Your New York Corporation name can identify the type of products and services your business will provide; or it may be the name of the founder; or it can be a combination of the two or something else.

In any case, the New York Corporation name that you choose must be distinguishable from the name of any other registered New York Corporation or other business entity and the name must also be different from any reserved names on record with the state of New York.  Your New York Corporation name must not imply that it was formed for a purpose other than that stated in your Articles of Incorporation; and your New York Corporation name must not be a name that is likely to mislead the public.

New York state law restricts the use of certain words and phrases in Corporation names.  The name of a New York Corporation also must include the word "Corporation" or "Incorporated" or an abbreviation of one of these words.  If you choose us to help you for a new New York Corporation we will make sure that the name you have chose complies with all New York requirements.

It's important to choose a good name for your New York Corporation because if you want to change it after you incorporate you will have to file amended Articles of Incorporation with the New York Secretary of State (and pay a fee).

Every New York Corporation must have an address that is physically located in the state of New York.  This address is "registered" with the New York Secretary of State.  The Registered Address is where official and legal correspondence can be delivered.

The individual or company that is registered with the state of New York to receive all correspondence on behalf of the New York Corporation is called a "Registered Agent".  You may act as your own Registered Agent, however, many New York Corporations hire a Registered Agent because they don't have a physical address within the state of New York or to provide a distinct level of privacy.

All New York Corporations are required to have a Board of Directors.  Directors are the people who will set policies for your New York Corporation and manage the business and its resources.  In the majority of small corporations directors are the owners. The Articles of Incorporation or Corporate Bylaws may define specific qualifications for Directors. 

The Board of Directors is responsible for creating rules, approving budgets and distributing profits to shareholders. One of the most important duties of the Board of Directors is electing Officers for your New York Corporation.  The same person may be a Director and an Officer at the same time.  Directors need not be residents of the state of New York or shareholders of the New York Corporation unless the Articles of Incorporation or Bylaws require it.

Normally Directors for your New York Corporation are elected for a term of one year.  Elections are held at the annual meeting of Shareholders.  The Directors serve until the next annual Shareholders meeting.

The Board of Directors elects Officers for your New York Corporation in accordance with the Corporate Bylaws and Articles of Incorporation.  Officers serve at the pleasure of the Board of Directors of the New York Corporation.  Officers handle the day to day operation of the New York Corporation.

Unless specifically prohibited by the Corporate Bylaws or Articles of Incorporation, in a New York Corporation the same person may hold more than one Corporate Office at the same time.  However, there are certain legal affairs in which the same person cannot act in more than one capacity.

The Board of Directors may elect or appoint a President, one o more Vice-Presidents, a Secretary and a Treasurer, and other Officers deemed necessary.  Any Officer elected or appointed by the Board of Directors of the New York Corporation may be removed by the Board with or without cause. 

One Officer - usually the Secretary - is given responsibility for preparing Minutes of Directors and Shareholders meetings and for authenticating records for the New York Corporation. 

The New York Corporate Income Tax Rate is 7.1%.   You may form an S Corporation in New York.  S Corporations may "pass through" all corporate profits to the shareholders (owners) who then pay tax at their applicable personal rate.  S Corporations do not pay any New York Corporate Income Tax.

In order to form a Corporation in New York you must file Articles of Incorporation with the New York Secretary of State.  The Articles of Incorporation must include certain specific information about your New York business. If the Articles do not conform exactly to state of New York requirements they will be rejected.  You may subsequently amend the Articles of Incorporation for your New York Corporation but you will have to pay a fee to the state of New York in order to make the changes official.

A Federal Employer Identification Number (FEIN), also known as a Federal Tax Identification Number, is used by the IRS to identify a business entity.  An FEIN is like a Social Security Number for your New York Corporation.  All New York Corporations are required to have an FEIN.

Corporate stock is evidence of ownership of a New York Corporation.  When you form your New York Corporation, you will need to determine what type of stock and the number of shares of each type that you want to authorize.  You do not have to sell the number of shares that are authorized.  Many small New York Corporations hold 100% of the shares.

Stockholders in a New York Corporation are entitled to voting rights or dividends of the Corporate profits or both.  Whoever owns over 50% of the stock of the New York Corporation is able to make all Corporate business decisions.  New York Corporations usually hold at least 51% of the corporate stock in order to retain control of the New York Corporation.

The Board of Directors holds an initial meeting to elect Officers, authorize issuance of stock and adopt the Corporate Bylaws.  Bylaws are the internal rules of your New York Corporation.  They are adopted by the Board of Directors and vary widely from Corporation to Corporation.  Commonly bylaws include the number of seats on the board of directors; how Directors are elected; how meetings of Directors and Shareholders are to be conducted; what Officers the New York Corporation will have and a description of each of their duties. 

As your company grows over time, you may amend your bylaws as necessary.  Bylaws generally cannot be amended by the Board of Directors unilaterally.  A vote by the majority of Stockholders of the New York Corporation is usually required to amend the Corporate Bylaws.  Bylaws may include any rules for managing the business and conducting corporate affairs.  Almost anything may be written into the Bylaws, however, the Bylaws must not be in violation of any federal or New York law or the New York Corporation's Articles of Incorporation.  A copy of the Corporate Bylaws should be maintained at the Corporation's principal New York office.

Note that forming a New York Corporation doesn't take the place of obtaining a business license, tax registration certificate, or other required business permits.  A New York Corporation merely creates an ownership structure that limits the owners' personal liability.  You may still need to take care of getting set up to do business with your local government.

Depending on the nature of the business and the location of your New York Corporation you may need to get one or more city business licenses or permits.  The business licenses or permits that are required for your New York Corporation vary depending on your business activities and the specific locations within the state of New York in which you want to conduct business.

If your New York Corporation will be selling products in New York you may be required to obtain a Reseller's Permit from the appropriate New York state agency.  If your New York Corporation will be selling products in New York you will also be responsible for all applicable local and state of New York sales taxes if there are any.

Every New York Corporation must hold corporate and shareholder meetings, at least annually, and must keep minutes of each meeting on file.  A copy of the minutes is evidence that the meetings took place and includes all resolutions that were adopted.  The minutes of each meetings must be open for inspection by any Shareholder or Director.  This meeting requirement is often overlooked and comes into play when the New York Corporation is challenged for any reason.  Keeping proper meeting minutes and documenting resolutions made and approved by the Directors is a formality that could save your New York Corporation a lot of potential trouble.

The New York Department of State does not have initial report requirements for New York Corporations.

Each New York Corporation is required to file a Biennial Statement every two years with the New York Department of State.

The filing period for a NY Corporation is the calendar month in which the New York Department of State approved the Certificate of Incorporation of the New York Corporation.

For example, if you incorporated on July15, then your biennial report is due every two years by July 31.

There are no late fees if a NY Corporation does not file its Biennial Statement on time with the New York Department of State.