Tuesday, September 27, 2022

How Do I Register My Business In New York

New York Business Registration: Everything You Need To Know

How I started my LLC in NYC

New York business registration involves selecting your company name and registering it with the New York Secretary of State. The state can be very strict when it comes to accepting your companys name and might reject new filings for reasons that seem trivial to the filer.3 min read

New York business registration involves selecting your company name and registering it with the New York Secretary of State. The state can be very strict when it comes to accepting your companys name and might reject new filings for reasons that seem trivial to the filer. Some of the reasons the state might reject your name include:

  • Not getting consent to use certain common words in your companys name.
  • Using an inconsistent spelling of the name when filing your documents.
  • Using a foreign word without including the translation.

You can form several types of corporate entities in New York, including:

  • Business corporation
  • Registered limited liability partnership

Important Information About The Online Ein Application

The online EIN application is available for all entities whose principal business, office or agency, or legal residence , is located in the United States or U.S. Territories. The principal officer, general partner, grantor, owner, trustor, etc., must have a valid Taxpayer Identification Number in order to use the online application.

If you are a third party, you must retain on file a completed copy of the Form SS-4 signed by the customer, and the signed statement authorizing you to file the online application.

Forming A Business Corporation In New York

New York recognizes many business forms including corporations, limited liability companies, limited partnerships, sole proprietorships and general partnerships. Each has its own advantages and disadvantages. For any particular venture, personal and business circumstances will dictate the business form of choice. The Department of State cannot offer advice about the choice of business form and strongly recommends consulting with legal and financial advisors before making the decision. Forming a corporation should only be done after careful analysis. These instructions have been developed to answer your questions regarding formation of a business corporation and to assist in the filing of a certificate of incorporation.The staff of the Department of State is dedicated to providing quality service. Although we cannot provide legal advice, we are available to assist in answering questions about filing corporate documents. Please contact the Department of State, Division of Corporations, One Commerce Plaza, 99 Washington Avenue, Albany, NY 12231 or one of our representatives at 473-2492 with any questions you may have.

What is a Corporation?

A corporation is a legal entity separate and distinct from the individual who compose the business. It has rights and abilities similar to those of a natural person. Principal features are perpetual duration, limited liability and easy transferability of interests.

How Do I Form a Corporation?

What is a Professional Service Corporation?

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Pick A Business Location And Check Zoning

You’ll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company’s early months.

It is important to verify that the spot iszonedfor your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town’s zoning or planning department. Read our article formore tips on picking a location.

One alternative to opening your business at a new location is running your company out of your home. If you decide to run a home-based business, again check your local zoning laws. In addition, review your lease and homeowners association rules , either of which might ban some or all home businesses.

How Do I Manage Ongoing Dba Name Compliance In New York

How to Register for a Sales Tax Permit in New York

The date on the receipt issued by the New York State Department of State is proof that the certificate has been registered. Once your DBA name has been registered, the date on the receipt is the same date you can begin trading. Check your receipt to ensure all details are correct.

You do not need to renew your DBA name to remain compliant with state laws, but you may want to make other changes at some point. Specifically, a Certificate of Amendment of Certificate of Assumed Name may need to be completed and filed for $25. County fees will also apply to corporations.

Or you may want to file a Certificate of Discontinuance of Assumed Name for $25 with the Secretary of State should your business circumstances alter. Altered circumstances can include the sale or transfer of the company. Many reasons exist for amendments or the discontinued use of a DBA name. When changes take place, the DBA name must be officially maintained.

How we can help

Our team of experts is here to help you with every leg of the journey of running your business. If your New York small business is still in the formation stage, our LLC Formation Services or Corporation Formation Services can help you get started.

The content on this page is for informational purposes only, and does not constitute legal, tax, or accounting advice. If you have specific questions about any of these topics, seek the counsel of a licensed professional.

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Obtain An Employer Identification Number From The Irs

An Employee Identification Number is a 9-digit unique identifier for your business, much like a Social Security Number is a unique number assigned to an individual. It does not expire and once it has been assigned itâs never issued again.

All businesses should obtain an EIN. You will need an EIN to pay employees, file business tax returns, open a business bank account or obtain a loan. Failure to obtain an EIN may block your business from filing taxes appropriately, which can result in additional fees and penalties.

