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The thing about that precious idea of yours is that it deserves full expression. These days, the world is full of wonderful opportunities that haven't been birthed because the frontiers didn't take a simple but needful step. It is a common fact that New York is one of the leading cities to operate your business in. however, some businesses have higher chances of thriving in the market more than others.
There are many misconceptions about company registration in the state of New York, majority of such misconceptions only tend to make you push the registration of your company further thereby limiting your expansion dream. This doesn't have to be the case with your company or if it has been, it has to stop. With Coddan, we are able to help you with your company formation without hassles.
Truth be told, we also know that the big guys of the Secretary of State, at whose mercy your documents will be seem to derive immense pleasure and satisfaction from saying "not this one" but we are capable. We can handle them for you and it's not because we know the skeletons in their cupboards; it's because we are good at our job.
We know the little glitches that cut people's company registration process. Sometimes, simple mistakes like spelling the name all wrong, making wrong or no reference can wash all your efforts down the drain. In a way, we are tougher than those big guys so that your actual encounter with them will be a walkover.
Nowadays world is full of opportunities, if you are looking to start a new business and if you are looking forward to start a business in state of New York then you have taken the best decision of your life. New York is one of the leading cities to start your business.
But New York is very strict about company formation and the officials at Secretary of State will easily reject new filings even if they find minor mistakes. They reject many filings because you might not have a permission to use certain common words in your company's name or even if you have used a word of foreign language without including translation.
Coddan helps you with company formation and registration without hassles. We ensure you faster processing of your company formation as each order are being thoroughly reviewed by us before submitting to Secretary of State. With over 35 years of experience in company formation in state of New York, we are able to spot the things which may cause delay and we deal with them before they cause you any loss of time or money.
With many years of experience we also know the big guys of the Secretary of State who have the authority to reject your filing. We handle them for you as we are good at our job. We know all the glitches that make the company registration process short. Very simple and minor mistakes like spelling the name wrong, making wrong or no reference from your side will make all your efforts in vain. We handle all these things with ease.
Registration of a company in New York can be done online: Coddan is here to help you with the process. By choosing us for your company's registration you can take full advantage of registering your company in New York. We have years of experience in company formation and have helped lot of people to register their company. You can be charged from £940 for company formation in the state of New York by Coddan.
If you want to register an LLC or corporation in New York then appoint Coddan for the process and we will make every process an easy one for you. What does it mean to incorporate?
When you incorporate your business it means that you are turning your sole proprietorship or partnership into a company that is formally recognized by your state of incorporation. When any company incorporates, it has its own business legal structure, no matter who founded the business. By incorporation the owner of the company creates the separate legal entity to carry out business. This new business entity may it be corporation or LLC (limited liability company) transforms the way any business is through the eyes of the law and it will also have more credibility among potential customers, vendors and employees.
LLC in New York is recognized a form of corporate organizations and is very useful to entrepreneurs and business developers. New York LLC gives your business legal presence in the state of New York. You will also get many advantages for raising capital or in ownership with New York LLC.
Incorporation in New York is an easy process but as if we consider legal issues the execution of process of each stage become very complex. Incorporating your company is best way to protect yourself from business lawsuits. How to register LLC or corporation in New York: -
Give your business a name. Checklist when you select a business name: -
To register incorporation, you need to determine where you want to incorporate and which business type suits your goal.
Hire a registered expert: when it comes to hiring expert, Coddan has the best experts. Our experts will provide the service of processing documents. They will receive important legal and tax documents on behalf of your business and forward them to you. Coddan includes this service in LLC or corporation registration packages. Even the articles of incorporation or articles of organization will be prepared by our experts as per the instructions from the Secretary of State’s office and you can just relax and concentrate on your business.
Your company should have all the tax license/permits based on type of your business. Getting local permits and licenses differs for every location. The Small Business Association can help you in finding local forms and permits or you can use online business license service provider.
Decide who the directors of the corporation or the managers of the LLC will be.
There are many reasons to register LLC or corporation in New York. It is always best for business owner to incorporate their business as it has more advantages and fewer drawbacks.
Why register a LLC in New York? There are various reasons why people would want to register a LLC in the state of New York. Every person has personal assets that they want to protect from any litigation that may arise from operating any small or large scale business.
This is the biggest reason that any individual want to register a LLC in New York. All your personal assets will be protected when you organize a LLC, but your company's assets will be at risk. When you form an LLC, you are not liable to pay taxes on profits or any other taxes on dividends. Why register a corporation in New York?
There are number or valid and real reasons why an individual would need corporation registration in New York. Individuals feel that as their business expands there are more chances of getting more exposed to liability risk. So the primary reason to business incorporation is limited liability. This is why registering a corporation will be a wise decision.
