Have you been pondering the question of how to incorporate in NY? If so, you aren’t alone. There are many business owners who have asked this same question. New York State gives you the opportunity to create a separate legal entity, lower your tax rate, limit your liability and even have improved access to capital and grants with incorporation. The process is somewhat simple, but the legal implications can be serious. As a result, it is best to get to know as much about the process first.
Choose a Legal Structure
Not all companies should form a corporation. Before you make this decision, you need to consult with an attorney. They can help you determine if a corporation, limited liability company or sole proprietorship is right for you. At this point, they can also help you figure out how to incorporate in NY.
Select a Name
If you decide that forming a corporation is right for you, then you can move forward with the incorporation. The next step is to choose a name that is unique and that avoids confusion with any existing corporations in NY.
Reserve the Name
Once you have selected a name for your corporation, you can fill out an application for it and pay the fee of $20 online. After the name is reserved, you have to file the coordinating corporate papers within a period of 60 days. Failure to do this means that you lose the reservation on your name. There is the option to extend the reservation two times, but each time you do this it comes with an additional fee.
If you are curious about how to incorporate in NY, then the tips here will help you get started. The best thing you can do is hire an attorney for additional assistance.
To learn more about forming a corporation in NY, contact Uncle Phil’s Tax Advice by calling 855-829-8477 or visit their website. You can connect with them on Facebook for latest updates!
