When you start a business, you have to do a lot more than attract and satisfy customers. There are also several official forms that businesses need to fill out and file with the state where they registered the company.
In many states, New York state among them, one such form is the Application for Reservation of Name. Both individual business owners who have not yet taken the step to incorporate and existing domestic and foreign limited liability companies (LLCs) can complete a name reservation form in order to reserve an LLC name for use at a later time.
Why Would You Need to File an Application for Reservation of Name?
Filing a name reservation form in New York allows you to select the name for your LLC before you officially register the business with that name. This is advantageous to both fledgling businesses and established companies that are rebranding:
- A name reservation allows you to protect the name you have selected from being taken while you wait for web development, design, or other aspects of the business launch.
- If you find the perfect domain name and want your business name to be the same—but don’t want to register the business before the new tax year—the Application for Reservation of Name allows you to hold the business name until you are ready.
How Do You File a New York Application for Reservation of Name?
The Application for Reservation of Name, pursuant to Section 205 of the New York State Limited Liability Company Law, will reserve your chosen business name for 60 days. Individuals and existing LLCs are allowed two extensions of 60 days each.
The fee for filing a New York Application for Reservation of Name is $20, the same cost as filing for an extension. The New York Department of State, Division of Corporations, receives the completed application. The filing receipt, which is called a “Certificate of Reservation,” must be submitted and filed along with the application itself.
You can also file to cancel the Application for Reservation of Name before the current reservation expires.