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New York Demand for Itemized Statement by Corporation

Suffolk New York Demand for Itemized Statement by Corporation

Name: Suffolk New York Demand for Itemized Statement by Corporation
Brand: US Legal Forms
Rating: 4.69 (244 reviews)

Category:

Liens - Construction - Mechanics

State:

New York

County:

Suffolk

Control #:

NY-07A-09

Format:

Instant download

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Description

A property owner or contractor may issue a written demand using this form that the party who filed a notice of lien statement provide an itemized statement of labor and/or material provided, including the value or cost of said labor and materials. The lien holder is required to respond with an itemized statement within five (5) days, or the owner or contractor may petition the court to order such a statement to be produced. Failure to respond to the order of the court may result in the nullification of the lien.

Title: Understanding Suffolk New York Demand for Itemized Statement by Corporation or LLC Keywords: Suffolk New York, demand for itemized statement, corporation, LLC, legal requirements, business records, financial transparency. Introduction: In Suffolk County, New York, corporations and limited liability companies (LCS) are required to maintain accurate and transparent financial records. One crucial aspect of this obligation is the demand for an itemized statement, which helps ensure proper financial accountability. This article aims to provide a detailed description of the Suffolk New York Demand for Itemized Statement by Corporation or LLC, including its legal requirements and significance. Additionally, we will highlight different scenarios that might necessitate such a demand. 1. Definition and Purpose of a Suffolk New York Demand for Itemized Statement: A Suffolk New York Demand for Itemized Statement is a formal request made by an interested party to a corporation or LLC, requiring them to provide a detailed breakdown of their financial transactions and related documentation. This statement provides transparency, allowing interested parties to review and verify the accuracy of the entity's financial records. 2. Legal Requirements for a Suffolk New York Demand for Itemized Statement: The legal framework for demanding an itemized statement by a corporation or LLC in Suffolk County, New York, is governed by applicable state statutes and regulations. Interested parties must adhere to these requirements, ensuring their demand is lawful and enforceable. Key legal considerations may include: — Standing: The party making the demand must be a stakeholder with a legitimate interest in the entity's financial records, such as a shareholder, member, or creditor. — Proper Notice: The demand must be properly served to the corporation or LLC in accordance with New York State's rules of service, ensuring it reaches the appropriate recipient. — Timeliness: The demand must be made within a reasonable time frame and is often requested when there are suspicions of financial mismanagement or if legal action is being pursued. 3. Scenarios that Might Necessitate a Suffolk New York Demand for Itemized Statement: Demand for an itemized statement by a corporation or LLC in Suffolk County, New York, can arise in various circumstances. Some notable examples include: — Shareholder Disputes: When shareholders suspect financial irregularities, misappropriation of funds, or breach of fiduciary duty by the corporation's management, they may demand an itemized statement to uncover potential discrepancies. — Dissolution or Winding Up: In the event of a corporation or LLC's dissolution or winding up, stakeholders may invoke their right to a detailed itemized statement to ensure proper distribution of assets and compliance with legal obligations. — Creditor's Rights: Creditors with concerns regarding an entity's financial status, solvency, or potential hiding of assets may demand an itemized statement to confirm financial health and evaluate their claims. Conclusion: Suffolk New York Demand for Itemized Statement by Corporation or LLC serves as a critical tool for promoting financial transparency and accountability. By understanding and adhering to the legal requirements, stakeholders can ensure access to accurate and detailed financial records. Whether it is during shareholder disputes, dissolution proceedings, or creditor concerns, this demand empowers interested parties to protect their rights and make informed decisions.

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FAQ

Mail your return to: STATE PROCESSING CENTER, PO BOX 15198, ALBANY NY 12212-5198.

Form IT-204-LL, Partnership, Limited Liability Company, and Limited Liability Partnership Filing Fee Payment Form.

