How to File an Annual Report in New York 2024: A Step-by-Step Guide

How to File an Annual Report in New York

Master the art of juggling business responsibilities in New York, also known as The Empire State! Keep your LLC thriving by filing an annual report in New York and remaining in good standing. Our comprehensive guide simplifies the process, helping you easily meet government regulations and maintain up-to-date records.

With LLCBase, learn the requirements, deadlines, and steps to complete this essential task successfully. Let’s embark on this pivotal aspect of your entrepreneurial journey and secure the ongoing success of your New York LLC in the dynamic New York business landscape.

What is an Annual Report in New York

The New York LLC annual report, or Statement of Information, is a document that every LLC registered in New York must file with the Secretary of State to update their business information. This includes the LLC’s name, address, registered agent, and manager/member information.

In New York, an LLC’s initial Statement of Information is due by the end of the month of formation of the formation of the LLC, and subsequent reports are due every 2 years (end of anniversary month) year by the end of the month in which the LLC was formed.

The filing fee for a New York LLC annual report is currently $4.50, and there is an additional $250 penalty for late filings.

Annual Report Required Information

Before you begin the filing process, gather all the necessary information about your LLC. This includes:

  • The name of your LLC
  • The New York Secretary of State file number
  • The mailing address of your LLC
  • The name and address of your registered agent in New York
  • The names and addresses of your LLC’s managers or members
  • A brief description of your LLC’s business activities
  • The principal office address of your LLC
  • Whether your LLC is member-managed or manager-managed
  • The Employer Identification Number (EIN) of your LLC, if applicable
  • The contact information of the person responsible for filing the annual report, such as their name, title, phone number, and email address
  • Any additional information or updates that have occurred since your last filings, such as changes in management structure or significant business developments

Preparing this information in advance will simplify completing and submitting your New York LLC annual report. When starting a business in New York, ensuring the accuracy and completeness of the information you provide is essential. Any errors or omissions may lead to delays in processing or potential penalties for non-compliance. Furthermore, maintaining up-to-date records of your LLC’s essential details will help you to stay organized and make future filings more manageable.

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Steps to Filing Your Annual Report in New York

Ready to tackle your annual report for your New York LLC? Just follow these step-by-step instructions, and you’ll have it done in no time – making sure your business stays compliant and up-to-date with ease!

Step 1: Fill Out the Annual Report Form

The Form DOS-1363 includes your LLC’s name, New York Secretary of State file number, mailing address, and principal office address. You must also provide the name and street address of your registered agent in New York, who will be responsible for receiving legal correspondence on behalf of your LLC.

Step 2: Provide the Names and Addresses

Depending on whether your LLC is member-managed or manager-managed, include the names and addresses of all relevant parties in the appropriate fields on the form.

Step 3: Description of Your LLC

Describe the primary purpose and nature of your LLC’s operations. Be concise, but ensure the description accurately reflects your business activities.

Step 4: Sign and Date the Form

If you are filing online, you will be prompted to sign the form electronically using an e-signature. For mail-in filings, print the completed form and sign it by hand. Ensure that the person signing the form has the proper authority, such as an LLC member or manager.

Step 5: Pay the Annual Report Filing Fee

You must pay the annual report filing fee. The fee is $4.50. You can pay the fee online using a credit card or e-check. For mail-in filings, include a check or money order made payable to the “Secretary of State” with your completed form.

Step 6: Submit the Form

For online filings, click “Submit” on the New York Secretary of State’s online platform to complete the submission process. You will receive a confirmation of receipt upon successful submission. For mail-in filings, send the completed form and payment to the following address:

Department of State Division of Corporations, State Records and Uniform Commercial Code, One Commerce Plaza, 99 Washington Ave., Albany, NY 12231

There are two ways to file your New York LLC annual report: online or by mail.

  • Online: Visit the New York Secretary of State‘s website. From there, click on “Limited Liability Company (LLC) Statements of Information.” Follow the prompts to file your annual report electronically. You can pay the filing fee using a credit card or an e-check.
  • By mail: If you prefer to file by mail, you can download the Form DOS-1363 form from the New York Secretary of State’s website. Complete the form, attach a check or money order for the $4.50 filing fee, and mail it to the address provided on the form.

