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Most states have very similar requirements for incorporation. However, New York entrepreneurs who are opening their own business have additional requirements to fulfill before they can legally open their doors. This is true no matter whether you plan to start a business that sells smart drugs or grooms dogs. One of these requirements is called the publication requirement. If you are an entrepreneur in New York, keep reading to learn all about LLC publishing and why it is required.
What Is It?
New York state requires that LLCs must publish notice of their LLC formation. This must be completed within 120 days from the date of effectiveness for incorporation. New business owners are required to publish this announcement in at least two newspapers. However, you can only select newspapers that are designated by the county clerk of the county in which your business operates. Both announcements must run for at least a six-week duration in order to qualify. Once this is done, you will receive an affidavit of publication from each newspaper. This proves your fulfillment of the NY LLC publication requirement.
What Happens Next?
After you publish notice of the formation of your LLC, you will need to submit paperwork to prove it is done. As stated above, you will receive affidavits of publication from both newspapers you choose to make your announcement with. Then, you will need to attach those affidavits to a completed Certificate of Publication. Submit this paperwork to the New York Department of State Division of Corporations along with the $50 filing fee. Then, you will have successfully fulfilled your LLC publishing requirements and can begin operating business and worrying about strategies for team building.
What Needs To Be Included?
There is specific information that must be included within your LLC announcement publication. The absolute bare minimum you need to include is the name of your LLC, the date of your completed LLC filing, your business street address and county, the name of your registered agent and the purpose of your LLC. In addition, you will also need to include a statement of approval for the New York Secretary of State to be designated for service of the process, as well as where provide information of where they should mail notices to. These pieces of information about your business are required when publishing LLC formation for compliance sake.
What Are The Consequences Of Non-Compliance?
If you choose not to comply with NY LLC publishing law, you are putting your business at risk just as you would if you did not choose to trademark invention ideas. But, how much? Many business resources online will tell you that there is not much risk of your business actually being suspended for failing to publish announcement of LLC formation. However, it is possible. Thankfully, even if you do choose not to publish and get caught and suspended, you can easily fix your mistake. All you have to do to fix it is publish at any time. Then, once the process is complete your suspension will be lifted and you can resume business like nothing happened. But remember, it is still advisable to get this done.
Why Publish?
So why should you publish if it may not even make a difference? Simply put, some businesses and other organizations will want to see your proof of publication in order to do business with you. If you do not already have it done, this can take up to nine weeks to complete. This is valuable time, and quite a bit of it, which may cause your potential client to withdraw from a deal. It is better to be safe than sorry. Do not put off publishing LLC formation announcements in your local county papers. Otherwise, you may lose business down the road, which is something that new business owners cannot afford.
LLC publishing requirements are a hassle. There is no question about that. However, they can also generate business for your new LLC, if you are lucky. Even if they do not, you are still required by NY law to do it. Make sure you publish LLC formation announcements in two newspapers that are recognized and accepted by the NY Secretary of State. Otherwise, you may regret it in the long run. Use this post as a guide to help you publish your LLC announcements as soon as you can.
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