New York Corporations: How to Form and Maintain Your New York Corporation

Should you form your corporation in New York? We’ve collected the relevant information that will help you make this decision.

Pros

• No disclosure of owners

• Qualified workforce

• Home to one of the top 20 metro areas in the US

Cons

• Competitive market

• High real estate values

• High cost of living

Cost of Doing Business

• $135 filing fee / $9 bi-annual statement

Privacy

• No disclosure of owners

Forming your corporation in New York

The Name

In order to communicate to the public that your new business is incorporated, its official name will need to end with one of the following signifiers (or a relevant abbreviation): “incorporated”, “Company”, or “corporation.” In addition, it is required that the name of your business is not intentionally misleading to consumers, for any reason. Your company’s new name must also be completely unique, and not deceptively similar to any other organizations name or trademarks. There are also several restrictions on terms commonly used in the insurance or financial industries. Do a FREE name search now.

Board of Directors Requirements

You will need to form an official board of directors when incorporating in New York. Here are the states explicit regulations regarding these directors:

• Required number of directors

  New York corporations must have at least one director listed in their incorporation documents.

• Age restrictions

  Directors of corporations located in New York must be at least 18 years old.

• Residence restrictions

  There are no residence restrictions imposed on the directors of C corporations in New York. However, S corporations are only allowed to have directors located in the United States.

• What information needs to be included in the Articles of Incorporation?

• New York does not require the names or addresses of directors to be disclosed in incorporation documents.

Requirements For the Articles of Incorporation

The Articles of Incorporation is a document that must be filed during the incorporation process in every state. Here is the information that must be included in this document when filing in New York:

Stock Information

New York requires the number of initial shares outstanding, and their par value, to be disclosed during the incorporation process. The number of outstanding shares does not affect initial state filing fees.

Officer Information

The state of New York does not require officer information to be disclosed during the filing process.

Registered Agent Information

All New York corporations must have a registered agent on file, and submit their name and address (which cannot be a PO box). This agent is required to be accessible during standard business hours and acts as the state’s point of contact with the company. Learn more about registered agents.

Corporate Record-Keeping Requirements

Corporations are required to keep formal documentation regarding several of their operations. These are the explicit record keeping formalities required by New York:

• Complete and comprehensive financial records

• Records that detail the owners, class, and transfer dates of all outstanding stock shares

• Meeting minutes for all shareholder, director, and committee meetings

New York Corporate Taxation and Fee Requirements

There are several tax and fee requirements that must be addressed by corporations in New York. They are as follows:

Taxation

All states have complex taxation requirements. For more information regarding taxes in New York, it is advised that you visit the state’s official business related website. 

Annual Report Requirements

Corporations in New York are required to file a bi-annual report every two years during their anniversary month. There is a $9 fee associated with this process. Learn more about annual reports.

Tax Identification Numbers

New York requires an EIN (employee identification number) for all corporations that will have employees, and most banks will require one to open accounts. New York does not require corporations to obtain state tax ID numbers. Learn more about EINs.

Business License Requirements

The business licenses and permits required in New York vary wildly depending on the county or municipality in which your new corporation is located. If you would like to see more in-depth information on licenses and permits, please feel free to visit the content in our learning library that covers these topics. Learn more about business licenses and permits.

Need a New York LLC instead? Click here.