Incorporating your business in New York
Incorporating a Business in the State of New York
Many years ago incorporating a business in the state of New York among other States
was extremely long process. The process of incorporating a business was very confusing
and required lots of paper work business owners. Through out the years the process of
incorporating a business has gotten much easier. Today companies like O.P.A.L Online
Permit Assistance & Licensing can help business owners to Incorporate there business
with lest problems ,paper work and time which makes it easy on business owner. When
incorporating a business there are a couple of steps you must address. First you must file
an articles certificate of incorporation which you can obtain from New York State
Department online for a filing fee of $125.00 or you can purchase it at a legal stationary
store and have it prepared by an attorney. If a business owner owns any property or
maintains any office in New York City he or she will have to pay a New York City
general corporation tax.
There are two types of corporations an S Corporation and C Corporation. S Corporations
are a better choice if you have a small business. This corporation is set up to protect
business owners from paying taxes at a corporate level there taxes are passed on through
the shareholders which are responsible to pay on there personal income taxes on what
ever percentage of stock they owned. S Corporation also have limitation that would not
suite a lager businesses. S Corporations use a regular calendar year instead of a fiscal
year, they are limited to what stockholders they can have such as banks and insurance
companies are not aloud to hold shares of an S Corporation and they only entitle to have
75 shareholders. S Corporation also have some advantages like they are not liable for
double taxation and there is no tax entity level.
The other corporation is the C Corporation. This corporation is a better choice for larger
businesses. The C Corporation runs very much like an S Corporation they both have
annual meeting and reports that are required during the year,all meeting must minutes
must be recored and the business still runs even if a shareholder dies or leaves the
company. The C Corporation has the same privilege as an S Corporation, most banks and
investors use the sales of stock to raise capital. Some advantages of an C Corporation are
the ownerships of an corporation is easy to transfer, their retirement funds are easily set
up like 401Ks and they also process centralized management. Some of the disadvantages
of an C Corporations is they are double taxed and they are taxed at entity level.
Another step you must take to incorporate a business is to have a trade name for you
business. A trade name is any name used that isn’t tide to the legal names of all the
owners of the business owner ,and any names other than the owners real names is a trade
name. If a company has more one owner than the owner can use words such as
“company”, “associates” or “group”. In most states including New York you must
register a trade name for you business so when a person does business with that particular
company they will know who the owner are. You also have to protect the name of the
business from other business that have a similar trade name .The New York state law
require any business with a trade name would have to file for a certificate to protect for
your business.
These are just a few steps to start someone who is trying to incorporate a
business. Incorporating a business in New York is a lot easier day for most business
owners,most this process can be done online. These are some of the web sites if someone
is interested in incorporating a business in New York State:
www.incorporation-sevices-guide.com
www.opal.gorr.state.ny.us
www.bizfilings.com
www.a1acorporateservice.net
www.facthub.com