How to Incorporate a Company in New York - FAQ
Forming Company / Corporation LLC in New York
FAQ on How to Incorporate a Company in New York
How to Form a Company / Corporation / LLC in New York
How to Incorporate a Company in New York - FAQ
Which types of business entities can be formed in New York?
Following types of business entities can be formed in New York:
- Business Corporation
- Limited Liability Corporation ("LLC")
- Not-for-profit Corporation
- General Partnership
- Limited Partnership
What is a Business Corporation?
A Business Corporation is a legal entity separate and distinct from the individual(s) who join hands for doing business. It has rights and abilities similar to those of a natural person. Principal features include perpetual duration, limited liability and easy transferability of interests. A Business Corporation may be formed for any lawful business purpose or purposes.
Why incorporate in New York?
There are numerous reasons to incorporate in New York. Many businesses and not for profit organizations choose to incorporate in New York because it affords easy access to a large population of consumers.
Many organizations also want to benefit from close contact with other businesses. With the third largest population in the United States, New York has a thriving business community. Some of the largest U.S. companies, including Citigroup, Verizon Communications, and Merrill Lynch, maintain their headquarters in New York. This state also services many small businesses, particularly in major industries like finance and communication.
A company that incorporates in New York is perceived as being local and thus may have better chance of forming partnerships with other organizations that excel in their industry. This often helps companies in computer science, medical science, communications and other fields on the cutting edge of technology.
The Company Corporation's experienced professionals understand the New York incorporation process, allowing you to set up your business quickly without spending more money than necessary. Your package will include any incorporation fees required by the state, simplifying the process of meeting industry regulations so you can start running your business as soon as possible with a modicum of paperwork-induced headaches.
What are the naming requirements for incorporation in New York?
The New York Department of State regulates many issues related to business incorporation in New York. Inter alia, this agency requires choosing a unique name designating your organization as a corporation.
The Company Corporation will help you choose a name that has not already been selected by another business. It can help you confirm that your business follows other regulations to expedite the incorporation process, allowing you to begin operating in New York as soon as possible.
Does New York Department of State require a local business address of the business corporation for incorporation?
A business corporation can do business in any part of USA. However, for the purpose of incorporation in New York, the law requires a local address in New York state to be registered as registered agent of the business corporation. A local address is required for the purpose of communication, service and record.
The Company Corporation offers registered agent services in New York to properly and efficiently deliver any legal paperwork to you.
What are the basic documents that you require for incorporation in New York?
Filing your Certificate of Incorporation in prescribed format is one of the basic and most important steps in the New York incorporation process.
What does Certification of Incorporation of your business contain?
Your business's certificate of incorporation will include several key pieces of information. Your certificate of incorporation must contain several key pieces of information, including:
- The corporation's name
- Your organization's purpose
- County location
- The amount of stock the organization has made available to investors
- Mailing address or registered agent office
Does New York Department of State require you to give the names of business directors and officers at the time of incorporation?
Many US states ask for the names of your business's directors and officers. New York State, however, does not require this information.
How long does it take to incorporate a business entity in New York?
Organizations filing their certifications of incorporation can expect to wait 15 to 20 days before getting a response from the Department of State. An additional fee can decrease the delay to one or two days.
The Company Corporation should ensure that each document is filed in a timely manner, and that they conform to the predetermined formats expected by the Department of State.
What are the steps for incorporation of a business corporation in New York?
The Company Corporation will complete several steps to help facilitate your organization's New York incorporation.
In most cases, the steps are as follows:
1.Choose a name that follows New York's regulations and has not been registered by another organization.
2.File for your certificate of incorporation with the New York Department of State.
3.Hold an organizational meeting to create bylaws.
4.Request a Federal Employer Identification Number from the IRS.
5.Apply for any business licenses or permits that you might need to operate in New York.
6.Submit your organization's first report.
7.Submit biennial reports to the Department of State.
8.Pay incorporation fees. The fees in New York State vary depending on the specific type of corporation that you create. To form a professional service domestic corporation, for instance, you must pay a $125 filing fee plus a .05 percent tax for shares.
The minimum tax on shares is $10 for a total minimum cost of $135.
Do you require any other business licenses to operate a business in New York?
In addition to registration as corporate entity, you are required to procure certain other licenses and registrations for business corporation to avoid any violations. These include obtaining Employer Identification No. and Registration as Sales Vendor, which are mandatory.
Depending on nature of business you may also be required to obtain special license for such business. For instance you are required to obtain special licenses for operating the business of insurance or communication.
The Company Corporation offers specialized services of assisting you in obtaining all business licenses in addition to incorporation.