Opening a business anywhere in the USA requires proper filing and submission of documents. You cannot officially launch your business if you are not registered and legally organized in the state you plan to operate. The first thing you need to consider is the structure of your business. If you’re a startup, the best bet you could have is to form an LLC or Limited Liability Company. It is ideal for new entrepreneurs like you because it offers protection of your personal assets.
If you have finally decided to start business in New York under an LLC, we compiled the easy ways so you could begin the process right away.
Distinguishing your LLC among other businesses is essential. This is why you should set up your LLC name and ensure that you don’t have the same trading name as others to avoid problems. The term LLC or Limited Liability Company is also required at the end of your name.
A NY registered agent is one of the assets you need so you can establish an LLC in the state. Your registered agent could either be an individual or a company with an existing physical address in New York. The agent will be responsible for accepting relevant notices and documents from the government.
The next thing you need to do is to file Articles of Organization. This document will officially declare that your LLC is a separate entity. You need to fill in all the details, including your LLC name, address, members, registered agent, management type, and more. Make sure that all details are correct by double or even triple-checking it before you submit.
Every business needs permits and licenses before it officially operates. You don’t want to run your business illegally by skipping the federal, state, and local permits or licenses. Obtaining these documents isn’t that of a hassle anyway, and you could accomplish it quickly, so don’t take it for granted. By doing so, you can ensure that you comply with your state.
Although you’ve already set up your LLC, you still need to adopt an operating agreement for smooth operation. Typically, an operating agreement is composed of the following information :
- Your company information
- Purpose of your business
- Duration of your business
- Tax details
- Manager and member information
- Member’s contributions
- Entrance and exit rights
- Rules and policies
Your operating agreement would be helpful during problems that may arise inside your company. You could use it as a tool and basis of your future decisions that can significantly affect your company.
Now that you’re done setting up your LLC, it’s time to comply with other obligations like defining your tax system and obtaining your EIN. Both of these are important assets you need to visit often to make sure you are not missing anything. Failure to comply with these can lead you to serious corporate problems. Another obligation in setting up an LLC in NY is meeting their publication requirements. An LLC must publish a copy of their Articles of Organization within 120 days of effectivity in 2 separate newspapers, a daily publication and weekly publication newspaper.
Establishing an LLC in NY demands your commitment, effort, time, and resources. Since you are the manager of your soon-to-be company, there is no one but you that can accomplish all of these. Although complying with all the requirements might seem a bit of a hassle, rest assured that you will be on the right path. Waste no time and effort by following these easy ways for your LLC.