Incorporating a company benefits not just the business, but also the individuals involved in establishing it.
New York is among the largest financially booming cities in the world. With the World Trade Center and most of the Fortune 500 companies located on Wall Street, New York is among the targets of business owners to establish their own corporation. By incorporating your business in New York, you take full advantage of such benefits as tailored tax payment scheme based on your company’s capability and convenience. If you wish to establish NY incorporation, be guided by the following facts.
Steps to Incoroprate
First, go to the New York Division of Corporations website and secure a copy of the Certificate of Incorporation form. You have two options for retrieving the file, either via downloading the form or requesting a copy from the New York State Secretary through fax. You can call them by dialling (518) 473 2492. To check whether your proposed entity name is still available, you can browse their online database and verify if such corporation name already exists.
If there is no existing name, fill out the Certificate of Incorporation form and indicate your desired corporation title. You will have to pay a one-time nominal fee that ranges from $75 to $100 to reserve the name for three months or until you have submitted the necessary documents to process your application for incorporation.
Fill out all the required fields in the Certificate of Incorporation form and submit it to the Secretary of the State for filing. You have to include the name of your business, the number of managers in charge of the overall operations, and addresses. Now, you have the freedom whether or not you will state in complete detail the names of the board of directors. Either way, the state government will still conduct background checks to verify whether your business is legitimate or not.
After filing, the state shall process it within six to eight weeks if all requirements are met and there are no previous legal entanglements that your company was involved in. When your application for incorporation is approved, you will receive you Certificate of Incorporation and Employer Identification Number (if you have not obtained it yet).
Take note that before you incorporate in New York, you must consult with a legal counsel who is well-versed with NY laws. Also, you will have to deal with an agent that is authorized to conduct business in New York – that is if you do not intend to establish a physical address within the state. Also, if you are budget-conscious and you would like to cut down on costs as much as you can, you may opt to conduct face-to-face transactions rather than submitting everything online. You will be charged double due to online processing fees if you choose to use the website instead of submitting everything personally. However, you also need to weigh the importance of cost versus convenience.
Be on top of the game and receive financial updates as they come by establishing incorporation in New York.