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Incorporating or forming an LLC in New York means that the business becomes a separate legal entity. This provides a number of benefits. It helps protect the owners personal assets because, in most cases, its owners are responsible only for amounts invested or business obligations personally guaranteed. Operating as a corporation or LLC provides increased tax planning options. And, LLCs and corporations often enjoy enhanced credibility with lenders, potential customers, vendors and employees. If your principal place of business is New York, incorporating there may be most cost-effective and lessen your administrative obligations going forward.
New York corporations are formed by filing a Certificate of Incorporation. LLCs must file Articles of Organization. New York requires that your business name be unique, clearly indicate whether it is an LLC or a Corporation and not contain any prohibited words or phrases. Corporations must state the number of authorized shares and the par value. Every LLC and corporation must appoint the New York secretary of state as the agent for service of process and provide a name and address where papers are to be sent. LLCs, but not corporations, have a stringent post-filing publication requirement.
Are you considering forming a company in New York? You will find the following information useful.