New York Department of State Announces 100,000 Online Corporation and Limited Liability Company Filings Milestone
Over 52% of all New Corporation and Limited Liability Company Filings in New York State Now Performed Online Saving Time and Money
The New York Department of State today announced that over 100,000 Domestic Business Corporations and Domestic Limited Liability Companies (LLC’s) have been formed in New York through the State’s Online Filing System, which had its public launch in early 2014. The system allows these two business filings that previously could take more than a week to be processed, to be performed electronically in a matter of minutes and resulting in savings of up to $150.00 in expedited processing fees per filing.
“This modernized and innovative online system encourages entrepreneurs to create opportunities that help reinvigorate our State’s economy,” said New York Secretary of State Cesar A. Perales. “It ultimately benefits all New Yorkers as business filers receive more immediate results, while taxpayers benefit from a more efficient allocation of State resources.”
Since its inception, more than 52% of all new business corporations and LLC’s have been formed using the Online Filing System, allowing for more efficient State government operations and improved customer service from Department of State staff.
“New York State is committed to remaining ‘Open for Business’ by providing entrepreneurs with practical and cost-efficient services,” Perales continued. “This Online Filing System is a key innovation helping to fuel business formation all over our State.”
Along with assisting prospective business owners, the Online Filing System also benefits service providers which fulfill filing requirements for those customers who don’t want to do it themselves. A direct benefit to the service companies includes access to reports showing their online transactions and activity on a daily basis in lieu of paper records for more efficient internal referencing. Additionally, companies will realize a time savings that is passed down to customers as there is no longer a need for firms to send runners to pick-up filing receipts or rejection letters.
Other benefits of the Online Filing System, whether filed directly by a prospective entrepreneur or through a service provider, include:
• An immediate email acknowledgement that the document has been filed with the New York Department of State that includes a filing receipt and a copy of the filed document or, if requested, a certified copy of the document.
• Finding out immediately whether a proposed corporate or LLC’s name is available before proceeding.
• Flagging of any errors in the certificate of incorporation or articles of organization prior to submitting the document for filing.
“At Couch White, our participation in the New York State Department of State online e-filing and e-copy programs has paid great dividends to us, and, more importantly, our clients,” said Harold D. Gordon, Esq., Chair of the Corporate and Transactional Department, Couch White, LLP. “With these programs, we are able to greatly streamline the process of getting new businesses up and running, and have experienced a host of other efficiencies in obtaining vital records and certificates, and meeting corporate compliance requirements.”
"The Online Filing System is fast, efficient, reliable and designed to serve the needs of New York State's entrepreneurs,” said Elsie Sanchez, long time incorporator of 243,372 companies and counting for clients of Spiegel & Utrera, P.A., P.C. “I can't remember how we functioned without it.”
This Online Filing System is a first step in a much larger initiative by the State’s Department of State to expand online filing services, improve efficiency, enhance transparency and expand accessibility to information to meet the needs of New York State’s dynamic business community. Future phases of this project will include:
• 24/7 access to the online filing services (excluding downtime for routine maintenance).
• Online filing or submission of all business formation documents, amendatory filings and assumed name certificates..
• Online capability to obtain or request copies of business formation and subsequent amendatory documents.
• Redesigned inquiry system providing improved access to data and associated document images dating from 2002 forward.
The Online Filing System is available Monday through Friday from 6:00am to 7:30pm (ET) through the New York Department of State’s Division of Corporations website at http://www.dos.ny.gov/corps/index.html.
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