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Depending on your type of business, you will likely need to register your New York LLC with the New York State Department of Taxation and Finance.
You will also need to file annual state income tax as well as other tax documents depending on the structure of your business and whether or not you have employees.
Calculating your tax obligations, especially if you have employees, can be complicated and if done improperly can negatively impact your LLC.
Taxes are Too Hard!
Taxes can be challenging and we recommend you get help from a tax professional once your LLC is formed.
Hiring a tax professional will not only help you keep your LLC in compliance with the State, but will also give you an advisor to go to for other business questions.
Whether you realize a profit or lose money, you will still need to file tax documents every year.
This is not something to be taken lightly. If you want to run a serious business and not run into trouble with the State, you should get assistance in filing your taxes properly.
How to Find a CPA/Accountant
A referral from a friend or someone else you trust is usually the best way to find someone to do your tax return.
You can also ask co-workers, acquaintances from local clubs or organizations you belong to, your neighbors, and other business people.
You could also ask your Twitter, Facebook, LinkedIn or other social media friends and maybe find a trusted name from a friend of a friend.
It’s as easy as typing into your social media account, “Hey – anyone know of a good accountant? I just formed a new LLC!”
If you can’t get a personal referral, then try doing a search for “accountant” or “certified public accountant” on Yelp:
www.yelp.com
Look for Compatibility
You should want someone who’s a good fit for your company, makes you feel comfortable, and is willing to answer all of your questions.
It should be someone you like personally as well as professionally.
It’s ok to take your time to find the right person.
We recommend talking with 2-3 people before making a final decision.
Resources
NY State Department of Taxation and Finance – Home Page:
https://www.tax.ny.gov/
NY State Department of Taxation and Finance – Telephone Contact Info:
https://www.tax.ny.gov/help/contact/
Matt holds a Bachelor's Degree in business from Drexel University with a concentration in business law. He performs extensive research and analysis to convert state laws into simple instructions anyone can follow to form their LLC - all for free! Read more about Matt Horwitz and LLC University.
NEW YORK LLC GUIDE
Follow the lessons below to form your New York LLC.
Hi Matt,
This is a great website and so helpful!
Should I use my registered agent address (Northwest) or physical address (Queens) for all the tax documents including 1099-MISC?
Thank you in advance!
Thanks Mal! I’d use the physical address for all tax-related documents.
What happens if my business is formed but not yet making any money. Neither is losing any money. What happens if it’s not up and running? Do I still have to file taxes?
Hi Dee, if you have Single-Member LLC (taxed as a Sole Proprietorship), federally, if you have no expenses to write off or other deductions or claims, federally, there is nothing to file. If you have a Multi-Member LLC (taxed as a Partnership), the LLC needs to file Form 1065 regardless of activity. If the LLC is taxed like an S-Corporation or C-Corporation, federally, the LLC has to file regardless of activity. You’ll want to speak with an accountant in New York if there are state filings that must be made.
Hi, I need to file for Certificate of Authority (NYS Sales Tax ID) and the application requires I provide a business physical address (location of business operations) and a mailing address. Since I used the northwest registered agent (Albany), should I use their address as the business physical address, although my business is based in Queens?
Hi Myda, for items like this, you’ll want to use the actual address where the business is located. Hope that helps.
Hi Matt,
Just want to say THANK YOU. This has been my go to for starting my new LLC. When I met with my tax advisor he was impressed with how much I knew about getting started. I owe that to you and this web page! Thanks again for all the information. Best of all for making it easy to follow and free. Everyone nickels and dimes everything these days and it’s hard enough starting a business with all the little costs and needs!
Hey Ashley, this is such an awesome comment! Thank you! And we’re so glad to hear. I think self-education is quite powerful ;)
My business will be buying goods from a wholesaler and distributing that brand under my own company. I need to obtain a sales tax id in order to purchase from the wholesaler. I realize that this is different from the EIN but do I need to go through all the steps first and then obtain the Sales Tax id?
Hi Katherine, yes, if you’re forming an LLC, you’ll want to do that first and get the EIN. Then you’d register for state taxes and get the sales tax ID. Hope that helps.
Great lessons Matt…
Q. I do NOT want my LLC and personal taxes combined. I want to file separately. I am a smllc and I want to set up immediately to be taxed only as a corporation. How is this done in the first steps? Thank you, peggy
Hi Peggy, there are two different types of an “LLC being taxed as a Corporation”. There is an LLC being taxed as a C-Corporation or an LLC being taxed as an S-Corporation. An LLC elects to be taxed as a C-Corporation via IRS Form 8832 and an LLC elects to be taxed as an S-Corporation via IRS Form 2553. However, you’ll most certainly want to speak with an accountant (or a few) since these types of taxation are usually only best once your business is earning a certain amount of net income. We have two related articles which I recommend checking out: how are LLCs taxed and LLC taxed as S-Corporation (we don’t have an LLC taxed as C-Corporation article yet). Hope that helps.
Dear Matt,
I hope this email finds you safe as I think you are in South Florida. Praying for all Floridians.
Wanted to send a BIG THANK YOU for the LLC University information. It made my life so easy to learn and get the LLC done in my state of NYC. I can’t say it enough how clear you make it to learn LLC’s. Each tutorial and step is honestly the best I have ever seen and used. My LLC is complete and have done all the steps…
thank you for being so generous and giving us this free resource. I am absolutely recommending you even more.
Donna McGovern
Empowering Services Group LLC
Hi Donna! Thank you for the lovely comment and positive wishes. We’re so very happy to hear your positive review and we’re happy we could help you on your entrepreneurial journey. I hope all is well with you :)