New York Biennial Statement

You did it. Your New York LLC is officially up and running, ready to take on challenges, roll in the profits, and change the world.

There’s no doubt that this is an exciting time in your business journey. After starting your LLC, it’s easy to get carried away in all the excitement and expectations. After all, as a new business owner, you’ve got a lot on your plate.

But the state does too. They need to keep updated records on thousands of businesses so that they can effectively reach out with any important tax or legal communications down the road. How do they do it? With your cooperation, of course.

In New York, an LLC must file a Biennial Statement with the Department of State every other year. This document helps the state keep its business records updated regarding all commercial activity within its borders. Unsure how to go about it? Never even heard of it? No worries at all. That’s why we’re here. Keep reading for everything you need to know.

Find Your Zen

What Is the New York Biennial Statement? Why Is It Important?

Consider a Biennial Statement the state’s yearly checkup on your LLC. It’s similar to a census in that its purpose is to collect the necessary contact and structural information about each New York business.

Each state has its own annual or biennial reporting requirements, and some don’t even require them. But in most states, you’re required to submit one per year that includes your LLC name, principal office address, registered agent information, and member/manager names and addresses. Whether you run a domestic or foreign LLC, you should plan on submitting a Biennial Statement.

Don’t be intimidated, but it’s not something you want to take lightly. This is how the state updates your LLC’s record with the most recent information. They need to know how to reach you with important information about your business status, upcoming filings, taxes, and service of process.

For example, if you change your registered agent, or your current agent resigns, you’ll need to keep the state informed so they can update their contact information. Miss one of their communications and your LLC in New York might end up falling out of good standing or, even worse, being administratively dissolved.

Moreover, keeping your information current will help other businesses and potential customers find you. If the Secretary of State has the most updated data on record, anyone – including future partners and clients – can find your business by performing a name search.

How Much Does the New York LLC Biennial Statement Fee Cost?

If you’re putting together a budget for all your LLC’s costs – like formation costs, name reservation fees, and initial operating expenses – it’s important to include biennial filings like this one, just so that there are no surprises.

Costs vary from state to state. Some are free while others can be several hundred dollars. New York’s Biennial Statement fee is pretty minimal, just $9, so it won’t put a dent in your budget.

Due Date and Frequency for a Biennial Statement in New York

As the name suggests, you will only need to file a Biennial Statement every other year by the end of your LLC’s anniversary month (the month it was originally formed). New York doesn’t have an “Initial Report” requirement, so your first report will be due two years after you file your Articles of Organization to form your LLC. So, if you started your business on June 10, 2021, your first report would be due by June 30, 2023.

What Happens if You Don’t File?

You might be thinking, “that sounds like a pain. How bad could it be if I just fly under the radar?” The short answer: don’t try it. Failing to file your Biennial Statement can yield some serious consequences.

In the event that the Biennial Report slips your mind and you miss your due date, don’t worry. There’s no late fee, but this doesn’t mean you’re completely off the hook. Missing a Biennial Report will cause your business to lose its good standing with the state, so make sure to file any outstanding reports ASAP.

Required Information

The Biennial Statement filing process is fairly easy, as long as you know your updated business information. Here’s the information it requires:

  • DOS ID number (if you don’t know this number, you can find it by accessing your LLC’s state record through a business entity search)
  • LLC name
  • Service of process address
  • Signer name
  • Credit card information

The only piece of information that might change between statements is your service of process address. Even if you need to update this address on the form, the filing shouldn’t take long at all.

Filing Options

New York has streamlined the Biennial Statement filing process by requiring that all businesses submit their statements online. This is good news for you because you can complete the entire process from home and the state will process your form immediately.

Head over to the Department of State’s online filing portal. Simply enter your DOS ID number and business name and you’ll be directed to a page that shows your current business information. Update anything that has changed, enter your payment information, and click “Next.” This will officially file your statement.

You can only submit electronic Biennial Statements during your LLC’s anniversary month every other year. If you need to file outside of that month, you will need to email the Department of State at corporations@dos.ny.gov to receive a paper form.

Does the State Send Reminders?

Reminders are always nice. They help you stay on top of your business requirements and ensure that you won’t fall out of good standing.

The state is on your side and will help you remember your Biennial Statement due date. If you have a business email address on file for your LLC, they will send you an email reminder at the beginning of its anniversary month. But it’s wise to supplement that with your own system of reminders. Put it in your phone or planner, or leave a note on your desk, whatever will help make sure you don’t forget.

Conclusion

There you have it, everything you need to know about New York’s reporting requirements. Follow this guide to a T and your LLC will be prepared to operate smoothly and in good standing long into the future.

And remember, if at any point it seems overwhelming, you’re not alone. A good LLC service like ZenBusiness (or LegalZoom) can be a valuable resource, taking care of all the little details, so you can focus on growing your business.


Frequently Asked Questions

About Filing the New York LLC Biennial Statement

Should I use a Biennial Statement service, hire an attorney, or prepare and file my own reports?

This question largely comes down to personal preferences, but we do have some general insights. The DIY route can be quite a bit of work, as you’ll need to keep track of your due dates and complete the entire report on your own with no assistance. As for hiring an attorney, this can be prohibitively expensive for many businesses, as a lawyer can charge hundreds or even thousands of dollars to prepare and file your Biennial Statements.

You can think of business services companies as a middle ground between these options. While most of these companies charge a fee to prepare and file your Biennial Statements, that fee will be significantly less expensive than an attorney’s fee. At the same time, you still aren’t going it alone. Instead, you have an experienced professional guiding you through the entire process.

I’ve heard the most about LegalZoom. Are they the best Biennial Statement service?

LegalZoom is the most well-known of all business services companies, thanks to its long track record and extensive advertising campaigns. That said, all of that brand power comes at a cost, as LegalZoom’s pricing and features don’t always compare advantageously to its competitors. While we do appreciate LegalZoom’s Biennial Statement filing service, it isn’t our top choice.

When is my Biennial Statement due?

You need to file your New York LLC’s Biennial Statement every other year by the end of your LLC’s anniversary month. Therefore, if you form your LLC on January 3, 2022, you won’t need to file a Biennial Statement until January 31, 2024.

Does New York require LLCs to file initial reports?

In some states, LLCs are also required to file initial reports. These reports are typically quite similar to annual or biennial reports, with the difference being that an initial report either accompanies your formation documents or follows their filing within a couple of months.

However, New York does not require initial reports from LLCs. This state gathers all of the information it needs for the first two years of your LLC’s existence in your Articles of Organization.

What if I need more time to complete my Biennial Statement?

The state of New York does not offer extensions for LLCs missing their Biennial Statement due dates. However, the state does not assess late fees for Biennial Statements. That said, you will lose your LLC’s good standing if you miss your deadline, so you should still file your missing Biennial Statement as soon as possible.

Where can I find more official information about New York’s LLC Biennial Statement requirements?

The best resource for information straight from the state is New York’s Department of State Existing Corporations and Businesses page. Here, you’ll find info about common filing issues, due dates, service of process, and much more.

About Us | Privacy Policy | Terms of Use

BestLLCServices.com is a website now owned by ZenBusiness Inc. BestLLCServices.com reviews products and services that the ZenBusiness family of sites sells. Readers should be aware of this when evaluating service providers, reading reviews, and making purchase decisions.