The key to making the most of New York corporation law and partnership law is the decision to incorporate your business. A corporation affects your ability to gain capital, controls the amount of debt you assume and determines your tax obligations. However, these advantages must be balanced against the additional taxes your business will incur.
New York partnership law makes a partnership subject only to personal income tax, unlike a corporation. On the other hand, business partners may be held responsible for business debts.
There are several options for forming a company under New York corporate law. These include:
1. New York incorporation as a profit or non-profit corporation. An S corporation (S-corp) is taxed under Subchapter S of the Internal Revenue Code which generally does not include income taxes.
2. A New York limited partnership. This type of partnership has limited partners in addition to general partners.
3. A New York limited partnership. This type of partnership has limited partners in addition to general partners.
Determine the best of corporation when incorporating a business in New YorkThe most important factors to consider are the personal liability obligations and tax implications. You should also familiarize yourself with the operating requirements and reporting regulations.
Find corporation law firms in New YorkIncorporating in New York must comply with the disclosure, operating and reporting requirements. New York corporation law specifies these requirements in detail.
Use an incorporation service in New YorkYou must file the registration forms and pay the associated fees as required by New York corporation law in order to form an NY corporation or NY partnership. You may also need to file Articles of Incorporation, depending on the type of corporation you decide to register.
- New York state business corporation law requires annual fees and filings to maintain your corporation. Corporations are automatically C-corps unless they specifically register as S-corps with the primary difference being the way they are taxed. One person may frequently hold more than one position in these corporations and many if not all shareholders are also directors in a small corporation.