It is essential to double-check all the information on the form before submitting it, as errors or inconsistencies may cause delays in processing or potential penalties.

Regardless of your chosen method, filing your New York LLC annual report on time is crucial to avoid penalties and maintain good standing with the state. Regularly reviewing and updating your LLC’s information ensures that you are prepared for future filings and helps you stay organized, allowing you to focus on growing your business.

When is an Annual Report Due in New York

The New York LLC annual report is due every 2 years (end of anniversary month) by the end of the anniversary month of your LLC’s formation. Filing this report on time is crucial, as failure to do so can result in penalties and even the suspension or dissolution of your LLC.

The filing fee for a New York LLC annual report is $4.50. If you file late, there is a $250 penalty in addition to the regular filing fee. Staying on top of your annual report filing is essential to avoid unnecessary penalties and maintain good standing with the state.

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Common Mistakes to Avoid

Just a heads-up – we’ve noticed that many business owners tend to make these common mistakes when filing their annual reports. Keep an eye out to avoid them!

A. Late Filing

Filing your Statement of Information late can result in penalties and may jeopardize your LLC’s good standing with the state. Keep track of your filing deadlines and submit your report on time. A calendar or reminder system can help you stay on top of these deadlines and avoid late fees.

B. Incorrect or Missing Information

Incorrect or missing information can result in processing delays, rejection of your filing, or potential penalties for non-compliance.

  • Inaccurate Registered Agent Information: Your registered agent is responsible for receiving legal and tax documents for your LLC. Misleading registered agent information could result in missed notices and potential legal issues.
  • Incorrect Principal Office Address: Your LLC conducts business at the principal office address. Providing a correct address could lead to clarity and misdirected correspondence.
  • Incomplete or Inaccurate Member/Manager Information: Ensure all members’ or managers’ names and addresses are accurate and up-to-date. Only complete or accurate information can cause issues with the state and affect your LLC’s operations.
  • Not Updating Changes: If any changes occur within your LLC, such as a change in registered agent, office address, or member/manager information, it is crucial to update your Statement of Information accordingly.
C. Not Filing At All

Failing to file your Statement of Information can have severe consequences for your New York LLC, including suspension or forfeiture of your LLC status. In addition to these consequences, there are further complications that may arise:

  • Difficulty Obtaining Financing: Lenders may hesitate to provide financing to an LLC not in good standing with the state, which may indicate potential legal or financial issues.
  • Loss of Limited Liability Protection: One of the primary benefits of forming an LLC is the limited liability protection it provides its members. If your LLC loses its good standing, this protection may be at risk, leaving members personally liable for the LLC’s debts and obligations.
  • Challenges in Business Transactions: If your LLC is not in good standing, you may face challenges in conducting business transactions, such as entering into contracts or opening bank accounts.

To avoid these common mistakes and ensure your New York LLC’s continued success, stay organized, communicate with your registered agent, and stay informed about changes in state requirements. Regularly reviewing your LLC’s records and working with professionals, such as attorneys or accountants, can help you maintain compliance and avoid costly errors.

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Failing to File an Annual Report

Failing to file your New York LLC annual report within the specified deadline can result in severe consequences for your business. Late fees may be imposed, and your LLC may face suspension or even dissolution by the state. It is essential to stay compliant by submitting your annual report on time and ensuring all information is accurate to maintain your LLC’s good standing and avoid these adverse outcomes.

A. Penalties

Missing the deadline for filing your New York LLC’s Statement of Information can result in a late filing penalty of $250 imposed by the New York Secretary of State. This penalty is in addition to the standard $4.50 filing fee and can be avoided by ensuring the timely submission of your annual report.

B. Suspension/Forfeiture of LLC Status

Failing to file your Statement of Information or comply with other state requirements can lead to suspending or forfeiting your New York LLC’s status. This means your LLC loses its good standing and becomes ineligible to conduct business in the state, which can have significant legal and financial consequences.

