- Learn How to Form a New York LLC or a Corporation
- Step 1: Decide on a Business Structure
- Step 2: Pick a Business Name
- Step 3: Register the Business
- How to form an LLC in New York
- How to File a DBA in New York
- Ready to Start Now? Let Us Do The Work
- Step 4: Obtain Your Federal Employer Identification Number
- Top Business Banks in New York:
- Step 6: Set-up An Accounting System
- Step 7: Obtain Licenses and Permits
- Step 8: Hire Employees (if applicable)
- Step 9: Obtain Business Insurance
- Step 10: Systemize and Organize
- Step 11: Branding and Marketing
- Step 12: Annual and Ongoing Requirements
- The Largest Company in Every State by Revenue
- What’s the largest company in every state?
- Under the Radar
- ESG Goals: The Path to Parity
- Women’s Representation: State of the Unions
Learn How to Form a New York LLC or a Corporation
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NY Business Facts
New York is known as The Empire State, due to its wealth and rich collection of resources. New York itself was named for the Duke of York in 1664.
The official bird of New York State is the bluebird, and its official flower is the rose.
New York’s economy is the third largest in the country, with a gross state product of $1.44 trillion. It is outranked by California and Texas. If it were a country, it would rate as the 12th or 13th largest economy in the world.
New York City is one of the world’s largest center of finance, and is home to the New York Stock Exchange and NASDAQ. The greater Manhattan area is the US’s leading center of banking, finance, media, and telecommunication.
With a population of an estimated 8.5 million, New York City has a reputation as a melting pot, and is one of the most diverse cities in the United States.
New York Business Statistics
New York State is home to 2.1 million small businesses, many of them being women-owned, making up 99% of the state’s business population. They employ 4.4 million employees, approximately 50% of New York’s working population. New York is home to more Fortune 500 companies than any other state.
Major Companies in New York
JPMorgan Chase, IBM, PepsiCo, Verizon, and Pfizer are among the largest companies in the state of New York.
New York Startup Environment
Home to a diverse population, a massive collection of major corporations, a tight-knit business community, and an immense amount of startup capital, New York’s startup community is arguably one of the best in the country.
It’s a particularly valuable location for anyone looking to start a business that’s involved in financial services, media, or communication.
One note of caution, though – New York is known for its fast-paced business environment.
Step 1: Decide on a Business Structure
There are 3 basic options: a DBA, a Corporation or an LLC. Click here to learn more about business entities.
- A DBA or “Doing Business As” (also known as a “Fictitious Business Name” or N) is not really a separate structure, but just a different name that an individual or partners use as their business name.
- A Corporation is a separate entity (provides liability protection to the owners) that has a structure that includes shareholders, directors and officers. More complex than a DBA but the entity of choice for large companies and startups that intend to raise funding. Some professions are required to choose what is known as a “Professional Corporation” or PC (doctors, lawyers, architects, etc.).
- An LLC or “Limited Liability Company” is a newer type of business that is both a separate entity but provides very easy management (doesn’t require directors or officers) and taxation. Has largely replaced the DBA and Corporation in popularity recently as it provides liability protection but with much less complexity (and taxation) than a Corporation.
Step 2: Pick a Business Name
Picking a business name is easier said than done – many legal and business problems can arise from picking the wrong name (you can always change it later but the less times you have to do that, the better).
- Make sure you’ve covered the basics: unique, easy to understand/pronounce (practice saying it out loud: “Thanks for calling XYZ”) and can survive over time (“DVD World” is not timely). Here are some of our tips on business identity including logo and trademarks.
- Search the web for your proposed name. Search Google, Bing and DuckDuckGo as a “first sweep” for any potential conflicts, especially in your state or local jurisdiction. NOTE: If you intend to operate nationally or even internationally it will be even more important that your name be unique. This should cover many cases where a company name is being used but not officially trademarked (see next tip).
- Do a trademark search with the US Patent and Trademark Office (USPTO). This will be a very good indicator if you’re name will have any conflicts. There’s an art to trademark searches (trademark specialists will charge you handsomely to do a thorough search) but in our experience if you can use google at a fairly advanced level you can reasonably clear a name yourself.TIP: search misspellings, plurals, variations of spelling, sound-as and other versions of your chosen name to be sure it’s not already registered.
- Make sure your company name choice is available by searching the New York Business Entity Database and doing a name search on the State of New York website. Note: Make sure to search variations of spelling, plurals and misspellings as the state may reject a name that is too similar (then you have to start all over again, wasting valuable time).
Step 3: Register the Business
Each state has it’s own requirements for registering a business. Now that you’ve chosen a business structure and picked your business name, here are the requirements to register your business in New York.
How to form an LLC in New York
- Optional: Choose a Registered Agent Service: In New York, the Secretary of State acts as the registered agent by default, though you may choose to use an alternative service.
- File the “Articles of Organization” with the New York Division of Corporations. Note that your LLC must be published in 2 newspapers within 20 days of formation.
