What is a Biennial Statement?
How do you file a NY biennial statement?
What are the essential elements you should know!
In this article, I will break down the notion of Biennial Statement NYS so you know all there is to know about it!
Keep reading as I have gathered exactly the information that you need!
Let me explain to you how biennial statements work in New York in detail!
Are you ready?
Let’s get started!
What Is A Biennial Statement
A biennial statement is a legal document that corporations and limited liability companies are required to file every two years with the state of New York to keep their business entity in good standing.
In New York, corporations are required to complete a biennial statement form every two years by the end of the registration anniversary month.
Under Section 408 of the Business Corporation Law, domestic and foreign business corporations are required to file a Biennial Statement every two years with the New York Department of State (DOS).
Similarly, under Section 301(e) of the Limited Liability Company Law, LLCs are required to file a Biennial Statement every two years with the NY DOS.
How Biennial Statements Work In New York
Let’s look at how biennial statements work in New York.
The purpose of the biennial statement is to ensure that the LLC or corporation’s information on record with the NY Department of State is accurate and up to date.
In most states, companies have an obligation to file annual reports where they must update their business entity information every year.
However, in the state of New York, the requirement for corporate entities and LLC entities is to file the information every two years.
A biennial filing refers to the documents that corporations, LLCs, or other business entities are required to file with the Secretary of State or similar agencies in the United States.
In the state of New York, corporate entities and LLCs are required to perform a biennial renewal of their company registration.
A biennial registration will contain the following information about a corporation or LLC:
- Name and address of the company CEO
- The street address of its principal executive office
- The address to which the NY Secretary of State can forward legal process to the company
- The number of directors forming the board and how many are women
Corporations and business entities must file their “biennial statement” by the end of the entity’s registration anniversary month.
For instance, if you incorporated a company in New York on April 15 this year, then your biennial statement will be due by end of April two years from now.
At the moment of the writing of this post, the biennial statement fee is $9.00.
You can pay your biennial fees by using the biennial statement online service offered by the Department of State.
Who Needs To File A Biennial Statement in NY
Who needs to file a biennial statement in New York?
Domestic and foreign corporations along with domestic and foreign limited liability companies are required to file a biennial statement in New York under the applicable state law.
On the other hand, non-profit corporations and partnerships are not required to perform a biennial statement filing with the state.
Whether your business is earning an income or not, you must file your biennial statement to maintain your company in good standing.
If a corporation or LLC fails to file a biennial statement by the applicable due date, the business entity will lose its good standing status with the state of New York and can eventually be administratively dissolved.
How To File A Biennial Statement In New York
Let’s see how you can file your New York Biennial Statement.
Biennial Statement Online Filing
Corporations and limited liability companies have the option of filing their Biennial Statment using the online tool offered by the state of New York called the e-Statement Filing Service.
You can use the NY biennial statement online filing tool from Monday to Friday from 6:00 a.m. to 7:30 p.m.
As such, you can complete your company’s information online and pay the biennial fee of $9.00 using MasterCard, Visa, or American Express.
You’ll need to have your Department of State company ID Number to be able to use the e-filing services (if you don’t have it, you can find it by searching through the NY Corporation and Business Entity Database).
Steps To File Biennial Statement
Here are the steps to fling your NY Biennial Statement:
- Go to the NY e-Statement Filing Service
- Enter your company’s ID Number
- Enter your company name
- Update any information that needs to be updated
- Enter your name (as the applicant)
- Pay biennial statement online using your credit card
If you do not have the time to manage your company’s biennial statement filing or want to outsource this task, you can hire different service providers who offer such filing services.
There are registered agents that can offer filing services along with other companies specialized in filing business entity documentation in all states.
New York Biennial Statement Resources
Here are some relevant links, information, and resources to help you with your corporation or LLC biennial statement in New York.
- New York Corporations & Business Entity Database
- New York e-Statement Filing Service
- Biennial Fee in NY: $9.00
- Email address registration with NYDOS
- Contact Number: 518-473-2492
- Contact E-mail: [email protected]
- New York State DOS website
- Biennial Statement FAQ
New York Department of State Contact Information:
New York Department of State
Division of Corporations, State Records & UCC
99 Washington Avenue 6th floor
Albany, NY 12231
Biennial Statement Takeaways
So there you have it folks!
What is biennial statement?
What is a biennial statement filing?
How does it work?
A New York Biennial Statement is a legal document or form you must file every second year with the New York Division of Corporations to ensure your business information is kept up-to-date and your company remains in good standing.
All corporations and LLCs are required to file the Biennial Statement NY.
In this post, I have provided you with the essential information you need to be able to file your biennial statement form with the NYS.
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Biennial Statement Meaning Overview
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