C. Reinstatement Process

If your LLC has been suspended or forfeited due to non-compliance, you can take steps to reinstate it. The reinstatement process typically involves the following:

  1. Filing all past due Statements of Information, ensuring that all required information is accurate and up to date.
  2. Paying any outstanding penalties, including late filing fees and any other fines that may have been imposed.
  3. Submitting a completed Application for Revivor form to the New York Secretary of State and any required supporting documentation.
  4. Resolving any outstanding tax obligations with the New York New York State Department of Taxation and Finance.

Once you have fulfilled these requirements, the New York Secretary of State will review your reinstatement application. If approved, your LLC will be restored to good standing and regain its ability to conduct business in the state. Remember, maintaining compliance by submitting your annual reports on time and addressing any issues promptly is always more efficient and cost-effective.

Tips for Filing an Annual Report

  • File early: To avoid late fees and possible suspension or dissolution of your LLC, file your annual report well before the due date.
  • Double-check your information: Ensure that all the information you provide on the form is accurate and current to avoid processing delays or rejection of your filing.
  • Keep a copy: Whether you file online or by mail, keep a copy of the completed form and proof of payment for your records.
  • Set a reminder: To ensure you can attend the filing deadline in the future, set a reminder for yourself to file your New York LLC annual report each year.
  • Utilize online resources: The New York Secretary of State’s website provides valuable information, forms, and guidelines for filing your annual report. Familiarize yourself with the site to ensure you follow the correct procedures and use the proper forms.
  • Update your records regularly: Throughout the year, keep your LLC’s records updated, including any changes in management, addresses, or business activities. This makes filing your annual report easier and helps maintain accurate records for your business.
  • Verify your registered agent information: Make sure the registered agent’s name and address are current, as they are responsible for receiving legal correspondence on behalf of your LLC.
  • Consider filing online: Online filing is typically faster and more convenient than mail-in submissions, offering instant confirmation and quicker processing times.
  • Consult a professional if needed: If you need clarification on filing your annual report, consider consulting with a legal or accounting professional specializing in business compliance. They can provide guidance and ensure that your filing is done correctly.
  • Stay informed: Be informed about changes in New York’s LLC filing requirements, fees, or deadlines. Regularly check the Secretary of State’s website for updates and sign up for any relevant newsletters or notifications.

Seek the Help of a Registered Agent

Each state has its own set of rules and regulations regarding the filing of Annual Reports. Typically, these reports are submitted annually, but in some states, they are only required biennially or once every ten years.

There are numerous factors to consider when filing reports or paying taxes, such as timing, filing methods, appropriate addresses, exemptions, legal requirements, and annual report compliance. To help navigate these complexities, it is recommended that an LLC hires a Registered Agent. Explore the best registered agent services in New York that provide comprehensive assistance at a reasonable cost.

An experienced agent is necessary for the following:

  1. Streamlining the necessary processes and filing procedures, ensuring a smoother experience.
  2. Facilitating the sending and receiving of crucial documents on your behalf.
  3. Providing timely reminders about critical filing dates and tax payment deadlines, reducing the risk of missing important deadlines.
  4. Simplifying the filing process makes it less daunting and more manageable.
  5. Helping you avoid costly penalties and maintain compliance with regulatory requirements.
  6. Offering flexible working arrangements, adapting to your business needs.
  7. Ensuring the privacy and protection of your personal information by keeping your records off public databases.

