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New York Corporations - How to Form Corporations in New York

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This guide will provide you with information regarding how to go about forming a corporation (or several corporations) in New York. Many small business owners become interested in forming corporations for the adding protections and benefits corporations enjoy under United States law. However, while forming corporations in New York is not an overly complex procedure, it is still necessary to have a firm understanding of the process to avoid getting bogged down in various legal technicalities. This guide contains nine of the more essential steps to follow and keep in mind to ensure your New York corporation or corporations will get off to its best start.

The first step to keep in mind when forming a corporation in New York is to choose the name you would like the corporation to have, and to check online to verify that the name you have chosen for your corporation (or corporations) is still available. According to New York law, the name of a corporation must contain the words Corporation, Limited, Incorporated, or an abbreviation such as Ltd., Corp., or Inc. Another way to search for the availability of the name you would like to have for your corporation is to write to the Division of Corporations in the Department of State, which is located at 41 State Street, Albany, NY 12231. The fee to do so costs $5, and it does not reserve the name you are looking for.

The second step to follow when forming a corporation in New York is to search for and then appoint one or several directors who will be involved in the decision making processes of the corporation. At least one director must be present for each corporation, and each director chosen must be at least eighteen years old. They don’t have to be New York residents.

The third step to keep in mind when forming a corporation in New York is to prepare a certificate of incorporation, which you must then file, with the Department of State in New York. The fourth step is to create the bylaws of the corporation, the fifth step is to hold some sort of initial organizational meeting, and the sixth step to follow when forming a corporation in New York is to hand out stock certificates to the first owners of the corporation you have just formed.

The seventh step to keep in mind when forming a corporation in New York is to obtain any of the local licenses you may be required to possess. These licensing requirements may vary from county to county and even from city to city; it is best to inquire in the local city hall or township of wherever you wish to form the corporation for information regarding the precise requirements you must have.

The eighth step to follow when forming a corporation in New York is to find out which kinds of regulatory obligations (such as tax obligations) the corporation may have to follow, and to be sure to take care of such obligations and necessary registrations. You will need to apply for an employer identification number from the IRS; fortunately, this can be done for free through an online application. Additionally, you will need to register for employment taxes in the state of New York, as well as remember to let both the State of New York and the IRS know whenever you hire an employee in the state. This includes any corporate officers you hire.

The ninth step to keep in mind when forming a corporation in New York is to open some sort of bank account for your corporation. This is keen to keep in mind because it is generally a good idea to make sure that your personal accounts are kept separate from the financial accounts of your business or corporation. You will most likely need an employer identification number, one copy of your articles of incorporation, and some way to identify authorized signers of the corporation, presuming those signers are not listed in your articles of incorporation.

A final point to keep in mind is that incorporators, or the people who are responsible for filing paperwork during the incorporation process, must be at least eighteen years in age.

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