How to set up a business in NY
- Create business plan
- Choose State of Incorporation: New York, Delaware or other state. If you form your company outside New York, you will have to file in New York as a foreign company.
- Choose Entity Type: business corporation, LLC, not for profit corporation, PLLC, PC or other
- Choose your company’s name and alternatives
- Prepare and file formation documents
- Obtain federal tax number (“Employer Identification Number” or “EIN”)
- Register with NYS Tax Department
- Open bank account
- Obtain any necessary licenses or permits, including sales tax permit
- Lease office space if necessary and hire staff
- Remember your annual reports, tax filings and other obligations
A note about company names in New York
New York is very strict about what you can call your new company, and the officials at the Secretary of State are very happy to reject new filings for what will seem like trivial nonsense. Many filings are rejected because of the requirement to get special consent to use certain common words in your company’s name, or inconsistent spelling of the name on the filing document, or the use of a word from a foreign language without including a translation.
To ensure you of faster processing, each order receives a thorough review before submitting to the Secretary of State. With over 30 years of experience in company formation in New York, USA is able to spot most of the delay-causing problems and deal with them before they cost you lost time and money.
Types of Corporate Entities in New York
“*” indicates that the company must publish a Notice of Formation after formation
Unique Features About Incorporating in New York
- Incorporating in New York is fast if you use expedited service. The 24-hour expedited service is well worth the $25.00 fee.
- Extensive list of restricted or forbidden words. Make sure to have an expert screen your name to see if there is some potential problem that will cause delay (for example, the word “exchange” is restricted and needs the consent of the Attorney General).
- Extensive list of corporate purposes for which other states must give consent prior to filing by the Secretary of State.
This includes the cumbersome and needless process by which professional corporations and professional limited liability companies are formed.
- New York does not require a registered agent. The Secretary of State is your agent for service of process; you only need to give a postal address that the Secretary of State can use to mail any process served against you. However, you are allowed to have a registered agent, and if you are located outside the United States, you will need an agent to accept service of process for you
inside the United States.
- Every New York LLC, limited partnership, professional limited liability company and registered limited liability partnership must publish notice of formation in two newspapers in the county where the office is located for six consecutive weeks then file the affidavits of publication with the Secretary of State within 120 days.
- If you are planning to practice a licensed profession with your new company in New York State, then you will need to set up a Professional Corporation(PC) or Professional Limited Liability Company (PLLC).
New York Limited Liability Companies (LLCs)
The NY LLC Total Package – saves you hundreds of dollars on legal publication costs.
Professional Limited Liability Companies
Not for Profit Corporations