FAQs

What is an annual report?
An annual report is a financial and business document that certain entities are required to file with the state of New York each year.
Who is required to file an annual report in New York?
Corporations, LLCs, and LLPs registered in New York are required to file an annual report.
When is the deadline to file an annual report in New York?
The deadline to file an annual report in New York is typically on the last day of the entity’s anniversary month.
How can I file an annual report in New York?
You can file an annual report in New York online, by mail, or in person.
What information is needed to file an annual report in New York?
The entity’s name and address, details of any changes to the entity’s officers or directors, and information about the entity’s assets and liabilities are usually required to file an annual report in New York.
What is the cost to file an annual report in New York?
The cost to file an annual report in New York is typically $25.
Can I file multiple annual reports at once in New York?
Yes, you can file multiple annual reports at once in New York if you have more than one entity registered with the state.
What happens if I don’t file an annual report in New York?
If you fail to file an annual report in New York, your entity may be considered delinquent, and you may face penalties or loss of your entity’s good standing.
How can I find the deadline for my entity’s annual report in New York?
You can find the deadline for your entity’s annual report in New York by checking the state’s entity database or contacting the New York Department of State.
Can I file an annual report for a foreign entity in New York?
Yes, you can file an annual report for a foreign entity in New York if that entity is authorized to do business within the state.
How long does it take for an annual report to be processed in New York?
The processing time for an annual report in New York can vary, but it can typically take several weeks.
Do I need to file my annual report in New York if my entity is nonprofit?
Yes, nonprofit entities registered in New York are still required to file an annual report.
Is there a late fee if I file my annual report after the deadline in New York?
Yes, there is a late fee of $25 if you file your annual report after the deadline in New York.
Can I file an annual report for my entity in New York if it is no longer in operation?
Yes, you should still file an annual report for your entity in New York even if it is no longer in operation.
Can I file an annual report for a dissolved entity in New York?
No, if an entity has been dissolved in New York, it is no longer required to file an annual report.
Can I change my entity’s registered agent while filing an annual report in New York?
Yes, you can typically change your entity’s registered agent while filing an annual report in New York.
Can I file my New York entity’s annual report myself or do I need a lawyer?
You can file the annual report yourself without needing a lawyer in New York.
What happens if I accidentally miss the deadline to file my annual report in New York?
If you accidentally miss the deadline to file your annual report in New York, you can still file it, but you may be subject to late fees or other penalties.
How often do I need to file an annual report in New York?
You need to file an annual report in New York once a year.
Can I file my annual report in person in New York?
Yes, you can file your annual report in person at the New York Department of State.
Can I file my annual report in New York before the official deadline?
Yes, you can file your annual report in New York before the official deadline.
How can I get a copy of a previously filed annual report in New York?
You can request a copy of a previously filed annual report for your entity in New York from the state.
Are foreign entities that simply conduct business within New York required to file an annual report in New York?
Yes, foreign entities that simply conduct business within New York are still required to file an annual report.
Can I file an annual report in New York without registering my entity in the state?
No, if your entity is not registered in New York, you cannot file an annual report in the state.
What happens if I file my annual report late in New York?
If you file your annual report late in New York, you may be subject to penalties or loss of your entity’s good standing.
How do I know if my entity has successfully filed its annual report in New York?
You can check the status of your entity’s annual report filing in New York on the state’s website.
To whom do I make my check payable for the annual report filing fee in New York?
Make your check payable to the New York Department of State for the annual report filing fee in New York.
Can I file my annual report by phone in New York?
No, you cannot file your annual report by phone in New York, but you can file it online or by mail.
Who needs to file an annual report in New York?
All domestic and foreign corporations and LLCs doing business in New York must file an annual report.
What is the deadline for filing an annual report in New York?
The deadline for filing an annual report in New York is March 15th for corporations, and June 1st for LLCs.
How do I file an annual report in New York?
Annual reports can be filed online through the New York Department of State’s website.
What is the fee for filing an annual report in New York?
The fee for filing an annual report in New York for a corporation is $9, and for an LLC it is $25.
What information do I need to include in an annual report in New York?
You need to include information about the company’s financial performance, current directors and officers, registered agent information, and any changes to the company’s registered address.
Can I file my annual report by mail instead of online in New York?
No, you cannot file your annual report by mail in New York. All annual reports must be filed electronically.
What happens if I don’t file my annual report in New York?
Failure to file an annual report by the deadline can result in the state of New York administratively dissolving your corporation or revoking your LLC’s authority to do business in New York.
Can I file an extension for my annual report in New York?
No, you cannot file for an extension for your annual report in New York. The deadline is March 15th for corporations and June 1st for LLCs.
Do I need to have an attorney to file an annual report in New York?
No, you do not need an attorney to file an annual report in New York. However, you may want to consult with an attorney to ensure that everything is filed correctly.
Can I file an annual report for a suspended corporation in New York?
No, you cannot file an annual report for a suspended corporation in New York. You must first restore the corporation, then file the report.
What information do I need to provide to file an annual report in New York?
You need to provide the name of the corporation or LLC, the state of incorporation or registration, the purpose of the business, and the mailing address of the principal office.
Will I receive a confirmation when I file an annual report in New York?
Yes, you will receive a confirmation email when you file an annual report in New York.
When can I file my annual report in New York?
You can file your annual report in New York anytime after January 1st, but before the deadline (March 15th for corporations and June 1st for LLCs).
Can I file an annual report for a foreign corporation in New York?
Yes, you can file an annual report for a foreign corporation doing business in New York.
How can I check the status of a filed annual report in New York?
You can check the status of a filed annual report in New York by accessing the New York Department of State’s website and searching the corporation or LLC database.
Is there a penalty for filing an incomplete annual report in New York?
Yes, if you file an incomplete annual report in New York, the state will consider your report delinquent and may take actions to revoke your business’s good standing.
What happens after I file an annual report in New York?
After you file an annual report in New York, your business stays in good standing with the state and remains authorized to do business.
Can I make changes to my filing after I submit my annual report in New York?
No, once you submit your annual report in New York, you cannot make changes to it.
What if I need to change the information on my annual report after the deadline in New York?
If you need to change information on your annual report after the deadline in New York, you should contact the Department of State to start the necessary corrections.
Do I need to file a copy of the annual report with the Internal Revenue Service in New York?
No, you do not need to file a copy of the annual report with the IRS in New York.
Can I file an annual report if my business is no longer active in New York?
Yes, you can file an annual report even if your business is no longer active in New York.
Can I cancel or withdraw my business in New York through the annual report?
No, you cannot cancel or withdraw your business through the annual report in New York. You will need to file a separate application for that purpose.
What if my business name has changed since the last annual report in New York?
If your business name has changed since the last annual report in New York, you will need to file an amendment to the original certificate of incorporation or registration.
Can I file an annual report if I am a sole proprietorship?
No, sole proprietorships are not required to file annual reports in New York.

