I guess there are two ways how you could save on that unfortunate LLC publication requirement in New York, which will easily set you back $700-1000 in New York City. (If you don’t know what that is, look at “Taking Care of the LLC Publication Requirement“.)
1. You could just not do it; do I recommend that? No. It is required by law. But as far as I know, the only consequence would be that you cannot sue in New York State and you would not be considered in good standing. Once you complete the publication requirement at a later time (i.e. when you have the money to do it), your LLC will obtain good standing with no blemishes remaining on its record.
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2. You could form an LLC somewhere in Upstate New York where the publication requirement is much cheaper (I assume) and once you completed the publication, change the business address to New York City. This change is a simple filing that costs a mere $60. This requires that you hassle your Aunt Dottie in Poughkeepsie or whoever else you know outside of New York City. Somebody has to accept the mail for you and be your principal business address. Is this kosher? I am not entirely sure, but I’ve heard of people and lawyers doing it.
P.s. I received a helpful comment pointing out that there is at least one bill floating around in New York to repeal the publication requirement. Let’s keep our fingers crossed.
**This post is for informational purposes only and does not constitute legal advice**
This law is beyond ridiculous.
I know there is at least one bill floating around to repeal it, or at least improve it. A04496 S01101
http://www.assembly.state.ny.us/leg/?bn=A04496
http://www.assembly.state.ny.us/leg/?bn=S01101
I am not very familiar with New York politics, but perhaps the people can help get some momentum behind this bill?
Thanks for the comment. I added it to the post.
I hired Northwest Registered Agent as my agent, and they have an Albany office location. They allow you to list their address as the principal address, and therefore, you can publish in Albany for about 80 bucks… They even had the publication template and about 5 different Albany newspapers to choose from, in my online account. They also provided the LLC publication form in my account, and the order forms for the Newspapers. I went with the Jewish Expose for 26 bucks!! What a deal! Here’s the link I found by searching for New York Registered Agent…. http://www.northwestregisteredagent.com/new-york-registered-agent.html
OMG Adam Fields I love you! This blog is helping me so much right now. I’m trying to start my business but those publication requirements are killing me!
There is a site that is publishing all filed llc’s for free legal-notice.org . It isn’t official but it is a window into what life could be like for emerging businesses once the laws catch up with what is happening. They also have a counter that tallies up the amount of money small businesses would have saved if they were the designated site for publishing newly formed llc’s. (over $3.1 million as of now and counting). How many jobs is that?
Does even a single member LLC have to do this publication requirment?
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