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Hi and welcome to Just Answer!A limited liability company (LLC) is an unincorporated organization. The New York personal income tax and the corporate franchise tax conform to the federal income tax classification of LLC.
If that is a single member LLC and is not selected to be treated as a corporation - it doesn't file any federal income tax return - instead - all business income and deductions are reported on owner's individual income tax return - schedule C. Thus - no separate income tax return for the LLC. Similarly for NY state income tax purposes - an LLC that is treated as a sole proprietorship must report its business income and expenses on the individual's New York State personal income tax returns. Thus - the LLC doesn't file and doesn't pay income tax return in NY. However - the situation would be different if the LLC is treated as a partnership or as a corporation.Here is teh publication you might want to be familiar - http://www.tax.ny.gov/pdf/publications/multi/pub16.pdf
Thanks, XXXXX XXXXX question was "other than income tax". What about perosnal property tax being used in a business. The income tax portion is stright forward to me.
Different expert here - Welcome and thank you for giving me the opportunity to assist you with your tax question.
Unlike many states, there is no personal property tax in New York; only real property is taxed.
My point of reference is http://www.tax.ny.gov/pit/property/learn/proptax.htm
I hope you find this additional information helpful. Thank you and best regards.
Thanks for your imput. Much appreciated.
Does the LLC have to fill out a form or submit anything for the Real property or the assestment suppose to come from the State / county?
What happens if nothign comes from the county?
What about other requirments for the LLC,othan than income tax and bi annual reporting. Does my type of LLC have to file anything else?
Please Please Please
If there is real property in the name of the LLC, you should receive a bill from the taxing authority. Your best course of action would be to contact the county directly and ask them if they have anything on record for the LLC.
There is no income tax paid by the LLC. It is a disregarded entity for tax purposes. How did you elect to be taxed? Sole proprietorship? Corporation?
I am not concern about the income tax requirments. My question is about other LLC requirments in NY. For example there is the bi annual filling requirments. Are there any other requriments that I will need to follow (other than income tax)?
The requirements for an LLC in New York can be found at the following http://www.bizfilings.com/new-york/ongoing-llc-requirements.aspx. This link contains a wealth of information.
The filing requirement you referred to is biennial, which is every two years.
Please review this information and come back to me if you need further clarification.
Thank you and best regards.
Will do, thanks!
It's been my pleasure.