What are the steps involved if I want to form an LLC in New York?

1. Choose a Name:

First, you need to choose a unique name for your LLC which must include the words “limited liability company” or “LLC”.

2. Appoint a Registered Agent:

Every LLC in New York is required by law to appoint a registered agent, who can receive legal documents and official notices on behalf of the LLC.

3. File Articles of Organization:

The LLC must file Articles of Organization with the New York Department of State. This document includes information such as the name and address of the LLC, its purpose, the duration of the LLC, the name and address of the registered agent, and the names and addresses of the LLC's members or managers.

4. File Initial Statement of Information:

Within 120 days of filing the Articles of Organization, the LLC must file an Initial Statement of Information with the New York Department of State. This statement provides additional information about the LLC, including the names and addresses of the LLC's officers and directors.

5. Obtain Licenses and Permits:

Depending on the nature of your business, you may need to obtain licenses and permits before you can begin operations.

6. Draft an Operating Agreement:

While an operating agreement is not required by New York law, it is highly recommended that you prepare one. This document outlines the internal workings of the LLC, such as the rights and responsibilities of the members, how profits and losses will be allocated, and how decisions will be made.

7. Obtain Insurance:

Depending on the nature of your business, you may want to consider obtaining liability, property, or other forms of insurance to minimize your risk exposure.

Some potential limitations or exceptions to the advice given above may include special requirements for certain industries or types of businesses, or the need to obtain additional permits or licenses at the local level. If you have any questions or concerns about the LLC formation process, or if you need help drafting an operating agreement or obtaining insurance, it is recommended that you consult with a licensed attorney in New York who has experience in business law.