New York is a great place to start your business. Out of all 50 states in the United States of America, New York is ranked
- Third in access to venture capital.
- Seventh in lowest corporate taxes.
- Third in the largest economy.
These points make New York very suitable for starting a small business. However, you should have a clear idea, intent, and firm decision to start a business. Here is the guide on how to start an LLC in New York.
STEPS TO STARTING YOUR NEW YORK BUSINESS
- Choose an Idea
It would be best if you had an original idea to begin with. This idea of yours should be from your mind or your partner. It should be unique and profitable. You can choose to work upon an already existing idea or make something new, out of the blue.
- Plan Your Business
It would be best if you plan your business from A to Z. Whatever you have in mind, you need to document it and make sure you go through it again. This method will make sure neither you miss anything, nor you make any fatal mistake.
- Form Your Business
Registering your New York company as a legal business entity is what is forming your business. It can be as an LLC or a Corporation. This increases the credibility of your company and protects
- Register for Taxes
You should obtain your EIN and register for taxes after forming your business.
Registerion with the Department of Taxation and Finance is necessary and required to collect sales tax. Although registering is a simple procedure and free of charge, you might need more information than you would to get an EIN.
- Open a Bank Account
Getting a business bank account and business credit card is essential. You do not want your money and assets to be in danger in case your business is sued.
- Set Up Accounting
Annual tax filings and checking up all the profits and losses can become a burden if you do not have accounting software in place.
- Obtain Permits & Licenses
There are regulations set up by federal, state, and local governments. You have to comply with them to make sure your business is legal. If you are going into business, do consult a lawyer about necessary permits and licenses.
- Get Insurance
Insurance is necessary as there are always chances of your business model to fail. In such cases, insurances save you from going bankrupt. Also, some laws make sure you are under specific necessary protection.
- Define Your Brand
Your brand should stand out from other brands in the competition. It would help if you convinced people how different your brand is and why people should go for your brand rather than others.
- Establish a Web Presence
Web presence and digital marketing are significant in today’s digital world. It would help if you increased your outreach through your web presence and Google profile.