According to the U.S. Small Business Administration, the state of New York is home to 2.1 million small businesses, and this number is growing every day. Are you interested in getting in on the fun? Opening a small business is a great path to the independence, lifestyle, and financial gain you want. If you’ve been considering going this route, read on to learn more about the process of turning your small business dream into a reality.
Will you operate as a corporation or a limited liability company (LLC)? If you intend to grow into a bigger company want to fundraise down the road (or now), it may be wise to form as a corporation. If you plan to stay small or operate the business on your own, an LLC may be a better fit. There a number of other practical differences. For instance, maintaining a corporation requires adhering to a number of corporate formalities on an annual basis.
Even the cleverest business name idea is no use if the guy down the street has already trademarked it. You can do basic searches on the internet yourself, but an attorney can help you conduct a full trademark search and register your choice if it isn’t already taken.
Let the state of New York know you are starting a business, officially. How you go about doing this will depend on whether you chose to structure your business as a corporation of an LLC. Our firm can help you with this process.
Your EIN is your Federal Employer Identification Number. You can apply for it online on the IRS’s website.
You will need to register for NY taxes in order to get your business license. You should also apply for any particular permits your business needs at this time. A business law attorney can help you determine if you need any permits to operate legally.
Now you’re all set to operate your business in the state of New York. We wish you the best of luck. Don’t forget to renew your paperwork as needed and keep in mind that having an ongoing relationship with a business attorney is a great way to avoid stressful challenges down the road.
If you need more information or guidance about any of the steps of starting your small business, the Bergstein Flynn & Knowlton team is here to help. We are responsive and approachable in a way the big law offices simply cannot match. So don’t delay! Contact us today to discuss more information and to setup a free consultation.
