When incorporating in New York, you must first select the structure you are going to incorporate in.
Each structure will have an impact on the way your business will be taxed, the amount of paperwork you need to comply, and even the direction of business growth. You can use the links below to help you determine the right business structure.
To facilitate the smooth and efficient completion of the requirements for incorporation, always refer to the New York Department of State website.
Every single information you need to complete the incorporation of your business should only come from the state office to ensure that there will be no problems during incorporation process.
Now that you have followed the steps above, you are officially a New York business owner. Here are 5 additional steps to help you start a successful business.
While filing the Certificate of Incorporation is one of the highlights of the incorporation process, it takes more than just this task to complete the entire process.
There are several different kinds of information required in the process, as well as documents that should conform to the state’s stipulated formats.
To jumpstart the incorporation process, you must have a valid business name, create corporate bylaws, request for an Employer Identification Number, obtain business licenses and permits, organize an initial meeting, and pay the necessary incorporation fees.
In addition, you must also create internal documents such as a business plan, Incorporator’s Statement, and the likes to facilitate for smoother business operations.
By opening a business bank account you will be able to keep your personal and New York business finances separate. This way, you can ensure that all your personal assets will not be mixed up with your business assets. If that happens, it would be very difficult to determine whether you are making or losing money as a business.
To find out which is the best bank to open an account with, do some research. You can use the bank you keep your personal account with, just be sure to keep transactions 100% separate.
The next step when starting a business in New York is to build a website for it. This gives added credibility and allows potential customers to find you.
Although building a website was difficult in the early 2000’s, now you can just use a customizable and free tool like WordPress. Learn more about WordPress and see how to get started at this step-by-step guide.
The incorporation process does not end after you have submitted the necessary requirements and filed the required paperwork.
There are still obligatory maintenance requirements that ensure your good standing with the state of New York. For example, biennial reports should be submitted on time and the necessary business licenses should also be renewed if necessary.
Some of the resources we have mentioned in this guide are our partner services. If our readers use any of these resources while incorporating in New York, a small commission goes our way. Through the collected commission we receive, a significant part of it is allocated to our mission for children’s education support via DonorsChoose.org. To date, we have reached out to more than 36,000 children, and we’ll continue to reach out to more children. Check Our Impact page for more information on how we give back.