But every partnership having either (1) at least one partner who is an individual, estate, or trust that is a resident of New York State, or (2) any income, gain, loss, or deduction from New York State sources, must file a return on Form IT-204, regardless of the amount of its income (see Specific instructions on page

Form IT-201 can be used only by resident New York taxpayers who want to file their New York income tax returns. If you are a part-year resident or a nonresident, you may use Form IT-203 instead to file your income tax return.

Line F1, Article 22: A partner that is an individual, partnership or LLC treated as partnership for federal purposes, a trust, or estate.

Used by taxpayers who carry on business both in and out of New York State (nonresidents only) or the MCTD (nonresidents and residents) and filed with their income tax returns (Form IT-203 or IT-201).

College Tuition Itemized Deduction Worksheet. Form IT-203C - Nonresident or Part-Year Resident Spouse's Certification.

The Form IT-204-IP provided to you by your partnership lists your distributive share of any credits, credit components, credit factors, recapture of credits, and any other information reported by the partnership during the tax year. You need this information when completing your individual income tax return.

You must file Form IT-203, Nonresident and Part-Year Resident Income Tax Return, if you: were not a resident of New York State and received income during the tax year from New York State sources, or. moved into or out of New York State during the tax year.

If you have an ownership interest in a partnership, S corp, or LLC, you may receive a Schedule K-1. You should report the information from the K-1 on your individual tax return. Form K-1, Partner's Share of Income, Deductions, Credits, etc. is a tax form issued by a partnership to its partners.

More info

(See page 4, Which Small Claims Court do I use?) For small claims, you must: • Be a person who is 18 or older. RESOLUTION NO. -2020, ACCEPTING AND.RESOLUTION NO. -2020, ACCEPTING AND. This Official Statement of the New York Local Government Assistance Corporation (the "Corporation" or. Capital Markets Advisors, LLC has served as. Capital Markets Advisors, LLC has served as. Knowledge and belief, they are true, correct and complete in accordance with the laws of the State of New York applicable to this statement. The instructions for Form IT-225, New York State Modifications.

Capital Markets Advisors, LLC, if used, will apply to the use of this statement to this Official Statement. Capital Markets Advisors, LLC can assist you in preparing a valid and effective amendment to your New York State Modification. Capital Markets Advisors, LLC can be reached at 1-877-CASH-4RU (), by telephone at, by fax at, or by writing to Capital Markets Advisors, LLC 1050 Avenue of the Americas New York, New York 10036, Attention: General Counsel. The Corporation accepts as a claim the full amount of an award for which the person has been selected, other than damages. The Corporation also may accept claims for additional amounts in an amount at the discretion of the Corporation.

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Demand for Itemized Statement by Corporation

Note: This summary is not intended to be an all inclusive discussion of New York's construction or mechanic's lien laws, but does include basic provisions.

What is a construction or mechanic's lien?

Every State permits a person who supplies labor or materials for a construction project to claim a lien against the improved property. While some states differ in their definition of improvements and some states limit lien claims to buildings or structures, most permit the filing of a document with the local court that puts parties interested in the property on notice that the party asserting the lien has a claim. States differ widely in the method and time within which a party may act on their lien. Also varying widely are the requirements of written notices between property owners, contractors, subcontractors and laborers, and in some cases lending institutions. As a general rule, these statutes serve to prevent unpleasant surprises by compelling parties who wish to assert their legal rights to put all parties who might be interested in the property on notice of a claim or the possibility of a claim. This by no means constitutes a complete discussion of construction lien law and should not be interpreted as such. Parties seeking to know more about construction laws in their State should always consult their State statutes directly.

Who can file a lien in this State?

New York law permits "A contractor, subcontractor, laborer, materialman, landscape gardener, nurseryman or person or corporation selling fruit or ornamental trees, roses, shrubbery, vines and small fruits, who performs labor or furnishes materials for the improvement of real property with the consent or at the request of the owner thereof, or of his agent, contractor or subcontractor, and any trust fund to which benefits and wage supplements are due or payable for the benefit of such laborers, to have a lien for the principal and interest, of the value, or the agreed price, of such labor, including benefits and wage supplements due or payable for the benefit of any laborer, or materials upon the real property improved or to be improved and upon such improvement, from the time of filing a notice of such lien..." N.Y. Lien Law Â§3.

