Thursday, June 6, 2024

How Much To Incorporate In New York

Choose A Corporate Name

How To Incorporate A Company Or Business

Your corporation’s name must include the word “Incorporation,” “Incorporated,” or “Limited,” or an abbreviation.

Your corporation’s name must be recognizably different from the names of other business entities already on file with the New York Secretary of State. Names may be checked for availability at the New York Department of State Division of Corporations business name database.

You may reserve a name for 60 days by filing an Application for Reservation of Name with the New York Department of State Division of Corporations. The application must be filed by mail.

New York Llc Publication Requirements

When forming an LLC or corporation in the State of New York you are required to publish a notice of formation in the local newspaper of where the business is formed. This is known as the New York publication requirement.

We have made it simple for you to follow the publication requirement and even provide an example of exactly how it should look.

The article covers the following important topics:

Incorporate A Limited Company

Incorporate a limited company by filing the required form and documents with Registry of Joint Stock Companies.

Incorporate your limited company.

To incorporate a limited company, your filing needs to include:

  • Memorandum of Association
  • Notice of Directors and Officers
  • Appointment of Recognized Agent
  • Notice of Registered Office

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Get An Ein For Your New York Corporation

What is an EIN? An Employer Identification Number , or Federal Tax Identification Number , is used by the federal government to identify a business entity. It is essentially a social security number for the company.

Why do I need an EIN? An EIN is required for the following:

  • To open a business bank account for the company
  • For Federal and State tax purposes
  • To hire employees for the company

How do I get an EIN? An EIN is obtained from the IRS by the business owner after forming the company. This can be done online or by mail.

File A Certificate Of Incorporation In New York

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To incorporate in New York, the first step is filing a Certificate of Incorporation with the New York Division of Corporations. The Certificate of Incorporation is a two-page form that requests basic information about your New York corporation. It sounds simple, but nothing in New York is easy. You can hire us to file it for you or use our tips to fill it out.

You probably have a sweet name picked out for your corporation, but just like when you see a cutie at the bar, you should check for availability before you fall too hard. A quick search on The New York Department of State business name search should do the trick. Make sure it includes some version of Corporation or Incorporated.

New York provides a generic business purpose for you. Boom. Done. Unless your corporation is educational or healthcare-based. Then youll need to do some extra stuff, like get approval from the right state department and write up a detailed purpose.

Pretty simplejust list the name and address of whomever is filing your Certificate of Incorporation.

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Comply With Federal Requirements Such As Obtaining An Employer Identification Number

You may need to obtain a federal tax ID, also called an employer identification number . Youll use your LLCs EIN when filing your business taxesâsometimes, an EIN is also necessary when opening a business bank account or applying for business loans. If youre starting an LLC in NY with employees, youre required to get an EIN and register with the NY Department of Labor.

Typically, all business owners should get an EIN the only LLCs that dont legally require a federal EIN are single-member LLCs with no employees and no excise tax duties. All other LLCs, though, do need to apply for an EIN with the IRS, which can be done online or by mail.

When you receive your LLCs EIN, you can decide to keep your tax status as an LLC, meaning youre subject to pass-through taxation, like a partnership, or if youd prefer to have your LLC taxed as a corporation. There are benefits with either option, so ultimately you have to determine what will work best for your business. If you decide to change your status, complete and file Form 8832 with the IRS.

»MORE: 21 Small-Business Tax Deductions You Need to Know

Get New York Business Licenses

As the third largest state in terms of population, New York attracts businesses that want to compete in a wide range of industries. Before starting a New York business though, you must apply for the licenses and permits that state, city, and county agencies require for your industry. Many businesses must acquire some type of New York business license to operate legally within the state. has helped many small business owners and entrepreneurs attain a business license in New York. Our decades of experience allow us to swiftly and seamlessly research the licenses and permits that you need. By allowing to complete this process for you, your business can avoid additional fines, fees, and delays.

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How To Get A New York Certificate Of Good Standing

A Certificate of Good Standing, known in New York as a Certificate of Status, verifies that your New York corporation was legally formed and has been properly maintained. Several instances where you might need to get one include:

  • Seeking funding from banks or other lenders
  • Forming your business as a foreign corporation in another state
  • Obtaining or renewing specific business licenses or permits

To order a Certificate of Status in New York, you must submit a written request to the New York State Department of State. The fee is $25. The written request must include the following information:

  • A specific statement requesting a Certificate of Status
  • The exact name of the corporation
  • The DOS ID number or the exact date of formation or authorization, if known
  • A statement as to whether the request is for routine or expedited processing
  • A return mailing address

Order a New York Certificate of Status

Request a Certificate by Mail, by Fax, or In Person From the New York Department of State

Note: Fax filings must include a form.