Also Read

How to Correct Error in Your Annual Report of New York LLC

When errors are discovered in an annual report, swift action must be taken to correct them in order to maintain the trust and confidence of investors, creditors, regulators, and other stakeholders. Failure to address these mistakes promptly and transparently can have far-reaching consequences, eroding credibility and damaging the company’s reputation. Therefore, it is crucial for New York LLCs to have a clear understanding of how to rectify errors in their annual reports effectively.

The first step in correcting errors in an annual report is to identify and document each mistake accurately. This may involve conducting a thorough review of the report with the assistance of internal staff, external auditors, and legal advisors. Once all errors have been identified, it is important to determine their materiality and significance in order to prioritize the corrections that need to be made.

Once the errors have been identified and documented, the next step is to prepare a corrected version of the annual report. This revised report should clearly outline the nature of the errors, the corrections made, and the reasons for these changes. It is essential to be transparent and forthcoming about any mistakes and the steps taken to address them, as this will help to maintain the credibility and integrity of the company.

In addition to revising the annual report, New York LLCs should also consider disclosing the errors and corrections in a separate communication to stakeholders. This could include issuing a press release, holding a conference call, or posting a statement on the company’s website. By communicating openly and proactively about the errors and the steps taken to correct them, companies can demonstrate their commitment to transparency and accountability.

After the errors have been corrected and communicated to stakeholders, it is important for New York LLCs to review and enhance their internal controls and processes to prevent similar mistakes in the future. This may involve implementing additional safeguards, conducting more robust reviews and validations, and providing ongoing training to staff responsible for preparing and reviewing annual reports.

In conclusion, errors in annual reports can be detrimental to the credibility and reputation of New York LLCs. When mistakes are discovered, it is essential to take prompt and decisive action to rectify them, communicate openly with stakeholders, and enhance internal controls to prevent future errors. By following these steps, companies can maintain the trust and confidence of their investors, creditors, and other stakeholders, ensuring their continued success and sustainability.

Conclusion

Filing a New York LLC annual report is essential to maintaining compliance and good standing with the state. Keeping organized records, being aware of filing deadlines, and submitting accurate information will help ensure your LLC remains in good standing and can continue operating smoothly. Remember to stay on top of your filing requirements and consult professional help to keep your New York LLC compliant and successful. Visit LLCBase to learn more about maintaining compliance and good standing in New York.

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