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Renewing Inc. company

Asked by: Michelle  — 1 July, 2012

My cousin forgot to renew is New York Inc. company and it has expired. How does he go about renewing it or should he just start all over again: Thank you.

Answered by: admin  — 1 July, 2012

Michelle,

Typically New York State does not dissolve corporations due to lack of filing it’s biennial reports, but for not filing it’s taxes with the state’s Department of Taxation and Finance (DTF).

To reinstate the business, the company would have to file it’s owed taxes to the DTF to obtain a written letter of consent, which can be filed with a $55 reinstatement fee with the state.

It’s difficult to say the exact amount you would owe for reinstatement. There may be penalties or interest due on the owed taxes, along with the $9 for any missed biennial reports, depending how long the business had been active. This is something I would have to research with the state, however I’d need to know the name of the business to do so.

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