Saving Money on the LLC Publication in New York City
I guess there are two ways how you could save on that unfortunate LLC publication requirement in New York, which will easily set you back $700-1000 in New York City. (If you don’t know what that is, look at “Taking Care of the LLC Publication Requirement“.)
1. You could just not do it; do I recommend that? No. It is required by law. But as far as I know, the only consequence would be that you cannot sue in New York State and you would not be considered in good standing. Once you complete the publication requirement at a later time (i.e. when you have the money to do it), your LLC will obtain good standing with no blemishes remaining on its record.
2. You could form an LLC somewhere in Upstate New York where the publication requirement is much cheaper (I assume) and once you completed the publication, change the business address to New York City. This change is a simple filing that costs a mere $60. This requires that you hassle your Aunt Dottie in Poughkeepsie or whoever else you know outside of New York City. Somebody has to accept the mail for you and be your principal business address. Is this kosher? I am not entirely sure, but I’ve heard of people and lawyers doing it.
P.s. I received a helpful comment pointing out that there is at least one bill floating around in New York to repeal the publication requirement. Let’s keep our fingers crossed.
**This post is for informational purposes only and does not constitute legal advice**