How long does a party have to file a lien?

A notice of lien may be filed at anytime during the progress of the work and the furnishing of the materials, or, within eight months after the completion of the contract, or the final performance of the work, or the final furnishing of the materials, dating from the last item of work performed or materials furnished; provided, however, that where the improvement is related to real property improved or to be improved with a single family dwelling, the notice of lien may be filed at any time during the progress of the work and the furnishing of the materials, or, within four months after the completion of the contract, or the final performance of the work, or the final furnishing of the materials, dating from the last item of work performed or materials furnished. N.Y. Lien Law Â§10.

What kind of notice is required prior to filing a lien?

"Within five days before or thirty days after filing the notice of lien, the lienor shall serve a copy of such notice upon the owner, if a natural person, (a) by delivering the same to him personally, or if the owner cannot be found, to his agent or attorney, or (b) by leaving it at his last known place of residence in the city or town in which the real property or some part thereof is situated, with a person of suitable age and discretion, or (c) by registered or certified mail addressed to his last known place of residence, or (d) if such owner has no such residence in such city or town, or cannot be found, and he has no agent or attorney, by affixing a copy thereof conspicuously on such property, between the hours of nine o'clock in the forenoon and four o'clock in the afternoon; if the owner be a corporation, said service shall be made (i) by delivering such copy to and leaving the same with the president, vice-president, secretary or clerk to the corporation, the cashier, treasurer or a director or managing agent thereof, personally, within the state, or (ii) if such officer cannot be found within the state by affixing a copy thereof conspicuously on such property between the hours of nine o'clock in the forenoon and four o'clock in the afternoon, or (iii) by registered or certified mail addressed to its last known place of business. Failure to file proof of such a service with the county clerk within thirty-five days after the notice of lien is filed shall terminate the notice as a lien." N.Y. Lien Law Â§10.

How long is a lien good for?

"Any lien created under New York law shall be a lien for a period longer than one year after the notice of lien has been filed, unless within that time an action is commenced to foreclose the lien, ..." or the appropriate steps are taken to request that the court grant an extension. N.Y. Lien Law Â§17.

Are liens assignable?

Yes. New York statutes provide for the assignment of valid liens. The assignment must be in writing and acknowledged by the lien holder. N.Y. Lien Law Â§13.

Does this State require or provide for a notice from subcontractors and laborers to property owners?

Yes. A contractor working on a public improvement may issue a written demand that a state agency provide a notice of completion and acceptance. Also, a subcontractor or other party who furnishes labor and or materials for the improvement of property may issue a demand to the owner or contractor demanding that the owner or contractor provide a statement of the terms of the contract between the owner and the contractor.

Does this State require or provide for a notice from the property owner to the contractor, subcontractor, or laborers?

Yes. Under New York law a property owner whose property has been the subject of a notice of lien may demand in writing that the lien claimant provide an itemized statement of the labor and/or materials provided and their value.

Does this State require a notice prior to starting work, or after work has been completed?

No. New York statutes do not require a Notice of Commencement or a Notice of Completion as required in some other States.

Does this State permit a person with an interest in property to deny responsibility for improvements?

No. New York statutes do not have a provision which permits the denial of responsibility for improvements.

Is a notice attesting to the satisfaction of a lien provided for or required?

No. New York statutes do not provide for or require that a lien holder who has been paid produce or file a notice to that effect.

By what method does the law of this State permit the release of a lien?

A lien claimed under New York law may be discharged by the issuing of a certificate by the lien holder, filed in the court where the lien notice was filed, acknowledging the satisfaction and release of said lien. Otherwise, the lien will dissolve automatically within one year of filing if no legal action is taken to foreclose on said lien.

Does this State permit the use of a bond to release a lien?

Yes. New York law permits a party with an interest in the property in question to file a bond in the amount unpaid under the contract.