We often get asked about the annual fees for New York LLCs. This is a great question and we love when our clients are able look past the set up costs to see the bigger picture.

In New York LLC maintenance is very cheap. From a legal perspective, The New York State Department of State requires that a Biennial Statement be filed every 2 years in order to keep the LLC in good standing. The filing process is easy and also affords the opportunity to update the address of the LLC (a frequent occurrence within the first 2 years of a new LLC). The filing fee is only $9 to boot!

Contrast this process to Delaware, another popular state for setting up LLCs. The Delaware annual Franchise Tax is $300, which means that the LLC has to pay about 30 times as much per year just to have a Delaware-based LLC set up (and also file every year as opposed to every other year).

Of course, if your LLC is making money there will be income taxes to pay, but from a legal perspective the maintenance of New York LLCs is very easy. For Clients using our Registered Agent Service, we even include the Biennial Statement filing fees in with the service so that our client’s LLCs never lose good standing.

For more information on our LLC Formation Services or Registered Agent Services send us an email to schedule a free phone consultation.