From the category archives:

NY Small Business News

8810 New York Tech Community Looks to Repeal LLC Publication Law

Crain’s New York Business reports that members of the group of New York Tech Meetup are working to repeal the law that requires companies to pay a publication fee to form a New York Limited Liability Company (LLC).

Publication fees range from $1000 to over $2000 and are a burden on many start-ups. The rates depend on the county where the business is located.

The New York LLC publication law is as follows:

1.  Within 120 days of formation of a New York LLC, the LLC must publish a notice in two (2) newspapers, once a week, for a period of six (6) consecutive weeks, as follows:

(a)  The notice must include the name of the LLC, the date of filing, the county in which the office is located, the full street address of the LLC, the purpose of the LLC, and a statement regarding service of process on the secretary of state. The information must be precise… there’s no room for errors.

(b)  The notice must be published “as though the copy or notice were a notice or advertisement of judicial proceedings.”

(c)  The two (2) newspapers must consist of one (1) weekly paper and one (1) daily paper of general circulation in the county where your LLC was formed. The newspapers must be designated by the county clerk for such publication.

2.  After the LLC publishing is complete, you must obtain affidavits of publication from the newspapers in which the legal publishing was completed.

3. The affidavits of publication must be filed with the state, along with other information contained in a Certificate of Publication. There are fees for this filing.

4. If you fail to comply with the LLC publishing law within 120 days of formation, the authority of your limited liability company to carry on, conduct or transact any business in NY state shall be suspended, effective as of the expiration of such 120 day period.

5. The suspension will be annulled upon the filing of the Certificate of Publication, even if filed late.

The main beneficiary of the publication law is print publications like the New York Law Journal and Crains New York Business.  Hat tip to Crains for disclosing the conflict. With advertising fees in traditional media in a free fall, expect newspapers to fight for this important source of revenue.

The purpose of the publication requirement is to notify members of the public to know who they are doing business with.  I have never heard of anyone who reads the legal notices of any newspaper.  Moreover LLC information can easily be searched for free on the New York State Department of State Corporation and Entity Database.

The time has come to abolish the New York LLC publication requirement is law from an era whose time has passed. What do you think?

The Law Office of Frederic R. Abramson represents businesses in New York.  If you have a question regarding LLC formation contact me at 212-233-0666.

Share and Enjoy:
  • Print
  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google Bookmarks
  • FriendFeed
  • LinkedIn
  • StumbleUpon
  • Technorati
  • ThisNext
  • Yahoo! Bookmarks
  • Yahoo! Buzz
  • Twitter

{ 1 comment }

Entrepreneurship and Social Change VC NYC panel March 4, 2010

by Fred Abramson February 27, 2010 NY Small Business News

Share On July 4, we celebrate the entrepreneurs who were our founding fathers who made a difference by bringing social change to America. Unlike July 4, there is nothing particularly unique about the date of March 4.  On that date back in 2006 final contact was attempted with Pioneer 10 by the Deep Space Network. Unfortunately, no response [...]

Share and Enjoy:
  • Print
  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google Bookmarks
  • FriendFeed
  • LinkedIn
  • StumbleUpon
  • Technorati
  • ThisNext
  • Yahoo! Bookmarks
  • Yahoo! Buzz
  • Twitter
Read the full article →

What are you doing to build your Community?

by Fred Abramson February 22, 2010 NY Small Business News

Share One of the great problems of the information age has been the disruption of  local communities.  During the last generation, people were able to rely on their local community to help them sustain their businesses.   Accountants were able to order a pint of Guinness at their local Irish pub and pick up a new [...]

Share and Enjoy:
  • Print
  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google Bookmarks
  • FriendFeed
  • LinkedIn
  • StumbleUpon
  • Technorati
  • ThisNext
  • Yahoo! Bookmarks
  • Yahoo! Buzz
  • Twitter
Read the full article →

Employers with Independent Contract Workers are Targeted by the Government

by Fred Abramson February 19, 2010 Business Law

Share According to the New York Times, the IRS is cracking down on companies that try to pass off regular employees as independent contractors. More than two dozen states are cracking down on employers that improperly claim regular employees as independent contract workers. The federal government believes that enforcement could yield $7 billion during the [...]

