The only bookmark you need if you ever want to start a business in New York.
New York State is home to 2.1 million small businesses, which make up 99% of the state’s business population. They employ 3.9 million employees, approximately 50% of New York’s working population. New York is home to more Fortune 500 companies than any other state.
ABC, HBO, Harper Collins, Hearst Corporation, AOL, Warner Music Group, Virgin Media, Viacom, Verizon Communications, etc.
Home to a diverse population, a massive collection of major corporations, a tight-knit business community, and an immense amount of startup capital, New York’s startup community is arguably one of the best in the country. It’s a particularly valuable location for anyone looking to start a business that’s involved in financial services, media, or communication. One note of caution, though – New York is known for its fast-paced business environment.
There are 3 basic options: a DBA, a Corporation or an LLC. Click here to learn more about business entities.
Picking a business name is easier said than done – many legal and business problems can arise from picking the wrong name (you can always change it later but the less times you have to do that, the better).
Each state has it’s own requirements for registering a business. Now that you’ve chosen a business structure and picked your business name, here are the requirements to register your business in New York.
New York requires a company use its true legal name to conduct business – any company seeking to use a name other than its legal name must file for a DBA.
Our formation package includes everything you need to get started
Your EIN is like your Social Security Number for your company. It’s required for Corporations and LLC’s and optional for DBA’s (if you don’t have any employees, then it’s required). However, if you are a DBA and don’t obtain an EIN you will be forced to use your Social Security Number on many documents so it’s typically recommended you obtain the EIN to prevent identity theft.
You can read more about corporate tax laws in New York on the New York Department of Taxation and Finance website.
TIP: We will obtain your EIN for you if you we form your company.
To keep business and personal expenses separate, you should open a separate account for your business. In addition, getting business credit cards is how you begin to build a company credit profile (corporation or LLC required) and can later qualify for larger loans and lines of credit. To open the account simply call your chosen bank and inquire on the steps to open a business bank account. Typically you’ll need a) your filed paperwork, b) your EIN and c) a company resolution authorizing your company to open the account (signed by the owners, members, officers or directors, etc.).
TIP: Our business formation service includes a free banking resolution for your use.
Now that you’ve registered your business name you need to obtain a business license for your company – this authorizes your company to do business in your city or county. Typically this also involves registering for state taxes and permits (the city may require them as part of the business licensing process).
Tip: We work with a company that can obtain and prepare business licenses and permits for you. Click here to learn more.
DBA: Your Fictitious Business Name should be valid for 5 years (unless you change company name or other information listed on the FBN) at which point you’ll need to renew it with the county.
LLC: New York LLCs and corporations must file a biennial report during their anniversary month of incorporation.
Corporation: New York corporations must keep complete books and records of account at their principal place of business. These records must include minutes of all shareholder, executive, and director meetings, list the names and addresses of all shareholders, the number and shares of each, and the date each became a shareholder. LLCs and Corporations will pay a filing cost of $9.
Franchise Taxes: New York businesses are required to pay an annual franchise tax based on several categories, outlined here.
Wow loved it thankyou! I dreaded making this for a month thinking it would be a hassle. It wasn't thanks to you guys!
Excellent in all aspects. Perfect for new business owners with limited resources but wants to start it off right.