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CGCPA
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Experience:  40+ years experience in taxes and financial planning
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HI planning to open an LLC in NJ and want to open a retail

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HI planning to open an LLC in NJ and want to open a retail store in NYC. do i register the LLC in NJ? can I register in NJ and open a store in NY? or the LLC has to be in NY? pls help with this thanks


I live in NJ and I was told if I open  LLC in NJ I cant do business in NYC.


also need the store name to be differnt than the LLC, should I do DBA?

Submitted: 2 years ago.
Category: Finance
Expert:  CGCPA replied 2 years ago.

Welcome to Just Answer. I am here to help you resolve your tax and finance concerns. Please feel free to ask anytime you need extra help.

A NJ based LLC can do business in NYS/NYC once it registers as a "foreign"(meaning out of state/city entity. However, it will then also be required to file NYS and NYC returns and pay the taxes thereon. NJ does offer a credit for those taxes to its resident businesses and individuals to help lessen the double taxation burden. This is not a perfect offset but if you are seeking to engage in business in NYS/NYC will be the path available to you.

The retail store will also be required to register for NY sales tax (www.nystax.gov) file returns and pay the sales taxes due.

If the store is going to operate under a name that id an assumed name the LLC will need to register the DBA. Since a DBA (also called a trade name) is recorded at the county level, it should be recorded in the NYC borough in which you plan to operate.

Customer: replied 2 years ago.

thanks for your answer

Please confirm that I should follow below steps:

-Register as LLC in NJ

- Register as Foreign (does that mean I have to register a new LLC in NY?)

-Do the DBA for the store name.

-I will have to pay tax in NJ and NY, right?

 

thanks again

Expert:  CGCPA replied 2 years ago.

The steps are correct, however, you will not need to register a new LLC in NY. You will be simply recording the NJ LLC to do business in NY. Once NY registration is complete the LLC will also need to register with NYS sales tax and, if there are employees obtain Workers Compensation and disability insurances which meet NY minimum standards. Your insurance broker can take care of this but the policies must be in effect before anyone (other than you) starts working in NY. You will also need to register with NYS unemployment insurance. While none of these is difficult I do recommend that you secure the services of a CPA familiar with both NY and NJ taxes. It will be a worthwhile investment to protect your business future. The forms and instructions for the NY registrations can be obtained at www.nystax.gov

Finally, yes, you will have a requirement to file NY/NYC/NJ tax returns.

CGCPA, CPA
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Experience: 40+ years experience in taxes and financial planning
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