Share and Enjoy:
  • Print
  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google Bookmarks
  • FriendFeed
  • LinkedIn
  • StumbleUpon
  • Technorati
  • ThisNext
  • Yahoo! Bookmarks
  • Yahoo! Buzz
  • Twitter
Read the full article →

What we can Learn from Startup Culture in China and Government Stability.

by Fred Abramson February 1, 2010 NY Small Business News

Share Calvin Chin, an American entrepreneur in China, wrote an insightful guest post in Techcrunch about startup culture in China.  He recently attended the World Economic Summit in Davos, so you know that he has his ear to the ground on what’s going on in the largest country in the world. Calvin Chin believes that [...]

Share and Enjoy:
  • Print
  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google Bookmarks
  • FriendFeed
  • LinkedIn
  • StumbleUpon
  • Technorati
  • ThisNext
  • Yahoo! Bookmarks
  • Yahoo! Buzz
  • Twitter
Read the full article →

Your Small Business Must be Aware of 6 New Tax Laws for 2010

by Fred Abramson January 28, 2010 Business Law

Share Image via Wikipedia 2010 tax year brings several changes to small business tax law.  I know, the thought of taxes isn’t a pleasant topic to think about, unless you are an accountant. However, a look now at the tax position of your company can help you assess how your business can benefit and comply [...]

Share and Enjoy:
  • Print
  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google Bookmarks
  • FriendFeed
  • LinkedIn
  • StumbleUpon
  • Technorati
  • ThisNext
  • Yahoo! Bookmarks
  • Yahoo! Buzz
  • Twitter
Read the full article →

New York Business Networking Events for the week of January 25, 2010

by Fred Abramson January 25, 2010 NY Small Business News

Share Tuesday January 26, 2010 05:15 PM to 07:45 PM Cleantech Corridor and the NY Technology Council: “Powering the Nation: Opportunities and Challenges for Smart-Grid Investors” Blank Rome LLC Chrysler Building 405 Lexington Ave 24th Fl. NYC, NY. Directions: Get to Grand Central Station and cross teh Stret on Lexington Ave. and get into our landmark Chrysl. [...]

Share and Enjoy:
  • Print
  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google Bookmarks
  • FriendFeed
  • LinkedIn
  • StumbleUpon
  • Technorati
  • ThisNext
  • Yahoo! Bookmarks
  • Yahoo! Buzz
  • Twitter
Read the full article →

New York Venture Capital Stages a Small Recovery

by Fred Abramson January 25, 2010 NY Small Business News

Share Crain’s New York Business reports that venture funding for New York startups was up about 1 percent in the 4th quarter. However, only 66 companies received funding, as opposed to 86 the year before. Venture funding in New York area is concentrated in three industries: Biotech Medical Devices and Equipment Software Investors appear to [...]

Share and Enjoy:
  • Print
  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google Bookmarks
  • FriendFeed
  • LinkedIn
  • StumbleUpon
  • Technorati
  • ThisNext
  • Yahoo! Bookmarks
  • Yahoo! Buzz
  • Twitter
Read the full article →

Bloomberg’s State of the City Speech Contains Only a Few Pledges of Help for NYC Small Businesses

by Fred Abramson January 21, 2010 NY Small Business News

Share Mayor Bloomberg outlined his agenda for helping NYC small businesses in his State of the City speech on Wednesday January 19, 2010.  Unfortunately, it looks like there are only three. He promised to steamline the City’s application process for restaurants and bars; Expand a job program to help immigrants; Help Haitians to apply for [...]

Share and Enjoy:
  • Print
  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google Bookmarks
  • FriendFeed
  • LinkedIn
  • StumbleUpon
  • Technorati
  • ThisNext
  • Yahoo! Bookmarks
  • Yahoo! Buzz
  • Twitter
Read the full article →