Starting your own business is a dream for many people, but if you want to do business in New York, there are some legal steps you'll need to take to get started. One of the first and most important steps is to incorporate your business as a New York corporation.

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Incorporating your business provides several advantages, including limiting your personal liability, making it easier to raise capital, and allowing your business to operate under a legal entity with separate tax obligations. Here are the steps you need to take to start a New York corporation:

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Step 1: Choose a Business Name

The first step in incorporating your business as a New York corporation is choosing a name that is not already in use. This name will be the official name of your corporation, so it's important to choose one that is both unique and professional. The name must end in "corporation", "incorporated", or "limited", or an abbreviation of one of these words.

You can check if a name is available by using the New York Department of State's business entity name search to search for existing businesses with similar names. Once you've found a name that isn't taken, you can reserve your chosen name for 60 days for a fee.

Step 2: Choose a Registered Agent

As a New York corporation, you will need to appoint a registered agent, which is a person or company that will be responsible for receiving important legal and financial documents for your corporation. This person will need to have a physical address in the state of New York, and should be available during normal business hours to accept legal or official mail.

You can hire a registered agent company, appoint someone within your organization, or even act as your organization's registered agent yourself if you have a physical address in the state of New York.

Step 3: File the Articles of Incorporation

The Articles of Incorporation are a legal document that establishes your corporation as a legal entity in the state of New York. To file this document, you'll need to provide the following information:

- Your corporation's name and the purpose of your business

- Your chosen registered agent's name and address

- The board of directors' names and addresses

- The number and type of authorized shares of stock

- The name and address of the person submitting the document

You can file the Articles of Incorporation online via the Department of State's website or print out a hard copy for mailing. The fee for filing is $125.

Step 4: Develop Corporate Bylaws

Bylaws are the rules that govern your corporation's internal operations. They outline things like how often board meetings will be held, how board members will be elected, how business decisions will be made, and how profits will be distributed.

Even though bylaws are not required by law, they are necessary to set the standard operating procedures to smooth the corporation's day-to-day operations.

Step 5: Apply for New York State Business Taxes and Licenses

After officially incorporating your business as a New York corporation, you need to register for New York State taxes and employment and all requisite licenses in New York.

Depending on the nature of your business- activity, certain NYC, State or Country licenses may be mandatory before you can start generating revenue.

Closing Thoughts

Starting a New York corporation involves a number of steps, but it's worth it if you want to enjoy limited liability reserves and have independence to govern your business where other types of businesses may hinder. While the process can be relatively complex, it is important to take your time to make sure that your business comply with local and state local regulations and choose the right form of legal entity that meets your personal and structural goals. Consulting with a qualified attorney to assist you with this process make things go smooth and prevent you from penalties missed regulatory requirements.

The journey of setting up your corporation is not an easy one as adequate amount of resources are involved but passion and drive will see an individual to this through the good and tough times.

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