To obtain an EIN you will need:

  • A principal officer for the business
  • The taxpayer identification for the principal officer , or EIN)
  • How to Apply

    You may apply for an EIN from the Federal Internal Revenue Service either online, by fax, or by mail.

    • Applying online should take no more than 15 minutes, and you will receive your EIN right away.
    • Applying by fax, write your fax number in bold on the top of your application. The IRS will be able to fax your EIN back to typically within 4 days.
    • Applying by mail may take 2 to 4 weeks.â

    If you do not have a SSN or an ITIN, you can apply by fax or by mail using Form SS-4, or if you want to apply online, you need to get an ITIN or SSN.

    Is Your New York Llc Name Available As A Web Domain

    When thinking of the perfect name for your LLC, you should also check if its available as a domain name. If it is, grab it as soon as you can. A domain that shares your businesss name adds an additional marketing advantage.

    A business website can reach additional customers outside of your city or even the state if you plan to offer your goods and services online in addition to your brick and mortar location. Take advantage of our domain name search tool to see if the business name you want is available as a URL.

    Our domain name service can help you find and purchase a name for your LLC. In addition to all of this, we can also help you build a business website and provide domain name privacy. Once you get your business website up and running, you can reach a new group of customers online and promote the site through social media.

    Getting a doing business as name for your New York LLC

    Once your New York LLC is registered with the state, you can do business under that name. However, if you plan to do business under a variation of that name or an entirely different name, youll need to file a Certificate of Assumed Name with the state.

    An assumed name, also known as a New York DBA name, can be filed in New York for a fee or you can let us file it for you. The state recommends that the assumed name document be completed under the guidance of an attorney.

    Getting a trademark for your New York LLC

    Trademarks can be registered at the state and federal level:

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    Is An Llc Better Than A Sole Proprietorship

    Choosing the business entity is a very difficult decision and we get a lot of questions about whether the sole proprietorship or Limited Liability Company is the best option. The benefits are different for each business owner, but here are a few things to consider when considering the two.

    The sole proprietorship is a popular business entity and has advantages such as ease of setting up, fewer administrative requirements, and lower cost than the Limited Liability Company. The biggest downside of the sole proprietorship is that the owners personal finances and the finances of the business are tied together. This means if the business is sued or the business cant pay its debts, the owner is personally responsible.

    The LLC is a legal entity that separates the assets of the business and its owners. If the business is sued, the owners are typically not personally liable. Another significant advantage of the LLC comes from its tax flexibility. Once the LLC is profitable enough, it can provide distributions to the owners which are taxed much less than the self-employment taxes of the sole proprietorship.

    Why Start Your Business In New York

    New York LLC – How to Start an LLC in New York – Short Version

    New York is home to more than 1.5 million small businesses employing nearly 4 million people across the state. Small businesses in New York employ over half of the state’s workforce, making startups and small businesses central to the state’s economic health. With its diverse and well-educated population, New York offers small business owners a huge pool of skilled talent to tap into to help your business succeed.

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    Domestic New York Llc

    Domestic New York LLCs cost $200 to file. New York corporations cost a minimum of $135 to file . All domestic entities appoint the New York Secretary of State to receive service of process and legal notice. You must list a name and address with the NY SOS to then get these notices sent to. Its critical that you provide the NY SOS with a permanent, reliable address where you can get mail reliably. Our clients do not want a permanent record of where theyve lived filed with their corporate companies. Our clients worry about getting a law suit delivered to them from a mail room in a skyscraper. Were in Albany down the street from the NY Secretary of State, so we get these notices very fast and scan them to your online account so you can get them in real time during the day instead of after hours in a mailbox you get mail in sometimes.

    You can make these corporate filings by submitting the forms and a check payment to the New York Division of Corporations at the address listed on all the state forms. You can also walk in your filings. Fax filing is available with or without expedite service. You can also file online, which is how we recommend.

    Usually, normal filings are processed by the state within 2-3 business days after they are received. But right now, processing times for paper filings are delayed. Expedited filings now take a week, and standard paper filings are currently being processed in 120 days.

    Research And Open Accounts For Business Banking And Credit

    The only way to separate business from personal finances is to open a business bank account. Even if youre not ready for credit right away, using business credit cards is how you begin to build your companys credit profile . When youre ready, youll be able to qualify for financing and lines of credit.