Get An Employer Identification Number From The Internal Revenue Service

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You’ll need an EIN to identify your business to the IRS. You use this number when filing and paying taxes, when submitting payroll information and payments for your employees and when opening a business bank account. You can obtain one directly from the IRS, or Incfile can get one for you as part of the NYS LLC formation process.

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New York State Taxation Issues

Your choice of incorporation as either an LLC or a C Corp will have an impact on the way your company is taxed.For LLCs, taxation is assessed based on the personal income of the named company members. Limited Liability Companies based in New York must also pay a franchise tax, unless the company is foreign, engaged solely in interstate commerce, and doesn’t own or lease any NY property.C Corporations based in New York must pay both business income tax and franchise tax, although the same exemptions to the franchise tax apply as for LLCs. If payable, the franchise tax is calculated at .09% of the business’ subsidiary capital. Corporate income tax is calculated at 7.1%. of total net income, or 0.15% of capital, or 1.5% of minimum taxable income, or a minimum $25 tax on the amount of NY state gross receipts.

Choose A Corporate Structure

Is your corporation for-profit or not-for-profit? If you are starting a nonprofit, please see “How to Start a Non-Profit Organization in New York”.

C-Corp and S-Corp refer to taxation with the IRS, not to legal structures. Your corporation is taxed as a C-Corp unless you file an election to be taxed as an S-Corp .

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What Are The General Costs Of Incorporating

It is important as a business owner to understand the general costs of incorporating before beginning the process. Find out more about how you can incorporate.

There are many advantages to forming a corporation. Since a corporation is considered a separate entity, its shareholders and owners are not liable for the corporation’s debts. Protection from liability makes corporations attractive to investors, as does a corporation’s stock structure.

Since a corporation is a separate legal entity, owners of a corporation only pay taxes on corporate profits paid to them in the form of salaries, bonuses and dividends. The corporation itself pays taxes, at the corporate rate, on any profits of the corporation. However, incorporation can be a complicated and costly process, and it is important a business owner understands the general costs of incorporating before beginning the incorporation process.

There are typically four types of fees to incorporating: a fee to file the articles of incorporation with the Secretary of State a first year franchise tax prepayment fees for various governmental filings and attorney fees.

How To File A New York Corporation

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Steps to Form a New York Corporation:

  • Selecting a New York Corporate Name. Section 301 of the Business Corporation Law lays out specific requirements for corporate names in New York. To form a corporation, the name must be distinguishable from other business entities already registered and must not use any prohibited words or phrases.
  • File Certificate of Incorporation. A New York incorporation is begun by filing a Certificate of Incorporation with the Department of State Division of Corporations. There is a $125 filing fee. The filing can be completed online.
  • Designate a New York Registered Agent. A registered agent is designated on the Certificate of Incorporation. A registered agent accepts service of process and other certified business documents for clients. All documents are forwarded to clients in a timely manner.
  • Write Corporate Bylaws. Once you form a corporation, the corporate bylaws need to be written and adopted by the shareholders. Bylaws outline the ownership of the corporation, various rights and responsibilities, and the overall management of the corporation.
  • Open Corporate Bank Accounts. After a New York incorporation is complete, corporate bank accounts should be opened to handle all the monetary transactions of the company.
  • File Biennial Statement. Every two years a corporation must file a biennial statement with the Department of State. There is a $9 filing fee. The statement is filed in the anniversary month of formation.
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    Cost To Incorporate In New York

    At BizFilings, we clearly outline our fees and the state fees to form a New York corporation. View our pricing to incorporate as a C corporation or S corporation to plainly see:

    • BizFilings package prices.BizFilings offers three incorporation service packages from which you can choose.
    • State fee for standard turn-around.Our pricing clearly shows the state fee to incorporate in New York with standard turn-around.
    • Expedited turn-around.You will see the BizFilings and state fee, if any, for expedited turn-around.
    • Certified copy.Our pricing also clearly displays the BizFilings and state fee, if any, for issuing a Certified Copy of the Articles of Incorporation.

    How To Create An Llc In Ny

    Heres how to create an LLC in NY.

  • Choose a name for your LLC.
  • Find a NY registered agent.
  • File articles of organization with NY state.
  • Obtain NY business permits.
  • Publish notice of LLC formation and submit certification of publication to the state.
  • Create an LLC operating agreement.
  • Keep your LLC active by paying necessary NY taxes.
  • Comply with federal obligations, such as getting an employer identification number.
  • When youre starting a business in NY, one of the most important decisions youll need to make is what entity structure your business will have. If youre looking for the simplicity of a sole proprietorship with the legal protections of a corporation, you may decide to form an LLC. By starting an LLC, or a limited liability company, youll protect yourself from legal exposure for the businesss debt and obligations, which is why an LLC is a preferred entity type for many freelancers and startups.

