On this page, you’ll learn about the following:
New York Registered Agent Requirements
There are certain requirements to fill the role of a New York registered agent:
- The nominee must be more than 18 years old.
- The individual must have a legal, physical address in the state where the LLC will operate.
- The individual must be physically present during normal working hours.
How to Choose a Registered Agent?
When you file your Certification of Formation in New York, you must nominate a registered agent. You can either appoint an in-house registered agent (yourself or any LLC member) or outsource a New York registered agent service.
You can elect your registered agent online through the New York Secretary of State website.
Hiring an Inhouse Registered Agent
When hiring an in-house registered agent, make sure the individual is over 18 of age and lives in New York.
Can I be my own registered agent?
Yes, you can be your own registered agent. So long as you meet the basic requirements for a registered agent, then you can take on this role for your LLC.
Outsourcing a Registered Agent
You may, instead, get professional registered agent services. Doing so ensures that you will have the best individual to represent your business. Here are three of the best LLC services on our list that will provide you with registered agents to ease your worries.
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Note that availing of the services of professional registered agents would be your best option since you are guaranteed that whoever is handling your legal affairs knows their stuff well. You will enjoy peace of mind and focus only on running your business, as the ‘professionals’ take care of all legal matters.
What to Consider when Choosing a Registered Agent
Here are some factors to consider when choosing a registered agent.
- Service Fee: Since most states require formal businesses to have registered agents, selecting the best-registered agent is critical. Hiring a registered agent service typically costs between $50 and $300 annually. When you consider how much time it will save you, this is a small price to pay.
- Tenure in Business of Registered Agent: You want the registered agent to have established and time-tested procedures for handling documents that are received.
- State Jurisdiction Limitation: If your company expands to another state, you should use the same registered agent in all states to reduce the administrative burden of dealing with multiple registered agent service providers.
- Offer Monitoring and Follow-up Services: You want to receive up-to-date information and alerts from your registered agent as soon as possible so that you are aware of the various statutes, rules, and regulations that apply to your company.
New York Registered Agent and Business Laws
The registered agents of New York are responsible for addressing all legal aspects and issues that are related to New York LLC law. Each state has its own business laws. New York is not an exception. Every state is governed by its own unique business laws. These are the top business regulations that every business must comply with.
- Interest Rate Laws: Every state has its own laws on interest for businesses. The general guidelines don’t define a minimum interest rate. It’s not surprising that companies are more likely to agree to higher interest rates. New York has interest rates that are 16% when written. It is the general rate of interest. The rate of interest on judgment is 9%.
New York has a Usury Law. This law has higher interest rates for advances and loans. The law decides on the interest rate. Borrowers can recover the entire amount or excess if violating this law. Also, the interest amount will be forfeited and can recover twice the interest amount paid.
- Antitrust Law: The general purpose of antitrust laws is to find cartel formations in any market. A cartel is the combination of rivals with a disproportionate influence over the supply or price. Cartels in all markets are illegal. New York has the same Antitrust Laws that apply to other states.
The law of New York states that you can bring an action in this regard within four years. The law also grants plaintiffs the right to recover attorney fees as well as other damages.
- Deceptive Trade Practices Laws: New York has the Deceptive Trade Practice Law. However, it has penalties for trading and deceptive acts. The case can be filed by any attorney general. Plaintiffs can recover attorney’s fees, and triple the actual damage or $1000 whatever is more.
- Civil Statute of Limitation Laws: The Civil Statute of Limitations Laws in New York is like the laws in other states. If you are found guilty, the law provides for jail time and heavy fines. There is a time limit to the time you can file suit. Other actions and sanctions can be enforced if you fail to make a claim within the deadline. Up to 10 years of the time limit is given to plaintiffs in order to bring the claim. The judgement can take up to 20 years.
Agents who are registered handle these cases and laws. New York has registered agents that can assist you in navigating these laws.
How to Remove a Registered Agent for LLC in New York
Whether your business is large or small, you need to change your registered agent from time to time. It is easy to do and usually inexpensive. To change your registered agent in New York, you will need to gather the names and addresses of your current and new agents. After that, you will want to submit a Certificate of Change form to the NewYork Department of State. Listed below are the steps to take.
The first step in changing your registered agent is to notify the New York Department of State. If you fail to notify them of your decision, you can expect to face hefty fines and possible suspension. In addition, failure to update your registered agent information can result in penalties and license revocation. This will make it difficult to access financing and legal contracts. Besides, the entity will be marked as delinquent, which can be devastating for any business. Fortunately, you can always change your registered agent information by filing a periodic report and paying a small fee.
Changing your registered agent is relatively simple, but it is important to follow the rules. If you have a registered agent in another state, you may want to hire a different one. It is possible to change your registered agent in New York by paying a nominal fee. Using a registered agent service, like LegalZoom, can save you over $100. Changing your registered agent is easy, but you must follow certain rules and procedures.
All corporations and limited liability companies doing business in New York are required by state law to appoint a New York registered agent. New York registered agents provide a reliable way for the Secretary of State and state courts to contact a corporation or LLC.
A registered agent is simply a person or entity appointed to accept service of process and official mail on your company’s behalf who lives in the state of service and is over 18.
If you intend to be your own registered agent, you may be forced to use your home address (especially if you run a home-based or web-based business), making the address public.