    If you dont know of a local business bank or credit union, you can ask your personal bank if they have any business banking solutions. You can also find business banks by searching online. Common documents that banks require to open accounts are below:

    • Filed articles of organization or incorporation
    • Federal tax ID number also called employer ID number
    • Formal business resolution authorizing the opening of a business bank account or application for credit. Must be signed by the owners, members, officers or directors, etc.

    Top Business Banks in New York:

    Talk with our banking partners for help with business banking and credit solutions.

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    How To Apply For An Ein

    The easiest and fastest way to apply for an EIN is to visit the Internal Revenue Service website, between the hours of 7 am 10 pm EST, Monday Friday.

    The online application process only takes about 5 minutes to file the EIN online, and the number will be ready in seconds. If applying online isnt an option, you can also complete an EIN application by mail or fax by sending Form SS-4 to the IRS fax number 855-641-6935.

    You can even get an EIN over the phone if the company was formed outside the U.S. by calling 267-941-1099. If filing by phone, note that it isnt a toll-free number.

    There is no cost to apply for an EIN.

    See how to register an EIN in this video:

    Search For An Available Business Name

    Nueva York â Stand OUT Program

    Your business name is the name you will use to represent your business.

    If you are an LLC, C-Corp, S-Corp, LP, or LLP you should check if your business name is available with the New Jersey Department of Treasury. If your name is available, you will reserve your name when you submit your business formation documents. You will need your business Certificate of Formation to officially register your business name.

    If you are a sole proprietor or a general partnership, and you do not want to use your personal name as your business name, you can register a business name at your local clerkâs office.

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    File Certificate Of Incorporation

    Your corporation is legally created by filing a Certificate of Incorporation with the New York Secretary of State . The certificate must include the corporation’s name the corporate purpose the county in New York in which its main office is located the stock structure the designation of the SOS as the corporation’s agent for service of process and the name and address of the person to whom the SOS should mail any process received.

    The SOS has developed an optional Certificate form that includes a general purpose clause and authorizes the corporation to issue 200 shares of common stock with no par value. If more shares and/or a par value are desired, rewrite this portion of the form to insert the desired number of shares and a statement of their par value or that they are without par value.

    The certificate may be filed online or by mail. The fee for filing the Certificate of Incorporation is $125.

    Meet The New York Llc Publication Requirement

    Lastly, youll need to meet the states publication requirement for LLCs. Once youve successfully filed your Articles of Organization, New York LLCs are required to publish a copy of their Articles of Organization or a notice about the LLCs formation within 120 days of its effective date.

    The notices must be published once each week for six successive weeks in two separate newspapers. Newspaper designations are determined by the county clerk. By law, the notice must include:

    • The name of the LLC
    • The purpose of your business
    • The filing date of the Articles of Organization with the state
    • The county in which the business office of the LLC is located
    • The street address of the principal business location, if any
    • A statement that the Secretary of State has been designated as the registered agent
    • An address where the Secretary of State can receive service of process
    • The name and address of an additional registered agent, if any, who can receive service of process for the LLC instead of the Secretary of State
    • A specific date of dissolution, if any

    The publisher of each newspaper will provide an Affidavit of Publication once the notice has been published. Youll send the affidavits to the New York Division of Corporations with a completed New York Certificate of Publication form and a check to pay for the filing fee.

    New York LLC Formation Notice Publication Costs

    We can help

    New York LLC FAQs

  • Any LLC treated as a partnership may be required to file Form IT-204 for tax purposes.
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    Write A Business Plan

    This may not be what you want to hear, but sometimes patience really is a virtueand starting a business in New York just so happens to be one of those times. So while you may be gung-ho to get your business idea off the ground, take a second to get your bearings and write a business plan. This roadmap will guide you from point A to point B and beyond. Youll thank yourself for it when you inevitably make an unexpected turn.

    Your preliminary business plan should address at least the following:

    • A description of your product or service in detail, plus pricing. What pain point does your business address?

    • How your product or service sets itself apart from your competitors

    • Your businesss management and ownership structure

    • A hiring plan, if necessary

    • An overview of your target market

    • How you can attract and retain your potential customers

    • How much money you currently have

    • How much money you need to launch

    • How long it will take to break even, and how long it will take to make a profit

    Keep in mind that your business plan is a living document. To begin, simply aim to be as detailed as possible, remembering that you can always dive back in and make adjustments and additions as you garner traction, experience, and funds.

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