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Incorporate in
New York
Startup
Legal provides the smartest, most efficient way to incorporate or form a LLC
in New York. Unlike many other
incorporation services, which file to obtain your Corporate I.D. number and supply you with a litany of forms to complete, we provide an
all-inclusive startup package. We make sure that your New York LLC,
corporation or partnership is up and running as quickly as possible,
in full compliance with state and federal law.
Our services include:
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Initial
consultation on advantages and disadvantages of all applicable entities
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Filing of your Articles of Organization/Incorporation with the State (FILED WITHIN 24 HOURS of your
order)
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Preparation of standard
Bylaws/Operational Agreement for your entity
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Preparation of
documents necessary to issue initial ownership interests in your
business
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Filing of your initial
Annual Report with
the State (if necessary)
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Filing for your
Tax ID Number (EID), so
your
entity may open a bank account
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Application for tax treatment
with the IRS (if necessary)
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A
personalized corporate binder for maintaining records
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An individualized checklist for following future
corporate formalities
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Customized
stock certificates (if necessary)
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Guidance on DBA
filings for advertising purposes (if advertising under additional
names)
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Guidance
on meeting state Licensing requirements for your business
For
a side-by-side comparison of all entities, see our Entity
Matrix.
For
general benefits of forming a business entity, see Why
Form an Entity?
Details
Specific to New York Business Formation:
Startup
Legal provides state-specific business advice on incorporation and LLC
formation. Some unique attributes of New York incorporation
include the following:
LLC
Publication Requirement:
In New York, all LLCs are required to publish a notice of formation
for six consecutive weeks in assigned newspapers. This requirement does not
affect the good standing status of the LLC; however, an LLC is required to
complete this requirement in order to have access to the New York State court
system. The publication is made at the county level in two newspapers as
assigned by the local county recorder.
Corporate
Directors:
Initial
Corporate Filing:
An increase in the number of shares authorized to be issued by a
corporation may increase the initial state filing fee.
Business
Licensing:
Certain businesses in New York must obtain a license with their city or
county after becoming a corporation, LLC or partnership.
Biennial
Reports:
New York requires all business entities to file a
report with the state every two years, updating general corporate and director
information. The filing fee is $9.
State
Taxes:
New York has separate tax rates for small and large businesses.
Business
with a net income of less than $290,000 or paid in capital of less than
$1,000,000 can qualify as a small business. Small businesses are taxed
on income as follows:
| New York
Income Tax: |
| $0-$200,000 |
7.5% |
| $200,000-$250,000 |
8% |
| $250,000+ |
2.5% |
The
tax rate for large businesses is based on two components: 1) a net
income tax, and 2) a subsidiary tax.
The net income tax is based on the higher
of: a) 8% of net
income, or b) 0.178% of
capital (not to exceed $350,000) 2.5% of minimum taxable income or a
fixed dollar minimum tax ($1,500 maximum).
For information the subsidiary tax, and
a more complete explanation of other tax matters, please see http://www.tax.state.ny.us/. S
Corporations:
Although New York recognizes S Corporation status, the state imposes a
separate franchise tax on such entities.
For
information on incorporating in New York as opposed to other states, see Where
to Form an Entity?
Why Use Startup
Legal?:
To our knowledge, we are the only incorporation service that provides an all-inclusive startup
package. We offer
expert counsel, a full set of customized corporate documents and instruction on how to follow future
corporate formalities (proper legal compliance is essential
in the event of an audit or law suit). Additionally, we take care of
all necessary filings with the state and federal government.
Startup Legal
was founded as a result of
the frustration and delay its principals encountered when forming their
own California law practice. As entrepreneurs, the Startup Legal founders realized that the startup
process can be extremely taxing on new business owners.
Incorporating the business, filing with the proper regulatory agency,
setting up banking and credit card accounts, establishing the tax
treatment of your new entity, and learning how to follow corporate
formalities can be overwhelming. All of these tasks can take
valuable time away from what new business owners should be doing-- which
is running their business. At Startup Legal, we aim to take as much
of this administrative burden as possible off your shoulders.
We
pride ourselves on providing the most comprehensive service in the business.
To compare our service with our competitors, see About
Us.
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New York
all-inclusive startup packages*:
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LLCs
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$1350
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For Profit Corporations
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$1285
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Nonprofit Corporations
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$1535
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Partnerships
(LPs or LLPs)
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$1350
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*Includes
all state filing fees and services listed at the top of this page for
businesses operating in New York. Fees for businesses operating
outside New York may be slightly more. Startup Legal fees do not
include the publication of notice in a N.Y. newspaper required for LLCs.
Preliminary Considerations:
Before you form your entity we advise that you take some time to think
about the following factors. You may also want to call or email us
to discuss these issues.
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Select
a name. Names of corporations should contain
the word "Corporation," "Incorporated,"
"Limited," or an abbreviation thereof. Names of LLCs should
contain the words "Limited Liability Company" or the
abbreviation "L.L.C." The name may not be the
same as, or so similar or confusing to, that of any domestic or authorized
foreign entity or reserved name. The name may not contain any word or
phrase indicating the entity is formed for any purpose other than the
purpose for which the entity may be and is formed. The use of certain
enumerated words and abbreviations including banking, insurance, and various
professions is prohibited or restricted.
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In
what state should your business have its legal home (Where to form
an entity?)
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Who will be your managers or
directors? In a corporation, Directors are elected by the
owners of the business. Directors act on behalf of the
shareholders and elect officers to manage day to day operations of the
business. Usually a President, Chief Financial Officer or
Treasurer and a Secretary are elected at the inception of the
corporation. In an LLC, managers can be elected by LLC interest
holders.
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Who will act
as corporate officers (President,
VP, Chief Financial Officer, Secretary)? The President usually
takes charge of day to day business operations. The Chief
Financial Officer usually tends to financial matters and maintains
accounting records. The Secretary usually tends to administrative
matters such as calling meetings and making sure that annual corporate
formalities have be satisfied.
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How
many shares will the corporation authorize to be issued? And
how
many of those shares will be designated for original owners, and in
what percentage? (In the case of LLCs and Partnerships, how will
ownership be divided?)
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Do you plan on offering investments in
your company in the future? Certain entities may be more
restrictive for raising capital in the future. Consultation may
be necessary before you decide on the proper entity.
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Will
you need to obtain particular licenses in the future that require registration
as a particular type of entity? Certain businesses must be
registered as Professional Corporations, C Corporations or Limited
Liability Partnerships. To avoid having to form an entity
that would later have to be dissolved or converted, it is important to
check on such licensing requirements before beginning the
incorporation process.
Overview of the Process:
By clicking the link below, you can begin
to form your new business immediately. The following is a brief
outline of the Startup Legal process.
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Fill out the form on the following page. This should take 5 to 10
minutes if you have thought through the preliminary questions listed above.
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Within one business day after submitting our
online form, we will contact you for an initial consultation.
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After
your consultation, we will file all necessary forms with the state in which
you wish to incorporate. (Documents will be filed within one business
day of your approval.) State approval generally takes 4 to 6
weeks.
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As
we wait for state approval, Startup Legal will prepare all corporate documents
and federal tax applications, so that your business may open a
bank account as soon as we receive approval from the state.
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Startup Legal will mail you a personalized corporate binder
with all necessary
startup documents, including a simple guide for following future corporate
formalities.
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