NY Techies Attack LLC Publication Requirement
I just recently posted an article comparing the steep price difference between registering an LLC versus an S-Corp and how LLC’s are subject to NY’s $2000 extortion publication requirement.
Now New York tech businesses have launched a petition, aptly named “Why-2K?” to nix this quasi-tax on small businesses. From Crains’ (subscription required):
A group of techies is launching an effort today to get the state to eliminate the law compelling new limited liability corporations to publish notices announcing their formation.
The requirement costs fledgling businesses up to $2,000.New York law requires every new LLC to announce its existence in two print publications such as Crain’s for six consecutive weeks, within 120 days of formation.
Let’s hope this goes through.
(Thanks go to Steve Caccavo of Creative Business Solutions for pointing me to the article.)
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MM
You end your very strong post with a very weak “let’s hope this goes through” . Let’s be proactive and set up a site that does exactly what we want to happen. A site for llc’s filed with their llc’s published in the proper public notice format. Then we can show the legislature how easy they can do this so they realize that each new llc should not have to waste $750 for a notice in the New York Law Journal. It;s quite easy.