New York State’s $9 Biennial Statement Filing

May 05, 2017

By Gary Bingel, CPA and Richard Sackin, CPA

Please be aware of the New York State biennial registration program that requires a domestic or foreign business corporation or limited liability company (“LLC”) to file a statement every 2 years with the New York Department of State and to pay a $9.00 fee.  For corporations, the statement simply updates the name and business address of the corporation and its chief executive officer, and informs the state of the address to which service of process is accepted.  For LLCs, the statement sets forth the address for service of process.   If a corporation or LLC provided an email address with its secretary of state registration, it should automatically get a notice that its Biennial Statement is due.    

There is no dollar “failure to file” penalty.   However, a corporation or LLC that fails to file its Biennial Statement will be reflected in the New York Department of State’s records as past due in the filing of its Biennial Statement.   Any Certificate of Status or status letter obtained from the New York Department of State will reflect that the corporation or LLC is past due in the filing of its Biennial Statement. This may prevent the corporation or LLC from completing certain business transactions.  Moreover, if a company changes its location, and service of process is misdirected, the possibility of a default judgment is raised.

Normally, the registration would be handled by the company’s legal counsel.  Nevertheless, we would recommend that clients be made aware of this requirement. There are FAQs on the Biennial Statement on the New York State website.   

About Gary Bingel

Gary Bingel, Partner-in-Charge of the National State and Local Tax Group, with expertise focuses on state and local income taxation, and sales and use tax consulting. He has significant experience serving clients in the manufacturing, retail, pharmaceutical, biotechnology, technology and service industries.

About Richard Sackin

Richard Sackin is an Advisor with over 30 years of experience in the fields of accounting and taxation.

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