NY Business Facts
New York is known as The Empire State, due to its wealth and rich collection of resources. New York itself was named for the Duke of York in 1664.
The official bird of New York State is the bluebird, and its official flower is the rose.
New York’s economy is the third largest in the country, with a gross state product of $1.44 trillion. It is outranked by California and Texas. If it were a country, it would rate as the 12th or 13th largest economy in the world.
New York City is one of the world’s largest center of finance, and is home to the New York Stock Exchange and NASDAQ. The greater Manhattan area is the US’s leading center of banking, finance, media, and telecommunication.
With a population of an estimated 8.5 million, New York City has a reputation as a melting pot, and is one of the most diverse cities in the United States.
New York Business Statistics
New York State is home to 2.1 million small businesses, many of them being women-owned, making up 99% of the state’s business population. They employ 4.4 million employees, approximately 50% of New York’s working population. New York is home to more Fortune 500 companies than any other state.
Major Companies in New York
JPMorgan Chase, IBM, PepsiCo, Verizon, and Pfizer are among the largest companies in the state of New York.
New York Startup Environment
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.
Sure, you could do all the steps above or you could spend 5-10 minutes on our order form and let us take care of it while you work on more important things.
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.
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.).
Click here to view a list of our recommended banks in our Vendor Network.
TIP: Our business formation service includes a free banking resolution for your use.
Setup your Accounting and Record-keeping system and learn about the taxes your new company is responsible for paying.
Company documents generally are required to be kept for 3 years, including: a list of all owners and addresses, copies of all formation documents, financial statements, annual reports, amendments or changes to the company. All Tax and Corporate Filings should be kept for at least 3 years. View our “Accounting & Financial Management” section for help with setting up an accounting system and purchasing accounting software.
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.
If you intend to hire yourself or others as a full or part-time employee of your company, then you may have to register with the appropriate State Agencies or obtain Workers Compensation Insurance or Unemployment Insurance (or both). View our “Employees & Payroll” section for help with hiring employees and processing payroll.
Review our list of recommended Payroll Providers in our Vendor Network.
There are many types of insurance for businesses but they are usually packaged as “General Business Insurance” or a “Business Owner’s Policy”. This can cover everything from product liability to company vehicles. A decent policy can run as little as $300/year and offers a great extra level of protection.
Click here to view our list of insurance providers in our Vendor Network.
Prepare the business as if someone needed to take it over and run it for you. This means have a method to process orders, pay bills, pay employees, pay taxes, maintain your permits, etc. Basically, try to make the operational aspect of the business as automated and efficient as possible so you can concentrate on growing your business. View our “Manage Your Company” section for help with systemizing and automating your business.
Now that you’ve set-up the company for success, you need to get the word out. Create a marketing plan for your products and services that targets your ideal customer. View our “Marketing & Sales” section for help for more information.
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 fee.
Franchise Taxes: New York businesses are required to pay an annual franchise tax based on several categories, outlined here.
Click here to view our MyCompanyWorks Premium™ service which can automate most or your ongoing compliance tasks.
New York State Taxation Departments
New York State Labor and Employment Departments
New York Startup Resources
2. SCORE Mentors
SCORE is made up of active and retired business people who volunteer their time to support startup businesses. From coaching to funding resources, finding a local SCORE mentor can save precious time and money.
3. New York State Legal Statutes:
5. New York Angel Investors
6. New York Business News
7. New York State Small Business Development Center
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