As discussed in our other blogs there are several benefits of incorporation. When it comes to a Canadian incorporating in the US, we come across the questions that how to incorporate in US? Or Which state of incorporation is better? Or What is a New York Company? In this blog we will be specifically discussing about the steps that you need to take or Pre-requisites for Starting a Company in New York.
Before we proceed, we just wanted to highlight a few Canadian incorporate in New York because its famous, known as “Big Apple”, and you also end up incorporating if business establishment or properties in New York.
The following are the steps that you need to follow to incorporate in New York:
Following are some mandatory contemplations that must be taken into consideration while selecting the name of a new business in New York.
Requirements for Selecting the Board of Directors
Following are the criteria for selecting the Board of Directors in a corporation of New York:
Information to include in the Certificate of Incorporation
It is compulsory for a company to file a Certificate of Incorporation in order to become legally recognized in New York. The following information is to be included in this document:
Steps to Ensure the Continuous Legitimacy of the Business
In New York, professional service providers like accountants, attorneys, and physicians are permitted to form a Professional Corporation (PC). It is necessary for companies to perform certain processes on a continuous basis so as to ensure the legitimacy of the firm and protect the limited liability it provides to its shareholders. The processes include the followings,
The important documents related to company affairs should be kept in a designated corporate records file. This record can be kept at either the headquarters of the company or with the registered agent. Following are examples of documents to keep in the records book:
Stated below are the rules for filing tax and payment of ongoing fees for New York corporations:
Most businesses require licenses to run legitimately. Looking at the “Bizfillings Business License Application Package” is the best option to fulfil the requisites for getting further information.
State-level S corporation election holds true for New York rather than federal S corporation election.
RKB Accounting has expertise in cross-border taxation and has been providing accounting and taxation services for the last fifteen years in Canada and USA. RKB services include incorporating a business on both sides of the border, bookkeeping, sales tax, payroll, and corporate and personal income tax. RKB’s expertise includes cross-border tax planning, long-term tax planning, helping business start-ups, business structure planning, and resolving complex tax matters. RKB a CPA(Delaware), CA(India), and CIA(USA) has over 25 years of experience in accounting and taxation in dealing with various countries in the world.
Disclaimer: Information in the blog/post/article has been presented for a broad and simple understanding. This is not legal advice. RKB Accounting & Tax Services does not accept any liability for its application in any real situations. You need to contact your accountant or us for further information.