- Hold an Organizational Meeting to take contributions from the members, issues Member Certificates, adopts the company Operating Agreement and more. (yes, even for 1 person LLCs).
- Optional: Elect S-Corporation status with the IRS by filing IRS Form 2553. Yes, even an LLC can choose to be taxed as an S-Corporation (or even a C-Corporation).TIP: Speak to your tax advisor about this important issue because it adds complexity to your LLC most people would rather avoid.
How to File a DBA in New York
New York requires a company use its true legal name to conduct business – any company seeking to use a name other than its legal name must file for a DBA.
- Check your business name by calling the County Recorder or visiting their website (search for “YOURCOUNTY county recorder” should find it).
- Obtain a Certificate of Assumed Name. Note that if you are a corporation, limited partnership, or LLC, you must instead obtain a certificate complying with Section 130 of the General Business Law.
- File the forms with the County. The fee for filing is $25, plus any associated county’s fees. For corporations, the fee is $100 for each county within New York City, and $25 for each county outside.
Ready to Start Now? Let Us Do The Work
Sure, you could do all the steps above or you could spend 5-10 minutes on our order form and let us take care of it while you work on more important things.
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Step 4: Obtain Your Federal Employer Identification Number
Your EIN is your Social Security Number for your company. It’s required for Corporations and LLC’s and optional for DBA’s (if you don’t have any employees, then it’s required). However, if you are a DBA and don’t obtain an EIN you will be forced to use your Social Security Number on many documents so it’s typically recommended you obtain the EIN to prevent identity theft.
To obtain an EIN you can apply online with the IRS or via IRS Form SS-4.
TIP: We will obtain your EIN for you if you we form your company.
To keep business and personal expenses separate, you should open a separate account for your business. In addition, getting business credit cards is how you begin to build a company credit profile (corporation or LLC required) and can later qualify for larger loans and lines of credit.
To open the account simply call your chosen bank and inquire on the steps to open a business bank account.
Typically you’ll need a) your filed paperwork, b) your EIN and c) a company resolution authorizing your company to open the account (signed by the owners, members, officers or directors, etc.).
Click here to view a list of our recommended banks in our Vendor Network.
Top Business Banks in New York:
- Wells Fargo
- Capital One
- Bank of America
- Cross River Bank
- Asia Bank
- Wilshire bank
TIP: Our business formation service includes a free banking resolution for your use.
Step 6: Set-up An Accounting System
Setup your Accounting and Record-keeping system and learn about the taxes your new company is responsible for paying.
Company documents generally are required to be kept for 3 years, including: a list of all owners and addresses, copies of all formation documents, financial statements, annual reports, amendments or changes to the company. All Tax and Corporate Filings should be kept for at least 3 years. View our “Accounting & Financial Management” section for help with setting up an accounting system and purchasing accounting software.
Review our list of Accountants, Accounting Software and Bookkeepers in our Vendor Network.
Step 7: Obtain Licenses and Permits
Now that you’ve registered your business name you need to obtain a business license for your company – this authorizes your company to do business in your city or county. Typically this also involves registering for state taxes and permits (the city may require them as part of the business licensing process).
TIP: We work with a company that can obtain and prepare business licenses and permits for you. Click here to learn more.
Step 8: Hire Employees (if applicable)
If you intend to hire yourself or others as a full or part-time employee of your company, then you may have to register with the appropriate State Agencies or obtain Workers Compensation Insurance or Unemployment Insurance (or both). View our “Employees & Payroll” section for help with hiring employees and processing payroll.
Review our list of recommended Payroll Providers in our Vendor Network.
Step 9: Obtain Business Insurance
There are many types of insurance for businesses but they are usually packaged as “General Business Insurance” or a “Business Owner’s Policy”. This can cover everything from product liability to company vehicles. A decent policy can run as little as $300/year and offers a great extra level of protection.
Click here to view our list of insurance providers in our Vendor Network.
Step 10: Systemize and Organize
Prepare the business as if someone needed to take it over and run it for you. This means have a method to process orders, pay bills, pay employees, pay taxes, maintain your permits, etc.
Basically, try to make the operational aspect of the business as automated and efficient as possible so you can concentrate on growing your business.
View our “Manage Your Company” section for help with systemizing and automating your business.
Step 11: Branding and Marketing
Now that you’ve set-up the company for success, you need to get the word out. Create a marketing plan for your products and services that targets your ideal customer. View our “Marketing & Sales” section for help for more information.
Step 12: Annual and Ongoing Requirements
DBA: Your Fictitious Business Name should be valid for 5 years (unless you change company name or other information listed on the N) at which point you’ll need to renew it with the county.
LLC: New York LLCs and corporations must file a biennial report during their anniversary month of incorporation.
Corporation: New York corporations must keep complete books and records of account at their principal place of business. These records must include minutes of all shareholder, executive, and director meetings, list the names and addresses of all shareholders, the number and shares of each, and the date each became a shareholder. LLCs and Corporations will pay a filing fee.
Franchise Taxes: New York businesses are required to pay an annual franchise tax several categories, outlined here.
