LLC - minimum taxes required to be paid in NYS?

0	Is there a minimum amount of tax required to be paid by LLC's in New York State regardless of whether the biz makes a profit? llc tax payment profit new-york asked 13 Jul '11, 03:48 Brooke 458●3●15 accept rate: 0% edited 16 Jul '11, 22:10

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That depends on the jurisdiction and your definition of taxes.

California has an annual $800 minimum fee for LLCs. In fairness, this is assessed by the California Franchise Tax Board so maybe it isn't an "income" tax per se, but its still a tax.

Maryland's State Department of Assessments and Taxation charges an annual $300 FILING fee to keep the charter alive and well. This isn't an income tax either, but a cost of doing business in Maryland. I consider it a "disguised" tax of sorts.

So depending on your jurisdiction and your definition you could easily be responsible for several hundreds, maybe even thousands, of dollars in tax even if your LLC is inactive.

link

answered 13 Jul '11, 18:09

EAgent
5.2k●2●13
accept rate: 6%

Thank you for you response.

What about in New York State?

(14 Jul '11, 13:45) Brooke

Sorry - I do not do any NYS LLCs (or any NYS business returns for that matter) so I don't have a handy answer for you. You may want to check with your tax pro.

(19 Jul '11, 16:56) EAgent

0	Sometimes yes, but that depends upon what state the LLC is formed in, and you didn't tell us. link answered 13 Jul '11, 14:07 Bill-EA 3.8k●2●4●17 accept rate: 3% New York State. (14 Jul '11, 13:45) Brooke

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