Opening A Corporation In New York – Contact us if you need to register a company in the United States. We will provide you with all the legal assistance you need to successfully establish and manage your business in the United States. Starting with a free initial consultation, we’ll help you achieve your business and financial goals by creating a necessary business structure in America.
We offer a free initial consultation to help you better understand the pros and cons of US companies
Opening A Corporation In New York
We’ll help you prepare the paperwork needed to register a U.S. corporation, get a tax identification number (EIN), and more.
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Like any other form of business, the American company has its pros and cons. Among the most important advantages are the following:
It allows for a well-structured management system, including a board of directors, president, vice presidents, CEO, other senior executives, and an annual meeting of shareholders.
The company has a well-known and transparent decision-making system: the shareholders’ meeting elects the board of directors, which in turn appoints the chairman, chief executive and other senior officials.
The most crucial disadvantage of the American corporation (C-Corporations) is its “double taxation”. In America, corporations pay taxes on their profits reported at the enterprise level. Then, after distributing dividends to shareholders, they pay their taxes. However, this is not a problem for most public companies because even giants like Google and Amazon do not pay dividends.
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Usually, double taxation is not an issue for US startups. First, at least initially, they have no profit. And when they do, they are usually reinvested because the first priority for any startup is growing its capitalization rather than distributing dividends. Another way to avoid double taxation is to pay salaries and offer stock options instead of company dividends.
A corporation will not pay taxes at the corporation level if it becomes a small corporation (S-Corporation). To do this, you must first register a regular corporation and then submit the IRS application for small corporation status. When you receive a letter from the IRS with its approval, your business becomes an S-Corporation.
Thus, foreigners cannot be shareholders of a small company. Most startups cannot use this type of company.
If you plan to create an American startup, you must register a company. Also, it must be a regular corporation or a Delaware-registered C corporation, as this is the preference of most institutional investors and venture capitalists.
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The C-Corporation is a well-known and proven type of business structure in the venture capital community. It makes it possible to address the interests of all parties at the different stages of a startup project until its sale or an IPO. A C-Corporation can attract a virtually unlimited number of investors and meet their needs by issuing a required number of shares. It can also support the interests of startup founders, giving them another type of stock with multiple voting rights.
US institutional investors and venture capitalists generally follow standard procedures when investing in startups. One of them – the startup must be registered as a Delaware C-Corporation. There are several reasons for this:
If you are ready to register a company in the United States or even consider your options, contact us. We’ll help you assess your situation and suggest the type of business that will work for you. The first counseling session for new clients is free.
We will register a company in the United States for you and help you establish and start your business in America. Our specialists guide you through the process, providing legal advice at every stage of registering and setting up your business. You can also count on us whenever you need legal advice or assistance with the strategic or logistical planning of your business in the United States.
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Corporate law in the United States is a set of regulations that define the governance, power, finances, and other aspects of corporations in the United States.
There are federal regulations that set minimum uniform standards on the one hand, and an extensive set of corporate rules in each state on the other.
After being registered under the law of an individual state, a public company will primarily be regulated by federal laws through the Securities and Exchange Commission.
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Yes, you can start a sole proprietorship. You can be the president, treasurer, secretary and sole shareholder of your company. Almost all states have standard processing times for corporate filings, but not all offer an expedited process. Check the average wait times for standard and expedited filing times, as they can vary from state to state and change periodically.
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New York charges a filing fee for incorporation. Visit “Compare Rates” in our Incorporation Center to see all state taxes for New York.
There are similarities between S Corps and C Corps in terms of personal responsibility, management, structure, and compliance. The differences in New York come down to the following:
You must designate the Secretary of State as your registered agent for service of any legal document. You must also provide the Secretary of State with a mailing address where your corporation can receive legal documents served against it.
Unlike most states, appointing your own registered agent is optional in New York. Your registered agent accepts important tax, government and legal documents for your company. The agent must be available during normal business hours. New York requires that you include your agent’s name in your articles of association. Your agent should have a physical address in New York, not a PO Box. We can help you appoint an agent when you incorporate with us.
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New York requires corporations to file other documents in addition to their articles of incorporation. You must file a biennial report every two years with the New York Secretary of State. This report is due within the month of your incorporation anniversary and must include the following:
Failure to provide these reports may result in the loss of your business’s ability to operate in New York.
Your business name must be unique and reflect your business. Make sure you meet the following New York requirements:
Unfortunately, you have to pay taxes for your new corporation. First, ask the IRS for an Employer Identification Number, or EIN. All businesses with employees need an EIN. It’s similar to your social security number, but it’s for business. You will also need an EIN to open a business bank account.
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Many business owners choose S Corps because they are generally exempt from federal corporate income tax and there is no double taxation. A C Corp offers more flexibility. You can have multiple classes of shareholders with different voting rights, but there are tax implications.
New York requires corporations to create records to maintain corporate status, including articles of incorporation and minutes of corporate meetings. The articles of association set the operating rules of your company, the responsibilities of its directors, the rights and powers of shareholders. They can also handle other business matters. It can be said that the statutes and minutes are required by each state. You are not required to submit your articles of incorporation to the state, but you must demonstrate to banks, lending institutions, creditors, the IRS, and the courts that your corporation is valid and legitimate. Bylaws also help set the rules so you can separate your business assets and liabilities from your personal assets.
Keep the minutes of your directors’ and shareholders’ meetings also sent from New York. Your business minutes should be kept at your head office with your other business records, or with your designated agent. Minutes are a historical record of your company’s decisions and they keep track of all votes on important business decisions. They also help secure your business status.
Good luck with your New York company. We’ll give you easy access to all the legal documents and information you need to get started.
David Thomas Valentine
This article contains general legal information and does not contain legal advice. Rocket Lawyer is not a law firm or a substitute for an attorney or law firm. The law is complex and changes frequently. For legal advice, ask a lawyer.
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* Free incorporation for new members only and excludes state fees. The lawyer must be part of our national network to benefit from the discount. Starting a business is an exciting time. Knowing how to set up a company will get your new business off to a good start.
A corporation is a separate legal entity from its owners that can protect you from commercial liability and help you start your business.
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Whether it’s to save money on taxes, attract investors, protect yourself, or improve your reputation, forming a corporation could be the best next step for you and your business.
In this article, we’ll take you step-by-step through the incorporation process, review state-specific requirements, and answer some common questions you might have along the way.
An important first step in starting a company is choosing a business name. In most states you must include it