    To form an LLC, you have to follow specific requirements based on your businesss location. This guide explains how to create an LLC in NY state and in NYC.

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    Labor Law Notices New York Employers Obligation To Maintain And Report Recordsevery Business Is Required To Post New York And Federal Labor Law Notice Posters Failure To Comply Could Result In Fines Totaling As Much As $17000 Your New York Labor Law Notice Poster Package Is Complete And Includes:

    • New York Construction Industry Fair Play Act Notice
    • New York Criminal Convictions Records Notice
    • New York Minimum Wage Notice
    • New York Discrimination Notice
    • Notice Relating to Employers Holding Federal Contracts or Subcontracts
    • Federal Minimum Wage Notice
    • United States Department of Labor Notice of Employee Rights for Workers with Disabilities Paid at Special Minimum Wage
    • United States Department of Labor Notice of Employee Rights and Responsibilities under the Family and Medical Leave
    • Uniform Services Employment and Reemployment Rights Notice
    • Notice of Displaced Employee Rights on Successor Contracts
    • Notice of Employee Rights under the Federal Employee Polygraph Protection
    • Notice of Employee Rights under the National Labor Relations

    Why Form A New York State Llc

    7 Steps to Incorporate | C Corporations | LLC | S Corporation

    While having a business in New York City offers a certain amount of prestige, the entire state welcomes small businesses with numerous incentives and tax credits.One example is the state’s Start-Up NY program, which:”… provides tax benefits to approved businesses that locate in vacant space or land of approved New York State public and private colleges and universities, approved strategic state assets, and New York State incubators affiliated with private universities or colleges that are designated as tax-free NY areas.”New York also offers incentive programs specifically designed for small businesses, making them ideal for LLCs. If you’re not sure what type of incentive or credit is right for your business, the state offers an incentive wizard, which you can access via NYS Business Express, the state’s online business portal.If you want to start a small- to medium-sized business or startup, the fastest and easiest way to do so is to create a New York limited liability company . An LLC offers some of the same protections and advantages larger corporations enjoy, while also requiring adherence to simpler rules and laws.If an LLC isn’t the right entity for the type of business you’re starting, you may want to consider forming a New York Corporation instead.Benefits of Starting a New York LLC:

    • Simple filing, management, compliance, regulation and administration

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    How Much Does Starting An Llc In New York Cost

    Legal business registration and keeping your business in good standing requires investment. Weve summarized some of the most common costs here. Some of them are payable to the NYS Secretary of State, while others are due to the federal or other state government entity. Please note that New York business license and permit fees may be due when you first form your business, on an ongoing schedule or on an ad hoc basis. You’ll find more details below.

    Choose The Right Business Type

    Compare the important differences of each business structure to decide which one is right for your company.

    Advantages of Incorporating

    Incorporting your business will help provide personal asset protection by shielding you from being personally liable for business debts. It also allow you to spend less time doing paperwork and more time operating your business.

    Why You Should Incorporate

    • How long will it take to process my order?

      Swyft Filings offers three options for processing the filing of your company. Standard Processing time for an order is 12 – 15 business days. With Swyft Filings EXPRESS Processing Service, your order will be processed within 3 business days. Your documents will be processed before all non-priority orders which allows you to begin operating your business sooner rather than later. With Swyft Filings SAME DAY Processing Service, your order is moved to the front of the line. We will prepare and file your incorporation documents with the Secretary of State the same day your order is placed.

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    Choose A Name For Your Llc

    The name of your LLC actually has to meet certain state guidelines. Youll also want to choose a name that makes sense for your business.

    You can do business under the name of your LLC. Whereas some business entity types require a DBA or doing business as name, you will not need this when youre creating an LLC in NY. In fact, if you do decide that youd like to operate under a name thats different from your legal name, youll need to file a Certificate of Assumed Name with the NY Department of State.

    With this in mind, in NY state, your LLC name needs to meet these guidelines:

    • Must contain the words âLLC,L.L.C., or âLimited Liability Company.â
    • Must not contain these restricted words or phrases .
    • Must be unique from the names of other LLCs in New York.

    The last requirement is perhaps the most difficult to follow. To check whether an LLC name is available, review the NY state Corporation and Business Entity Database, Yelp listings and the yellow pages. However, the only way to confirm the availability of an LLC name is to submit a written request to the Department of State. Youll have to pay a $5 fee for each name youd like them to research, but the state can confirm whether your chosen name is available. You can then reserve it for up to 60 days by paying a $20 name reservation fee.

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