLC need a bank account?
Yes. Separating your LLC's finances from personal assets is a requirement of liability shielding. Use a separate bank account to accept payments and pay business expenses to prevent piercing the corporate veil .

Beneficial Ownership Information Report

One-Time Cost: $0, or up to $149

The Beneficial Ownership Information (BOI) is a one-time report that must be submitted to the Financial Crimes Enforcement Network (FinCEN) within 90 calendar days of your LLC's formation.[13]

It includes information about the LLC's beneficial owners, including name, birth date, and address.

FinCEN doesn't charge a fee to submit your BOI report. But you can pay an LLC service to process it for you and save yourself the hassle:

You're considered a beneficial owner if you own 25% or more of the ownership interests in your LLC. Or if you exercise substantial control over the LLC.

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.[14]

Submitting the form and paying the $20 fee will reserve your business name for 60 days.

You need to know if another business entity in New York already uses your desired LLC name. You can check by using the New York Corporation and Business Entity Database for free.

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.[15]

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)

Check online to see if your business name is available as a web domain
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:

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.[16]

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:[17]

  • $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.[18]

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.[19]

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.[20]

This will update your LLC's registered agent information with the New York Department of State.

Is the New York Amendment Fee and Certificate of Change Fee the same?
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.

Business Website Domain

Annual Fee: $10 to $20

A website domain and social media presence provide dedicated online spaces for your business. It's essential for marketing, customer engagement, and brand visibility in today's digital world.

Even if you aren't planning to build a business website now, you could still buy the domain name. This will prevent others from using your LLC's name as a web address.

Beware of website domain squatters.
Domain squatters often monitor newly registered LLC names. They purchase corresponding website domains and then resell them at significantly higher prices.

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.

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.

LLC Cost by State

References

  1. ^ New York Department of State. Articles of Organization for Domestic Limited Liability Company, Retrieved 8/30/2024
  2. ^ New York Department of State. Application for Authority –Foreign Limited Liability Companies, Retrieved 8/30/2024
  3. ^ New York Department of State. Certificate of Publication for Domestic Limited Liability Company, Retrieved 8/30/2024
  4. ^ New York Department of State. Biennial Statements for Business Corporations and Limited Liability Companies, Retrieved 8/30/2024
  5. ^ New York Department of State. Limited Liability Companies (LLCs) and Limited Liability Partnerships (LLPs), Retrieved 8/30/2024
  6. ^ New York State Education Department. Office of the Professions Fees Chart, Retrieved 8/30/2024
  7. ^ City of Buffalo. License Applications & Code Requirements, Retrieved 8/30/2024
  8. ^ City of New York. Food Service Establishment Permit, Retrieved 8/30/2024
  9. ^ New York State Department of Taxation and Finance. Instructions for Form IT-201, Retrieved 08/16/2024
  10. ^ IRS. Federal Income Tax Rates and Brackets, Retrieved 08/16/2024
  11. ^ IRS. Self-employment Tax (Social Security and Medicare Taxes, Retrieved 08/16/2024
  12. ^ New York Department of State. Fee Schedules, Retrieved 8/30/2024
  13. ^ Financial Crimes Enforcement Network. Beneficial Ownership Information, Retrieved 10/02/2024
  14. ^ New York Department of State. Application for Reservation of Name, Retrieved 01/12/2024
  15. ^ New York Department of State. Certificate of Assumed Name for Domestic and Foreign Business Corporations, Retrieved 8/30/2024
  16. ^ New York Department of State. Certificate of Status, Retrieved 8/30/2024
  17. ^ New York Department of State. Fee Schedules, Retrieved 01/18/2024
  18. ^ New York Department of State. Certificate of Amendment, Retrieved 01/12/2024
  19. ^ New York Department of State. Certificate of Correction, Retrieved 01/12/2024
  20. ^ New York Department of State. Certificate of Change, Retrieved 01/12/2024

Write to Nicole King at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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