What is needed to keep my LLC in good standing?

Hello ****, and thank you for your question! My name is Dolan, and I’d be happy to help with this. I carefully review each question and provide responses based on my years of hands-on experience as a lawyer.

Keeping your LLC in good standing involves a few critical steps. These vary slightly by state, but the most common requirements include:
1. Annual or Biennial Filings: Most states require you to file an annual or biennial report. This updates your business information, such as your registered agent and business address.
2. Paying State Fees: These are usually tied to your annual report filing and vary by state.
3. Maintaining a Registered Agent: Every LLC must designate a registered agent to receive legal and tax documents.
4. Keeping Business Licenses Current: If your business requires any local, state, or industry-specific licenses, ensure they’re up to date.
5. Separate Business Finances: To maintain your LLC’s liability protection, keep your personal and business finances separate.

Could you let me know which state your LLC is registered in? That will help me tailor my advice to your situation.

Thanks for letting me know. In New York, there are specific steps to keep your LLC in good standing:
1. Biennial Statement: Every two years, New York requires LLCs to file a Biennial Statement with the Department of State. It costs $9, and it’s a quick process you can complete online. If your LLC was formed over a year ago, you might be due to file.
2. Publication Requirement: If your LLC was recently formed, you were supposed to publish notices in two newspapers within 120 days of formation. Did the online service handle that for you?
3. Taxes: Make sure you’ve registered with the New York Department of Taxation and Finance. Even if you haven’t made much income, you may still need to file a return.

Do you know the exact date your LLC was formed? We can check whether your Biennial Statement is overdue.

Thanks for sharing that. Let’s tackle these one at a time:
1. Biennial Statement: Since your LLC was formed in October 2023, your first Biennial Statement is likely due by October 2025. You’re not overdue yet, but it’s good to mark your calendar.
2. Publication Requirement: This is a common area of confusion. New York requires new LLCs to publish notices in two designated newspapers (assigned by the county clerk) for six weeks. If this wasn’t done, your LLC might not be in compliance. You can contact the county clerk where your LLC is registered to check.

If the publication wasn’t handled, you may need to do it retroactively to restore compliance. Would you like guidance on that process?

Understandable, and the good news is that you can fix this issue if the publication requirement wasn’t completed. Here’s what you’ll need to do:
1. Contact the County Clerk: Reach out to the clerk in the county where your LLC is registered to confirm the designated newspapers for publication.
2. Publish Notices: You’ll need to publish a notice of your LLC’s formation in the two newspapers for six consecutive weeks. The newspapers will provide you with affidavits of publication once completed.
3. File a Certificate of Publication: After publication, file this certificate along with the affidavits and a $50 fee to the New York Department of State.

If you’d like, I can help you draft the notice and guide you through the filing process.

Good questions.
1. Cost: Drafting the notice and guiding you through the process would be $***. You’ll also have to pay the publication fees to the newspapers (costs vary) and the $50 filing fee to the state.
2. Clients: You don’t need to notify your clients about compliance issues unless it directly impacts your ability to operate. As long as you resolve the publication requirement promptly, your LLC’s liability protections remain intact.

Would you like me to draft the notice and outline the next steps?

I can have the draft notice ready within two business days. Once you approve it, I’ll guide you on contacting the county clerk and getting the publication started.

Does that timeline work for you?

If you don’t meet the publication requirement, your LLC’s authority to conduct business in New York can be suspended. This doesn’t dissolve the LLC, but it limits your ability to enforce contracts or take legal action until you restore compliance.

By completing the publication process, you’ll avoid these risks and ensure your LLC stays in good standing. Let’s focus on getting it done so you don’t run into any issues.

I’ve drafted the publication notice for your LLC. I’ve uploaded it to the secure portal for your review.

Take a look, and let me know if it needs any changes. Once you approve, I’ll guide you on contacting the county clerk to start the publication process.

Next, contact the county clerk where your LLC is registered. They’ll provide the names of the two newspapers approved for publication. Once you have that information:
1. Send the draft notice to the newspapers.
2. Pay the publication fees (the newspapers will provide quotes).
3. After six weeks, the newspapers will give you affidavits of publication.

You’ll then file a Certificate of Publication with the affidavits and a $50 fee to the New York Department of State.
Let me know if you run into any issues with the clerk or the newspapers.

You’re very welcome! If you have any trouble with the process or need further assistance, just let me know.
If you’re happy with the advice I’ve provided, I’d appreciate it if you could leave a quick review. Your feedback helps me continue assisting clients like you.
Best of luck with your business!

Fair enough! Take care, and don’t hesitate to reach out if you need anything else.