Serving business owners since 2007Ready to incorporate in New York now? Just click to start
Even though New York does not rank well when it comes to having a favorable tax climate for business, almost all of the largest companies maintain offices in New York. While they may have chosen what they consider a “friendlier” state as home state, major businesses do value having a presence in New York due to the significant advantages of proximity to New York City, often considered the financial capital of the world.
It makes sense for companies doing business primarily in New York to form their corporation or LLC there and after considering the pros and cons, a great many business owners do choose to incorporate or form their LLC in New York. Of course, in view of the complexity of the issues that should be considered, it is always wise to consult with an attorney and/or accountant familiar with the specifics of the business being formed.
Business structure
- One or more incorporators can form a New York corporation.
- Incorporators in New York must be at least 18 years old.
- New York corporations can be formed for any lawful purpose(s).
- A New York corporation can have one or more directors.
- Directors in New York corporations must be at least 18 years old.
- A New York corporation’s directors need not be residents of New York or shareholders unless required in the articles of incorporation or bylaws.
- The liability of the directors of a New York corporation can be limited under certain circumstances.
- One person can hold more than one of the offices in a New York corporation.
Location
New York corporation directors need not be residents of New York.
Costs & taxes
- New York ranks as one of the ten worst states in the Tax Foundation’s 2007 State Business Tax Climate Index.
Privacy
- New York does not require directors to be listed in the articles of incorporation.
- New York does not require officers to be listed in the articles of incorporation.
Foreign qualification
If you are considering forming your corporation or LLC in New York but you will not operate there, your company must foreign qualify in each of the other states in which you will be doing business, and your company must have a registered agent in your state of formation as well as each of the states in which you foreign qualify.
IMPORTANT:MaxFilings always advises you to consult with a professional who is familiar with all current laws and regulations that are applicable in your jurisdiction. And always seek the advice of a qualified “accountant”, “tax advisor” or “financial planner” when addressing tax issues. They are not only very complex but they are also subject to interpretation.
