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How to Start a Business in New York

So, you want to start a business in New York? That’s great! New York is a great place to start a business. But before you start, there are a few things you should know. In this blog post, we’ll go over how to start a business in New York, from choosing a business structure to getting a business license.

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Decide on the business structure

The first step in starting any business is deciding on the right business structure. This decision will determine how much money you will need to get started, how much personal liability you will have, how you will file your taxes, and more.

There are four main types of business structures in New York: sole proprietorship, partnership, limited liability company (LLC), and corporation. Each has its own advantages and disadvantages.

Sole proprietorship: A sole proprietorship is the simplest type of business to form. You can be up and running in minutes with very little paperwork or expense. However, you will have unlimited personal liability for the debts and obligations of your business.

Partnership: A partnership is a business formed by two or more people. Partnerships can be either general partnerships or limited partnerships. General partnerships offer the same advantages as sole proprietorships, but with two or more people involved there is the potential for disagreements among partners. Limited partnerships have one or more general partners (the people who are liable for the debts of the business) and one or more limited partners (the people who invest money in the business but are not liable for its debts).

Limited liability company (LLC): An LLC is a hybrid between a partnership and a corporation. LLCs offer the limited personal liability of a corporation and the tax benefits of a partnership. You will need to file paperwork with the state to form an LLC, and there may be annual fees to maintain your LLC status.

Corporation: A corporation is a separate legal entity from its owners, which protects the owners from personal liability for the debts of the business. Corporations must pay taxes on their profits, but owners can also take advantage of certain tax deductions. Forming a corporation requires filing paperwork with the state and being subject to stricter regulations than other types of businesses.

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Register the business name

After you’ve come up with a great business name, you’ll need to register it with the state of New York. This is called filing a “Doing Business As” or DBA. You can do this with the county clerk in the county where your business will be located. The cost is usually around $50.

You’ll also need to decide what type of business structure you have. The most common are sole proprietorships, partnerships, limited liability companies (LLCs), and corporations. Each has its own legal and tax implications, so it’s important to choose the right one for your business. You can learn more about business structures here.

Once you have your business name and structure in place, you’ll need to get some basic licenses and permits from the state and local governments. These will vary depending on your business type and location, so it’s important to check with your local chamber of commerce or city hall to find out what you need.

Get a tax identification number

You will need a tax identification number to file your business taxes. The best way to get one is to apply online at the IRS website. If you are a sole proprietor, you can use your Social Security Number as your tax ID number.

Obtain the necessary licenses and permits

Before you can open for business, you will need to obtain the necessary licenses and permits. Depending on the nature of your business, you may need to obtain a federal, state, and local license.

You can find information on the licenses and permits you will need on the website of the U.S. Small Business Administration (https://www.sba.gov/starting-business/licensing-permits).

You will also need to register your business with the Internal Revenue Service (IRS) by obtaining a Taxpayer Identification Number (TIN). The IRS website has more information on this process (https://www.irs.gov/businesses/small-businesses-self-employed/obtain-an- employer-identification-number-ein-online).

Open a business bank account

One of the first steps you’ll take when starting a business in New York is to open a business bank account. This will help you manage your finances and keep your personal and business expenses separate. There are many banks and credit unions to choose from in New York, so it’s important to compare options to find the one that best suits your needs.

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When you’re ready to open a business bank account, you’ll need to bring some documentation with you, including:
-Your business license or permit
-Your employers identification number (EIN)
-Articles of incorporation or a partnership agreement
-A voided check

Set up accounting and bookkeeping

No matter what kind of business you start, you will need to keep accurate records of your income and expenses. This will not only help you stay organized and keep track of your finances, but it will also be essential come tax time.

There are a number of different ways to set up your accounting and bookkeeping, and the method you choose will depend on your specific needs and preferences. You can hire an accountant to do your bookkeeping for you, or you can use accounting software like QuickBooks or Xero. If you have a small business with simple financial needs, you may be able to get away with using a Excel spreadsheet or even a pen and paper.

Whichever method you choose, be sure to stay on top of your record-keeping. The last thing you want is to be scrambling to gather receipts and reconcile bank statements come tax time.

Create a business plan

Creating a business plan is one of the most important steps you will take because the plan serves as your road map for the early stages of your business. Starting a business without a business plan is like taking a road trip without a map. You may get to your destination, but it will be much harder and take longer than it needs to.

There are a number of resources available to help you create a business plan, including books, software, and online services. The Small Business Administration (SBA) also offers free counseling and training to small businesses, including help with developing business plans.

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Find the right location

The first step to starting any business is finding the right location. The best location for your new business will depend on several factors, including the type of business you’re starting, your budget, and the target market for your products or services.

If you’re starting a brick-and-mortar business, you’ll need to find a storefront in an area that gets a lot of foot traffic. If you’re starting an online business, you can work from anywhere in the world with an internet connection.

You should also consider the cost of rent or mortgage payments, utilities, and other monthly expenses when choosing a location for your new business. Keep in mind that start-up businesses often have a limited budget, so it’s important to find a place that you can afford.

Once you’ve found a few potential locations for your new business, reach out to your local Chamber of Commerce or Small Business Association (SBA) for help with deciding which one is right for you.

Hire employees

You will most likely need to hire employees to help you run your business. When hiring employees, you will need to comply with all of the rules and regulations set forth by the federal, state, and local government.

You will need to make sure that you have a good understanding of the laws regarding employment so that you can avoid any potential legal problems. You may want to consult with an attorney before you start hiring employees.

Promote your business

There are many ways to promote your business. You can use traditional methods such as print advertising, radio or television commercials, or direct mail. You can also use more modern methods such as online advertising, email marketing, or social media.

No matter what method you choose, you will need to create a plan and a budget. You will also need to measure the results of your marketing efforts so that you can adjust your strategy as needed.

Here's How To Create An LLC in Just Minutes!

*This applies to Virginia residents too!

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