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If your shareholders have made an S election for federal purposes, you should be aware that New York State does not automatically treat your company as a New York S corporation unless you are mandated to file as an S corporation under Tax Law section 660(i).
If you do not file your report within the one-month filing period, the Department of State will determine your company to be delinquent. There are no penalties for filing a late New York biennial report to remove your delinquent status.
A corporation is formed when a certificate of incorporation, along with the appropriate filing fee, is filed with the New York Department of State. The certificate of incorporation must contain the following: Name of the corporation. Names and addresses of incorporators.
If you fail to file your New York biennial statement, you won't be charged any late fees and New York will not administratively dissolve your LLC. Instead, the New York Department of State will change your LLC's status to ?past due,? meaning you'll lose your good standing.
How to Start a corporation in New York Choose a name for your business. ... Designate a Registered Agent in New York. ... File Your Certificate of Incorporation in New York. ... Create your Corporate Bylaws. ... Appoint your Corporate Directors. ... Hold the First Meeting of the Board of Directors. ... Authorize the issuance of shares of stock.