What Is a Biennial Report?
In New York, a biennial report is a regular filing that your LLC must complete every two years. This is basically updating your registered agent address and paying a $9 fee. All LLCs are required to file their biennial reports with the New York Secretary of State.
The purpose of a biennial report is to keep your business records up to date with the state of New York. This allows creditors and other interested parties to look up your business address in case they need to contact you. The government uses this information to track the payment of your LLC's state taxes.
Learn more about annual reports by reading our article, What is an LLC Annual Report?
Filing deadlines: New York's Biennial Report is due every two years during the month in which the business was formed. For example, if you formed your LLC in April of 2015, then your first biennial report would be due by the end of April 2017.
Late filing penalty: New York does not charge a fee for late filings. However, if you fail to file on time, your LLC could lose its good standing, which will impact your ability to conduct business in the State of New York.
Should I Use a Registered Agent Service?
A registered agent is a person or business nominated by your company to officially receive and send papers on your behalf. By using a registered agent service, you can ensure that your LLC's reports are always filed on time to the appropriate government agency. Here are the three main advantages to using a registered agent service for your LLC:
1. You can avoid late filing penalties: In New York, an LLC could lose its good standing if it fails to file an biennial report. A registered agent service will notify you when reports are due, and they can also submit the filing for you for an additional fee.
2. You will have flexibility: A registered agent can receive and send documents for your LLC during regular business hours, so that you have to be on the job from 9-5 every week. You can also use a registered agent service to form an LLC in other states where you don't already have an established business presence.
- 3. You will have privacy: Using a registered agent allows you to keep your personal address off of public records, ensuring your personal privacy. Additionally, in the unfortunate event that your LLC is sued, the lawsuit will be served to the registered agent address, rather than at your place of business in front of your employees.
Learn more about a registered agent by reading our article, What is a Registered Agent?