Limited partnership new york

The forms required to form your business as an LP can be found on the Department of State website. The Certificate of Authority along with a processing fee can be filed with the Department of State, Division of Corporations. While the limited liability an ability to avoid the double tax associated with corporation can be appealing, there are a few disadvantages to structuring your business as an LP:. If you are looking for an attorney to help you with structuring your business, then contact a business lawyer today to get the help you need.

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Connecting …. Are You a Lawyer? Grow Your Practice. At the end of the day, this is your business, and you should choose a name that makes you proud. When you confirm that your intended name is available, you may reserve it by submitting an Application for Reservation of Name with the New York Department of State. This will reserve your name for 60 days. To fully embrace the business name, register your URL.

Every limited partnership in New York is required to designate a registered agent , which is the individual or registered agent service that receives government correspondence on behalf of your business, then forwards those documents to you. Registered agents must be individuals who are residents of New York or a company such as an LLC or corporation that provides registered agent services.

The registered agent must have a physical street address, should physical service of process be necessary. Without a registered agent in New York, you could lose your good standing and the state also has the right to dissolve your LP if they decide to.

At the end of the day, we recommend designating a registered agent service to handle these requirements. Doing so will entail the completion and submission of the Certificate of Limited Partnership form. The document will require the following details:. A printable version of the Certificate of Limited Partnership can be found here. If you need your documents processed quickly, you may choose to expedite your transaction for an additional fee.

While not legally required by the state of New York, a limited partnership agreement outlines some of the key operating principles of the business. The information included in a limited partnership agreement does vary depending on the nature of your business, the size of your company, and some other variables.

The majority of New York state taxes are levied based on what goods or services your limited partnership provides. Most LPs will be required to register and pay state and use tax, though other taxes and reporting requirements may also apply depending on the nature of your business.

The website also has helpful resources that help determine which documents are necessary and information on how to e-file. In New York, most taxes are handled at the state level. That being said, those in New York City may need to pay additional local taxes.

In addition to the state income tax, the city of New York has an separate income tax that may also be necessary. For more information on local taxes within the city, visit the New York City Department of Finance website. New York has no general business license but it does have over a thousand industry specific licenses which can be reviewed here. For example, New York City has its own Step-By-Step Business Service which allows those operating businesses in the city limits to create a customized checklist for local licenses and permits.