once I form an LLC, am I required to publish it? how much does that cost? and what are the advantages? what is it for?
do i need it?
nope.
you DO need to fund it, have an operating/management agreement.
i dont get it…
what is it for?
i must put money in it?
uh…yes, the LLC needs capital (cash) to operate. Until it’s funded, it’s not legally a valid, operating, entity.
what’s WHAT for? What’s the LLC for? how would I know?
What’s the operating agreement for? It’s an agreement between the LLC and you (or the manager) that outlines how the company will be run, rights, responsibilities, etc.
sorry about not being clear.
i know about LLCs. it costs a few hundred dollars to create one.
But recently someone told me, in new york there’s some thing called a publishing fee for LLCs, which costs around 2000 dollars.
so my question is not about the LLCs, its about this publishing fee. am i required to pay it? what is it for? etc…
thanks.
got it.
In New York, all LLCs are required to publish a notice of formation in two newspapers, once each week, for six consecutive weeks. Limited liability entities that are formed or authorized to do business in New York after June 1, 2006, which fail to comply with the publication requirements within 120 days after their formation or qualification will have their authority to carry on, conduct or transact any business suspended.
The publication is made at the county level in two newspapers as assigned by the local county recorder (one newspaper must be “printed daily” and the other "printed weekly).
$2,000 sounds high, but I guess that would depend on which papers you were in.
thanks for the clear explanation.
would it be a good idea to form the LLC somewhere else then, to avoid paying these publication fees?
depends.
what does it cost to form elsewhere?
will a lender let you own a NY property in a foreign entity?