Business

How to Build a Corporation in New York

Written by Bella Aviva

Ah, New York – where you can gaze upon the majestic of the Statue of Liberty in the horizon, and it’s also where you can see one of the tallest structures made by humankind – the Empire State Building. However, the great NYC is more than just a place to visit for its marvelous attractions. The city is also known for its bustling business community which might even make it the perfect spot to start a corporation.

Starting a corporation in New York is easier said than done, but if you follow the correct steps then you can alleviate some of the stress related to starting your business in this urban jungle. Here are some of the steps to get you started in building your New York city corporation.

What’s in a Name? 

Before you start thinking about racking up customers and gaining income, you need to give your corporation a name. However, it’s not just about picking out any name; you need to incorporate the word “Incorporation,” “Incorporated, “Limited,” or an abbreviation of one of these three choices. Furthermore, your corporation’s brand name should also be recognizable different and unique from the other businesses already found and filed with the New York Secretary of State. You can check the availability of your chosen business name by heading to the business name database of the New York Department of State Division of Corporations.

Preparing and Filing a Certificate of Incorporation

Now that you’ve got a name for your corporation, the next step is to legally create it by filing a Certificate of Incorporation and submitting it to the New York Secretary of State. In the certificate, it should include the following: the corporation’s name and the county where the headquarters is located, the complete street address, the full name and address of the incorporator, and the number of authorized shares the corporation is about to issue. Thanks to the Internet, you may now file the certificate online or you may still do so through snail mail.

Appointing a Registered Agent and Setting up a Corporate Records Book

Know that every New York corporation should appoint the New York Department of State to be its registered agent in the services of processing within the state. This department will accept and forward all legal papers on behalf of the corporation if in the event that the business is sued. After appointing the New York Department of State as the registered agent, you now need to set up a corporate records book. In here, you’ll keep all of your corporation’s important documents, and these include minutes of shareholder and director meetings, stock certificate stubs, and stock certificates in general.

Draft Your Corporate Bylaws

Corporate bylaws are an internal business document that brings about the basic ground rules in operating your corporation. These bylaws aren’t filed within the state and do note that your corporation isn’t legally required to have these laws in the first place. However, you should still adopt them because these can help in showing banks, the IRS, creditors, and other financial institutions that your corporation is, in fact legitimate. Also, your corporate bylaws will also help establish your business’ operating rules.

While these steps aren’t extensive, the items listed in this post will give you a good start in building your corporation in the great NYC. For more information and assistance in building a corporation, you can head to https://windsorcorporateservices.com/faqs/.