Owning, operating, or working for a successful business can add a lot of personal and monetary value to one’s life. In the State of New York, there have been thousands of new businesses or Limited Liability Companies (LLCs) formed each year, each on the hope of becoming a global leader in their field.
LLC companies can be anything from small family-owned businesses to large global firms. Archived data from 2018 detailed that small-medium businesses employ almost 1 million state residents outside of the greater Manhattan area opening more channels for financial turbulence. Additionally, New York is experiencing its lowest unemployment rate standing at 4%, showing how more state investment has increased employment rates in lower-lying counties.
Why are LLCs so prevalent in New York?
The state may still require you to publish your articles of organization in a newspaper bringing in additional costs during formation, but New York has waived personal income tax for certain business structures – one being LLCs or Limited Liability Partnerships. This offers owners a fixed fee that needs to be paid in accordance to the company revenue.
More so, owners and members of the LLC only need to pay state and federal income tax on profits received from the business. Better tax and overall financial state support make it a common business structure for startups.
What are some of the most popular LLCs in New York?
Depending on your industry, some big LLCs currently reside in New York. Their influence has managed to increase the livelihood of many residents and contribute to the overall massive state economy.
Fortress Investment Group, LLC.
Formed in 1998, and employing over 2000 Manhattan residents, the billion-dollar firm has been ranked as a top company to work for in the state. They boast with a diversified employee ranking, having around 30.8% female and 49.1% ethnic minorities working at the company.
Coach IP Holdings, LLC
The longstanding American found handbag label has a massive $4.5 billion in revenue, and currently employs around 12500 people, the majority of them residing in New York State. The industry leader has been around since 1941 and is a well-established brand in the market.
Jefferies Group, LLC
The multinational and independent investment services company which was founded back in 1962 is no new name to their industry. They currently employ over 1000 people and have an average billion-dollar revenue. This firm also holds great staff retention, and pay relatively higher than other market competitors.
A&E Television Networks, LLC
As a unit of the Walt Disney Media Group, the network company manages around 1000 employees and brings in $625 million in revenue. With 42.6% females and 44.2% minority employees, the company is also sitting with a 90% democratic employee basis, a bit unusual for such an affluent company.
How do I form an LLC in New York?
If you want to establish yourself in the market with an LLC find out more online. Here is a quick guide on how to form an LLC.
- Create a name that complies with the naming rules laid out by the Department of State’s Division of Corporations, State Records and Uniform Commercial Code. Names should also contain the abbreviation LLC or L.L.C.
- Appoint a Registered Agent, either being yourself, another member, or contacting formation service providers who can act on behalf as your LLCs registered agent.
- File Articles of Organization with the State of New York, this can be done online or posted. There is a $200 filing fee that needs to be paid beforehand.
- Publish Articles of Organization in a daily and weekly newspaper, which should be done within the first 6 months of formation. Additionally, the newspaper will supply a Certificate of Publication.
- Create an Operating Agreement that outlines member roles and profit-sharing.
- Obtain an Employer Identification Number with the IRS to register for taxes, employ staff, and open a business bank account.