Individual who own small business will obviously invest lot of money not just for getting it launched but also because business can run smoothly. As the owner of the business, if there are any accumulated debts or losses in your business you will be responsible for that. But when you incorporate your business you will be held responsible only for the amount of money you personally invest. With incorporation, your personal assets can’t be used to pay of the debts and liabilities of your business.
A New York corporation formation would protect your personal assets in event of a lawsuit. Incorporation of business will create a difference between personal assets and business assets. The shareholders are not held liable for any debts incurred by the corporation.
When you register a corporation, you are protecting yourself from financial responsibility and legal liability and with this you also benefit from several tax incentives. In case if you and your partner are running business together, then registering Corporation in New York will protect your personal bank accounts from any lawsuits and other judgments against you.
Other benefit that you may receive on filing New York corporation is that you want be hit by double taxation common in S corporations. Even though after filing a corporation, you will be responsible to pay taxes on profits and additional taxes on dividends.
Here's everything you need to know on company formation and registration in New York under the State Statute 203 which allows a resident to apply for a LLC to transact business under a private entity.
Choose a name for your LLC. It is best to keep in mind the industry you are in and the best way to brand your company. To see if your name has already been registered, check the New York LLC Search. Your business's name must contain the words "Limited Liability Company" or the abbreviations "LLC," or "L.L.C."
You may reserve a name for 60 days by filing an application for reservation of name with the New York department of state division of corporations. The application must be filed by mail.
File articles of organization. A business must complete articles of organization and submit them to the New York Secretary of State. The articles of organization must contain the LLC name, the county location, and the LLC's mailing address or registered expert.
Wait for documents. Now you will have to wait for your documents to come back via standard mail. The processing time in New York is usually between 10-15 business days. But, we can offer you a new company formation service within 24 hours!
Prepare an operating agreement. Unlike other states, New York's LLC law requires LLC members to adopt a written operating agreement. The operating agreement is the primary document that establishes the rights, powers, duties, liabilities and obligations of the members between themselves and with respect to the LLC. The operating agreement may be entered into before, at the time of, or within 90 days after filing the articles of organization. The operating agreement is purely an internal document and is not filed with the Department of State. New York law is silent on the consequences of not adopting an operating agreement.
Publication requirements. According to Section 206 of the state's LLC law, within 120 days of receiving your official LLC in the mail, you will need to publicly announce your company formation by publishing in 2 separate newspapers that serve the county the registered office is located.
The newspaper company will provide a certificate of publication which will need to be filed along with $50 and submitted to New York department of state, division of corporations.
Comply with other tax and regulatory requirements. EIN: if your LLC has more than one member, it must obtain its own IRS Employer Identification Number (EIN), even if it has no employees.
Business licenses: depending on the nature of your business, the State of New York may require that you either obtain a license or permit.
Annual State filing fee ranges from $25 to $4,500 depending on the LLC's income.
No annual report. Unlike most other states, New York does not require LLCs to file an annual report.
LLCs are required to file a biennial statement updating their contact information every two years with the New York Department of State setting forth the address to which the New York Secretary of State shall mail a copy of any process accepted on its behalf.
If you are filing LLC or Corporation in New York then here is the list of many benefits that you may avail. Benefits of an LLC in New York: -
Limited liability. Same way as shareholders of a corporation, the members of LLC gets the protection against personal liability for business decisions of LLC. This means that members are protected from some or all liability acts and debts of LLC depending on state shield laws.
Protected assets. LLC provides limited liability protection to the members and so the creditors cannot claim any personal assets like house, car, savings accounts etc of the members to pay the business debts.
Pass-through taxation. LLC do not pay taxes at the business level so any business income or loss is "passed-through" to the members and are accounted on their personal income tax returns.
Increases credibility. Forming an LLC will help new business create credibility among their employees, vendor, customers and partners as forming an LLC means formal commitment to your business.
Recordkeeping is very simple. If compare to corporation, an LLC has less registration paperwork and the start-up costs are less.
Fewer restrictions. Unlike S corporation, LLC has fewer restrictions on who can be the owner of LLC or how many owners LLC can have.
Flexible profit distribution. LLC has fewer restrictions on profit sharing. LLC can have varying forms of distribution of profits. But the profit distribution in LLC has more flexibility and is not like common partnership where the split is 50-50.
No minutes. Corporation needs to keep formal minutes, have meetings and record resolutions where as LLC does not need corporate minutes or resolutions and it is very simple and easy to operate.
Limited compliance requirements. LLC does not have face more state-imposed annual requirements and ongoing formalities as compared to S corporations and C corporations.
Benefits of corporation in New York: -
An LLC or a corporation faces following disadvantages: -
Formation expenses: the state imposes some taxes such as annual report and franchise tax. The fees for LLC formation depends on the size of the organization. Small business may have lesser fees but LLC formation for sole proprietorship and general partnership is more costly. This is because both of them are not required to file formation documents. However, some states also require LLC owners to publish notice in local newspapers about the formation of the LLC which becomes costly.
