Author Topic: Opening up an LLC for cheap  (Read 2963 times)

Offline AlephBayz

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Opening up an LLC for cheap
« on: September 29, 2016, 08:01:49 PM »
Anyone know the best way to open up an LLC in NYC for cheap? I am getting very high quotes. Would appreciate the help.

Offline hvaces42

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Re: Opening up an LLC for cheap
« Reply #1 on: September 29, 2016, 08:09:01 PM »
Gerald Weinberg P.C. in Albany. Very reasonable. Cost should be $350ish without publication which is the expensive part. If you need specialized operating agreement then legal fees can run up.
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Offline AlephBayz

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Re: Opening up an LLC for cheap
« Reply #2 on: September 29, 2016, 08:14:06 PM »
Is there a way to do  the whole thing plus publication for cheap?

Offline incendia

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Re: Opening up an LLC for cheap
« Reply #3 on: September 29, 2016, 08:28:27 PM »
https://www.cheapnewyorkllc.com/

i havent used this service

please report back if you do use them

Offline hvaces42

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Re: Opening up an LLC for cheap
« Reply #4 on: September 29, 2016, 08:49:51 PM »
Most of the $350 is state filing fees. And you cant just publish where you want, its based on where the County Clerk in the county that it's being formed in directs you to publish. So If its in NYC it will  be more expensive because newspaper advertising rates are more expensive. upstate it can be as little as $50 depending on the county you list as the mailing address for the LLC. The publication can run you $700+ in NYC.
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Offline dikes1210

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Re: Opening up an LLC for cheap
« Reply #5 on: September 29, 2016, 08:57:36 PM »
Anyone know the best way to open up an LLC in NYC for cheap? I am getting very high quotes. Would appreciate the help.
Is there a way to do  the whole thing plus publication for cheap?
Obviously, if you don't feel comfortable doing it yourself you should hire someone, but I have opened up a few LLC' on my own, it's relatively simple and the application fee is only $200.

Here is the link to file the Articles of Organization Online - https://appext20.dos.ny.gov/ecorp_public/f?p=201:17

Below is the information needed to form an LLC:
 
1.       Name of LLC (some names may be unavailable due to similarity to existing companies. Also, all names must include “LLC”, which can be with or without a comma after the entity name)
2.       County where the LLC will maintain its office
3.       Service of Process name and address (probably a member of the LLC unless you have a service or attorney you want to use)
4.       Registered Agent name and address (same as 3, probably a member and etc.)
5.       Whether the management of the LLC will be by member(s) or non-member manager(s)
6.       Organizer name and address (probably a member as well)
 
 The filing fee is $200 payable by credit card.
 

As far as the publication requirement goes: The right thing to do is to publish of course although it's not clear what happens if you don't.  Read the articles below for more info on publishing and what happens if you don't.
http://www.newyorksmallbusinesslaw.com/new_york_small_business_l/2007/01/taking_care_of_.html
https://eminutes.com/what-happens-if-you-ignore-new-york%E2%80%99s-llc-publication-requirement
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Offline hvaces42

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Re: Opening up an LLC for cheap
« Reply #6 on: September 29, 2016, 09:26:53 PM »
Obviously, if you don't feel comfortable doing it yourself you should hire someone, but I have opened up a few LLC' on my own, it's relatively simple and the application fee is only $200.

Here is the link to file the Articles of Organization Online - https://appext20.dos.ny.gov/ecorp_public/f?p=201:17

Below is the information needed to form an LLC:
 
1.       Name of LLC (some names may be unavailable due to similarity to existing companies. Also, all names must include “LLC”, which can be with or without a comma after the entity name)
2.       County where the LLC will maintain its office
3.       Service of Process name and address (probably a member of the LLC unless you have a service or attorney you want to use)
4.       Registered Agent name and address (same as 3, probably a member and etc.)
5.       Whether the management of the LLC will be by member(s) or non-member manager(s)
6.       Organizer name and address (probably a member as well)
 
 The filing fee is $200 payable by credit card.
 

As far as the publication requirement goes: The right thing to do is to publish of course although it's not clear what happens if you don't.  Read the articles below for more info on publishing and what happens if you don't.
http://www.newyorksmallbusinesslaw.com/new_york_small_business_l/2007/01/taking_care_of_.html
https://eminutes.com/what-happens-if-you-ignore-new-york%E2%80%99s-llc-publication-requirement
+1
That company is one I've used and they send you the proper forms and the book. IMO its worth it to get it from them or similar companies.

There are no real consequences to not publishing other than the state can suspend you from doing business, which means you cannot get a Certificate of Good Standing if you need to get a mortgage on property, etc. You also cannot maintain a lawsuit, although you can start one and publish at that time.

Other than that you can wait to publish until necessary.
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Offline aygart

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Re: Opening up an LLC for cheap
« Reply #7 on: September 29, 2016, 09:30:41 PM »
Many accountants will do it for you
You have the right to remain silent. Anything you say can and will be used to start a religious discussion.

Offline hvaces42

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Re: Opening up an LLC for cheap
« Reply #8 on: September 29, 2016, 09:37:19 PM »
Many accountants , lawyer, kollel yungerliet, shvitzers on the street, will do it for you
FTFY :)
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Offline good sam

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Re: Opening up an LLC for cheap
« Reply #9 on: September 29, 2016, 10:09:36 PM »
You can publish in Albany on the cheap and then file a certificate of change to move it to the county of your choice.
If you don't care why would you comment?
HT: DMYD

Offline aygart

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Re: Opening up an LLC for cheap
« Reply #10 on: September 29, 2016, 10:17:43 PM »
FTFY :)

But at least an accountant would be doing it in a somewhat professional capacity.
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Offline LoLo

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Re: Opening up an LLC for cheap
« Reply #11 on: September 30, 2016, 12:38:36 AM »
Many accountants will do it for you
+1, My accountant did it for $350, everything included.

Offline keemster26

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Re: Opening up an LLC for cheap
« Reply #12 on: September 30, 2016, 12:43:54 AM »
You can publish in Albany on the cheap and then file a certificate of change to move it to the county of your choice.
Is it only possible to change to a different county? Or also to a different state?

Offline Work-for-ur-muny

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Re: Opening up an LLC for cheap
« Reply #13 on: September 30, 2016, 01:07:37 AM »
+1, My accountant did it for $350, everything included.
Where? NYC?

P.S. Although OP was looking for a good quote, this thread should probably go in GD, IMHO.

Offline DealzNJ

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Re: Opening up an LLC for cheap
« Reply #14 on: September 30, 2016, 07:36:10 AM »
would anyone have a good lawyer in Canada to open up an llc?