When starting a corporation in the state of New York, a certain set of bylaws set forth between members and managers of a business can be created. What this will do is allow business owners to have a written document proving that all relevant parties have agreed upon the rules and regulations set in place. This document will prove useful when future disputes between members arise. Within this agreement there are a number of important provisions defined that were previously left undocumented. This agreement is not required in New York, though it can be very useful for varied legal matters. It is recommended that founders work with a lawyer to draft corporate bylaws. Bylaws usually include sections with information about:
There are many online templates available for writing bylaws. Here are some useful ones:
After forming a corporation, a business must undertake certain steps on an ongoing basis to keep a business in compliance. These steps are also important in preserving the limited liability a corporation provides its owners. This guide outlines the ongoing requirements for New York corporations:
New York Corporate records: New York corporations must keep the following items with their corporate records at the principal place of business in New York or with the transfer/registered agent:
New York Corporate Taxes and Fees: The following are taxation requirements and ongoing fees for New York corporations:
New York Business Licenses
S corporation election: New York does not recognize the federal S corporation election and does require a state-level S corporation election.
More information on New York Corporation requirements can be found here.
After forming a limited liability company (LLC) , you must undertake certain steps on an ongoing basis to keep your business in compliance. These steps are also important in preserving the limited liability an LLC provides its owner(s). This guide outlines the ongoing requirements for New York LLCs.
New York LLC taxes and fees: The following are taxation requirements and ongoing fees for New York LLCs:
More information on New York LLC requirements can be found here.
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