Transferable ownership: the shares of a corporation can be sold to increase ownership but it is not possible with an LLC. In an LLC, the ownership can be diluted only with the unanimous approval of all the members.
Limited life: unlike corporations, the LLC companies to an end when a member dies.
Pass-through taxes: the LLC incurs tax known as the pas through tax. Irrespective of the shareholder receiving the dividend, the profits and losses will be reported in their individual returns. This might not be appreciated by the shareholders.
Raising money: the lack of strict corporate structure and pass-through taxes will make the investors feel hesitant about investing into an LLC.
Less structure: the lack of structure and strict requirements could lead to problems and requires additional costs such as attorney fees.
Paperwork: the corporations monitored by the federal and the state and also some local agencies may attract more paperwork to comply with the rules and regulations.
Double taxation: the LLC has higher overall taxes. The income may be taxed twice as the dividends paid to shareholders are not deductible and they form a part of business income. Hence this income is taxed twice.
Expensive: the corporations are expensive and time-consuming. These ventures take a lot of time to start and operate. The operating and tax costs are additionally incurred.
Allocation of income and loss: there is very less flexibility in allocation of income and loss as the one-class-of-stock restriction. It cannot easily allocate losses or income to any specific shareholder. The allocation of income and loss is to be done by means of stock ownership, while that of an LLC is done on the basis of operating agreement.
Tax qualification obligations: a minor mistake related to various elections, filing requirement, notifications, stock ownership, or consent can also result in the termination of the corporation status. This is however rare this is still an issue.
Coddan Ltd, is a well-respected and successful company formation expert, which helps UK and non UK based customers to register a business in the UK. Furthermore we support clients in setting up new business ventures in offshore locations such as the United States of America as well.
We have established presence in the states of Delaware, Florida, Washington, California and Nevada. Our considerable experience of dealing with limited liability company formation & registration across the USA allow us to give the accurate new limited liability company registration recommendation & post-incorporation advice in the majority LLC incorporation cases.
Whether you're launching a start-up or forming and expanding a domestic or foreign business in the State of New York, you might consider us for your company formation and registration process.
The benefits of working with us will outweigh the fact that we are based in London. We will help you navigate the complicated legal landscape. From the type of structure to choose, we will guide you in the basics of DBAs, LLCs, and LLPs, C- and S-corps, to how to bring new people on board and how to let them go. We prepare operating agreements and shareholder agreements. We can help you collect revenues and reduce not just liability, but also loss.
We have a proven track record of completing the filing and registration of your business within 24 hours. Our friendly relations with the US state department will smoother the path for quick registration of your business.
Our understanding of the New York state new business establishment laws, procedures and registration process is unparalleled. Our proficiency of working in tandem with the state department will streamline the whole process.
If you wish to incorporate in New York, peruse though our New York companies formation packages. Select the package that best fits your business requirements.
Our firm will help you with common legal procedures from home. We're open 24 hours a day, 7 days a week. Our research is pretty extensive and informative. With just a simple questionnaire Coddan takes care of everything. You will receive the completed legal documents printed and mailed to your home.
An LLC is an unincorporated business organization of one or more persons who have limited liability for the contractual obligations and other liabilities of the business.
The LLC is a hybrid form that combines corporation-style limited liability with partnership-style flexibility. The owners of an LLC are "members" rather than shareholders or partners. A member may be an individual, a corporation, a partnership, another limited liability company or any other legal entity.
Forming LLC in New York. LLC are formed by filing articles of organization with New York State Department of State. The entire filing process takes 3-4 weeks, however state offers expedited filing of 1 business day plus mailing time for extra fee.
Name identifiers and abbreviations. The name of the New York limited liability company must end with one of the words/abbreviations LLC, L.L.C, or Limited Liability Company.
Section 204 of the LLC Law contains a list of words and phrases that are prohibited or restricted in the name of an LLC. In addition, certain words and phrases require the consent or approval from other state agencies prior to filing the articles of organization with the Department of State.
Operating agreement. New York mandates all LLCs to have an operating agreement. The Operating Agreement helps protect your company’s limited liability status and prevents your company from being run by the default rules created by the state. The members of an LLC are required to adopt a written operating agreement. The operating agreement may be entered into before, at the time of, or within 90 days after the filing of the articles of organization. The operating agreement is the primary document that establishes the rights, powers, duties, liabilities and obligations of the members between themselves and with respect to the LLC.
Additional filings. EIN (tax ID), sales tax registration, newspaper publication, payroll registration and business licensing are some of the additional filings that may be essential for an LLC depending on the nature of business.
The following summary of articles of organization must be published: -