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Please note: I fully understand that using a lawyer or a legal service is highly advised here. Duly noted! But, I think I'm more than capable of handling this, and if you strongly disagree, please provide adequate reasoning!

I want to create a member-managed NY State LLC where I will be the only member (initially). Initially (most of the first year of operation), this will be a "barebones" LLC with less than $1,000 in the sole checking account. There will be very few transactions each month (probably less than 5). It will essentially be a "placeholder" company that provides me with certain protections and capabilities until I am actually ready to launch a product and start conducting "normal" business.

I understand the process and steps needed to form the LLC, but am a bit fuzzy on what I need to do from a compliance/taxation perspective with respect to the daily/quarterly/annual operation of the LLC.

Let's make it simple and assert that my industry doesn't require any special permits, licenses, etc. to operate. I would assume I need to file quarterly financial reports with the NYS Dept Taxation/Finance as well as the IRS. I'm also aware that I'll need to file a Biennial Statement every 2 years. Anything else?!? I'm basically looking to comply 100% with all state- and federal- agencies (which I believe will should just be tax departments and the NYS DoC), and want to make sure that I'm not overlooking anything here.

Note: Yes, I'll use an accountant for all quarterly/annual financial filings. But any other documents/filings/procedures I'd like to tackle myself without using an expensive lawyer, especially since this business will essentially be de minimis/barebones and solely exist on paper for the first 8 - 12 months of operations.

  • Answering your questions is fun for me because I have done and continue doing what you are doing so I have a natural affinity for where you are. So keep the questions coming. I am learning from your questions too. Anyway, one quick question. Have you considered and rejected your other options for barebones bootstrapping? Like namely filing D/B/A or sole proprietorship? Until you gain traction with your product? Just a question. Not a suggestion. – Mowzer Dec 18 '15 at 3:51
  • I appreciate the encouragement! I will likely have many more! Yes, I have considered the DBA/proprietorship options, but because of the nuances of my situation/app/product, still feel like an LLC is right for me, even at this (embryonic) stage. – Manny Rodriguez Dec 18 '15 at 11:48
  • Are you looking to form the LLC yourself and you're only seeking compliance advice? Or do you need to know how to set it up? Either way, you don't necessarily need a lawyer to accomplish either objective. The advantage of having a lawyer is they'd look at all adore ya of your business to find the best way to form your entity such that tax treatment and initial costs and requirements are minimized. – gracey209 Dec 18 '15 at 16:35
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This link looks like a good resource. It lists the following ongoing maintenance items.

  • Biennial report
  • Taxes
  • Federal tax identification number (EIN)

That page contains nested links to more and more detailed information regarding taxes.

I think you can successfully do what you describe between by relying on a reference work (like the site I linked you to) and a CPA.

Also, see comments.

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