All LLCs opened in NY are required to file an annual report. The report is currently filed every two years, as a biennial report. However, this may change over time and it’s important to stay in good standing with the state with maintain annual compliance in case this requirement will change. It’s crucial that you don’t miss filing your New York LLC’s annual report when it’s due, though.
Let’s go through the basics of an annual report and New York special requirements:
An annual report is a commonly required business document that confirms and updates a business’s information with the state. Most states require the document, including New York state.
New York is unique in that it makes a distinction between a biennial report and an annual filing fee:
The annual filing fee is based on the gross income that a business generates within New York. Fees escalate with gross incomes (only generated in New York) as follows:
The annual fee is paid to the New York Department of Taxation and Finance, using the Partnership, Limited Liability Company, and Limited Liability Partnership Filing Fee Payment Form (Form IT-204-LL). The form and payment can be filed online or filed by mail.
Even in a year when your LLC’s biennial report is due, the annual filing fee should still be submitted to the Department of Taxation and Finance using Form IT-204-LL. The annual fee and annual report aren’t filed together.
The biennial report contains mostly basic, technical information about an LLC. The function of an annual report is to provide specific information to the governing state, so the state knows and certain information can be publicly disclosed. New York requires this information every two years.
The fee for filing a biennial/annual report in New York is $9, regardless of how much or little an LLC earns.
The requirements that New York has for biennial reports are some of the most basic of any state’s annual report requirements.
The requirements are set forth in the Limited Liability Company Law, Section 301(e). The section stipulates that LLCs must file a biennial report that details:
Other than the principal (forwarding) address and registered agent’s name/address, no other content requirements are set forth by Section 301(e). This information will be updated so that the state, other government agencies, suing parties, creditors and others can contact your LLC if they have legal / official business.
Of course, you do need to include some identifying information, such as your LLC’s name and members’ names.
You can file your LLC’s biennial report, or you can have a service file a New York biennial report for you. Should you decide to file, there are several details you ought to be aware of.
Per Section 301(e), the biennial report is due every two years in the calendar month during which your LLC’s articles of organization were filed. If you filed toward the end of the month, use the month in which you filed rather than the month when the articles were fully processed.
The state notes that biennial reports shouldn’t be filed before the calendar month in which they’re due.
You can file the biennial report online through the Department of State’s e-Statement Filing Service:
The e-Biennial filing system is available Monday–Friday, from 6:00 a.m. to 7:30 p.m. EST. LLCs can’t use the system outside of these hours, on weekends, or on legal holidays.
If you’re unable to file your LLC’s New York biennial report online, you technically can do so by mail. It’s much less convenient, and the state discourages mail filing, however.
To file the biennial report by mail:
If you’d rather have someone else take care of this and other compliance matters, consider using our LLC compliance service. Annual compliance will make sure you’re following all necessary New York State filing requirements, including annual fees, biennial reports and more.
If you failed to file a New York annual report on time, promptly file the report now using either of the above methods. The initial consequences are minor, but they can be business-ending.
There is no late fee or fine for failing to file your LLC’s biennial report in New York.
Failing to file a biennial report on time removes your LLC from “good standing,” and the business is marked “delinquent” in the public records.
If you go long enough without rectifying the delinquency (by filing), your business can be dissolved.
When the time comes, make sure you attend to your New York LLC’s biennial report requirements. The biennial report is a small matter to take care of but neglecting it could result in your LLC being dissolved. File yourself or let our compliance service take care of all these types of matters for you.
This portion of our website is for informational purposes only. Tailor Brands is not a law firm, and none of the information on this website constitutes or is intended to convey legal advice. All statements, opinions, recommendations, and conclusions are solely the expression of the author and provided on an as-is basis. Accordingly, Tailor Brands is not responsible for the information and/or its accuracy or completeness.
Shai Shmarel started his life as a corporate lawyer before switching to being an SEO and Content Manager at Tailor Brands. He has experience in managing companies, rankings SERPs and covering a content-driven approach for all things legal, business and marketing. When off work, you’ll usually find him chilling with a cup of coffee and a book in the desert.