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What steps do I need to take if I want to start a business in New York?

Picture of Chris Battis By   ·  1 minute read

If you want to start a business in New York, there are several steps you need to take in order to comply with the state's laws and regulations:

  1. Choose a legal structure: You should select the type of business entity you want to establish, such as a sole proprietorship, partnership, limited liability company (LLC), or corporation. Each type of entity has different requirements and risks, so you should consult with an attorney or accountant to help you choose the best structure for your specific situation.

  2. Name your business: You need to choose a name for your business, which must comply with state and federal trademark laws. You should conduct a search to ensure that your chosen name is available and does not infringe upon any existing trademarks.

  3. Register your business: If you choose to establish a corporation, LLC, or limited partnership, you will need to file formation documents with the New York Department of State. You may also need to register for a business license, a tax identification number, and any other permits or licenses required for your specific industry.

  4. Obtain necessary permits and licenses: New York has strict regulations for certain types of businesses, such as those in the food service or healthcare industries. Make sure you obtain any necessary permits and licenses from the appropriate governmental agencies.

  5. Comply with tax obligations: Your business may be subject to state and federal taxes, including income tax, sales tax, and payroll tax. Make sure you register with the appropriate tax agencies and file all required tax forms and payments.

  6. Obtain insurance: Depending on your industry and the size of your business, you may need to obtain certain types of insurance coverage, such as workers' compensation or liability insurance. Consult with an insurance broker or attorney to determine your specific insurance needs.

  7. Draft contracts and agreements: As you begin to conduct business, you may need to draft contracts and agreements with customers, vendors, or employees. These documents should be reviewed by an attorney to ensure that they comply with applicable laws and protect your legal interests.

It is important to note that these steps may not apply to every business and there may be additional considerations depending on the specific industry or type of business. It is always recommended that you consult with an attorney or other legal professional for specific legal advice regarding your business needs.