Click here to view our MyCompanyWorks Premium™ service which can automate most or your ongoing compliance tasks.
New York State Department of State
New YorkState Taxation Departments
New York Department of Taxation and Finance
NYS Division of Licensing Services
New YorkState Labor and Employment Departments
New York Division of Employment and Workforce Solutions
New York Startup Resources
1. New York Small Business Administration
- US Small Business Administration
2. SCORE Mentors
SCORE New York
SCORE is made up of active and retired business people who volunteer their time to support startup businesses. From coaching to funding resources, finding a local SCORE mentor can save precious time and money.
3. New YorkState Legal Statutes:
4. New York State Chambers of Commerce
5. New York Angel Investors
- List of Angel Investors in New York
6. New YorkBusiness News
- New York Business Journal
- Crain’s New York Business
- NBC New York Business
7. New YorkState Small Business Development Center
- New York Small Business Development Center
8. New York Green Business Initiative
The Largest Company in Every State by Revenue
Pretty much every state has at least one workhorse company that posts a revenue number in the billions.
In a state California or Texas, these companies tend to be gargantuan in size even from a national or international perspective. Apple ($216 billion) and ExxonMobil ($226 billion) are two prime examples, and they are obviously giant companies by almost any measure.
In other states, the largest company by revenue may fly more under the radar, or be known only on a regional basis. Sometimes these are actually the most interesting types of companies to learn more about.
What’s the largest company in every state?
Today’s infographic comes to us from HowMuch.net and it shows the largest company in every state by revenue, 2017 data.
To start, here’s a list of the top 10 companies, and their respective states:
|#3||Berkshire Hathaway||Nebraska||$224 billion|
|#5||UnitedHealth Group||Minnesota||$185 billion|
|#6||CVS Health||Rhode Island||$178 billion|
|#10||Verizon||New York||$126 billion|
Walmart, which is also the top private employer in many states, had a whopping $486 billion of revenue. That’s more than double the amount done by each of the next few giant companies, including ExxonMobil, Berkshire Hathaway, and Apple.
While most of the “big” states California, New York, and Texas are represented in the top 10, it’s worth noting that Arkansas (Walmart), Rhode Island (CVS), Minnesota (UnitedHealth Group), and Nebraska (Berkshire Hathaway) are outliers in that context.
Further, some of the country’s most populous and economically successful states don’t have a company on the top 10 list. Florida’s top company (Publix) brings in $34 billion per year, and the largest company in Illinois (Walgreens Boots Alliance) posted $117 billion – which puts it just off the list.
Ohio and New Jersey are two other big name states that also don’t appear there.
Under the Radar
Well-known companies and states aside, some of the most interesting companies on the list are the ones that are lesser known.
Sanderson Farms, for example, brings in $3 billion of revenue to make it the largest company by revenue in Mississippi. It’s the only Fortune 1000 company in the state, and it’s also the third largest poultry producer in the United States. Each week, Sanderson Farms produces 9.375 million chickens.
In Florida, Publix is a big deal. It’s a supermarket chain with over 1,000 stores (mostly in Florida and Georgia), and it brings in $34 billion of revenue per year. Interestingly, Publix is considered the largest employee-owned company in the world.
Appropriately, Nevada’s largest company by revenue is Las Vegas Sands – the company that owns The Venetian and The Palazzo on the Vegas strip. It also has properties in Macau, China, Singapore, and Pennsylvania.
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The representation of women on boards of directors a mixed bag. This graphic looks at the 10-year trend of women on corporate boards.
Women’s representation in the boardroom is a mixed bag. The number of women on boards is rising across the globe—but the rate of increase has slowed for three of the past four years.
MSCI research of All Country World Index (ACWI) constituent companies, the graphic above reveals a 10-year trend of women’s representation on corporate boards, and projects three future scenarios on the way to parity.
ESG Goals: The Path to Parity
The ESG ecosystem considers 30% representation to be a critical milestone on the road to reaching gender parity on corporate boards of directors.
Following a small uptick in 2019—and two years of slowed growth from 2017 to 2018—the rise of women on boards slowed again in 2020, gaining 0.6 percentage points (p.p.).
different forward-looking scenarios, here’s how long it could take to reach equal representation:
|Years to reach 30%|
Women on Boards (WoB)
|6 years||9 years||16 years|
|Year we may reach >50% WoB||2039||2045||2070|
Source: MSCI ESG Research LLC as of Oct. 30, 2020.
On the whole, parity on corporate boards could be reached as early as 2039 or as late as 2070.
Women’s Representation: State of the Unions
MSCI research reveals trends that highlight significant traction. In 2020, fewer women became directors, but all-male boards continued to decline worldwide to 17% in 2020 (a 2 p.p. drop) among the ACWI contingent.
This trend is partially driven by emerging markets, where all-male boards dropped to 31%, from over 34% initially. Hong Kong is one of the few countries that actually experienced an increase of 5 p.p. in all-male boards. In contrast, Saudi Arabia’s share reduced by 8 p.p. to 86% in 2020.