Forming a Limited Liability Company in New York State

1
Forming a Limited Liability Company in New York
State

• Prepared by
• JLZ Consulting Services LLC
• 179 Perkins Avenue
• Oceanside, New York 11572
• [phone]

2
Forming a Limited Liability Company in New York
StateWhat is an LLC?

• An unincorporated business organization
• of one of more persons or entities
• who have limited liability
• regarding contractual obligations
• and other liabilities of the business.

3
Forming a Limited Liability Company in New York
StateSteps to forming an LLC

• Select a name for the business and verify its
  availability
• Determine other requirements, if any
• File Articles of Organization with the Department
  of State with 200 fee
• Apply for a Federal ID Number
• Fulfill publication requirements
• Adopt a written operating agreement

4
Forming a Limited Liability Company in New York
StateSelecting the business name

• Must include the words Limited Liability
  Company, L.L.C., or LLC
• Must be distinguishable from all other business
  names on file with the NY Dept. of State
• Must not include certain words or phrases which
  are prohibited by NY State law
• To use words from a particular group of
  additional words, consent is needed from other
  state agencies

5
Forming a Limited Liability Company in New York
StateDetermining other requirements

• Certain types of businesses require licensing or
  permits
• The requirements for any potential business may
  be determined by a quick online service provided
  by NY State
• Customized links will be created for you to
  access the information you need

6
Forming a Limited Liability Company in New York
StateHow to file the Articles of Organization

• Fill out the uncomplicated form
• Mail, fax or deliver in person to the Dept. of
  State, Division of Corporations
• Payment of 200 may be made by check or credit
  card
• Request a certified copy (extra fee of 10)

7
Forming a Limited Liability Company in New York
StateHow to apply for a Federal ID Number

• Application can be completed online
• Must be done after LLC filing is accepted
• NY State OPAL web page provides a link to the IRS
  form
• Upon online submission of IRS form, a tax ID
  number is generated instantly

8
Forming a Limited Liability Company in New York
StateFulfilling publication requirements

• Information regarding the formation of your LLC
  must be published
• Your local county website will have information
  regarding publications you can use
• For Nassau County businesses, names and contact
  information of weekly and daily publications are
  provided for each community

9
Forming a Limited Liability Company in New York
StateAdopting a written operating agreement

• An operating agreement is the primary document
  establishing the rights, powers, duties,
  liabilities and obligations of the members
  between themselves and the LLC
• It is an internal document which is not filed
  with the NY Dept. of State
• NY State law is silent on the consequences of
  not adopting such an agreement
• Therefore

10
Forming a Limited Liability Company in New York
StateQuestions?

• Before we go to the online demonstration, would
  anyone like to have a question answered?

11
Forming a Limited Liability Company in New York
StateWebsite links

• New York State http//www.ny.gov/
• LLC guide http//www.dos.state.ny.us/corp/llcguide
  .html
• Corporation database http//appsext5.dos.state.ny.
  us/corp_public/corpsearch.entity_search_entry
• OPAL http//www.nys-permits.org/
• Articles of Organization http//www.dos.state.ny.u
  s/corp/pdfs/dos1336.pdf
• Nassau publication information http//www.nassauco
  untyny.gov/agencies/Clerk/ClerkServices/designated
  newspaper.html