Filing a New York Corporation
Many owners find that registering their new business as a New York Corporation is beneficial. A Corporation provides numerous tax benefits to owners. It also grants them instant credibility with customers. However, many owners are confused by the steps involved with filing. They should be diligent during the filing process to ensure compliance.
Steps When Filing
Choose A Name
The first thing that new business owners must do is select a name for their company. The state of New York requires companies to include an indicator in their name. In this case, owners will want to add something such as, “Corporation,” “Limited,” “Incorporated,” “Company,” or an appropriate abbreviation, such as “Inc.” Additionally, New York does not allow two entities to share the same name. To ensure that the name they’ve chosen is unique, new owners should utilize the DoMyLLC Name Availability Check Page
Choose An Agent For Service Of Process
After choosing a name, owners must then find a registered agent. The registered agent is responsible for accepting all legal correspondence for the company. The role can be integral to a new company’s success. For that reason, new owners may want to consider hiring a professional third-party company, such as DoMyLLC, to serve as their registered agent.
File Certificate Of Incorporation & Pay Filing Fees
Once owners have secured a name and registered agent, they can move forward filing the Certificate of Formation with the Department of State’s Division of Corporations, State Records and Uniform Commercial Code. The minimum fee to do so is $135. This includes the minimum share tax, which is at least $10. Owners can also elect to pay an expedite fee that ranges from $25 to $150. Information that owners must provide on these forms includes:
- The name of the company
- County in which the Corporation will be located
- Confirmation that the Corporation will issue one share class consisting of 200 common shares without par value
- Name and address of the registered agent
- Name, address, and signature of the incorporator
- Filer’s name and mailing address
File Initial Report
The state of New York does not require a Corporation to submit Initial Report.
Create Corporate Bylaws, Appoint Directors And Hold Meetings
After submitting the Articles of Incorporation, members of the New York Corporation should hold an initial corporate meeting. Those who filed Articles of Incorporation are responsible for overseeing the meeting. Incorporators should appoint individuals to the board of directors at this meeting and record this information in the corporate records. Directors will serve on the board until the next annual meeting of the shareholders, where they will be up for re-election.
Once the board is in place, directors should define corporate roles and elect officers. Directors will also need to draft corporate bylaws. Bylaws are a private document that serve as an internal operating manual. The Corporation cannot exist or conduct business until the board of directors has adopted a set of bylaws. Additionally, the Corporation will likely need to provide proof of bylaws when working with a bank or insurance agent.
Issue Stock
While at the initial corporate meeting, the board of directors should also issue stock. They are the only ones authorized to do so and are responsible for issuing stock throughout the life cycle of the Corporation. The amount of stock that they can release is defined in the Articles of Incorporation. Additionally, the board should keep detailed records of all stock issuance in the ledger. This will protect the corporate veil and provide transparency to investors.
Obtain Employer Identification Number
The New York Corporation will also need to contact the IRS to secure an The IRS issues Employer Identification Numbers They will need this number to hire new employees, file taxes, and open a business bank account.
File New York Required Biennial Reports
The state of New York requires companies to file an Annual Report every other year. This Biennial Report is due by the end of the registration anniversary month. So, for instance, if a company is incorporated on June 7, the report is due by June 30 every two years. Officers can learn more at our New York Biennial Report page.
Ongoing Maintenance
The New York Corporation will need to file state and federal taxes each year. They’ll also need to renew all licenses and permits.
How DoMyLLC Can Assist With Streamlining The Process
At DoMyLLC, we understand how stressful it can be for new business owners to form a New York Corporation. That’s why we offer comprehensive services, which include:
- Name availability check
- Prepare Articles of Incorporation
- File Articles of Incorporation with the Secretary of New York’s office
- Provide sample bylaws, meeting notices and minutes for meetings
- Dedicated account manager
- Unlimited customer support
Be sure to contact us today to learn more about how we can handle your administrative needs.