Have you got a great idea for a product, service, or shop that you’d love to turn into a business? Building your own enterprise can be challenging, but it can also be incredibly rewarding. Here are five recommended steps to follow for a successful New York business.
Flesh It Out: Concept, Structure, Branding, etc.
Before you start filling out forms or looking for real estate, you’ll need to work out a solid business plan. In addition to giving your business a name, you’ll want to identify the kinds of products and/or services you plan to offer, sketch out a company structure and employee hierarchy, come up with branding and logos, etc. The more you get worked out beforehand, the better—especially if you plan to seek investors or apply for a business loan.
Register Your Business with the State
Before you do anything else, you’ll have to legally register as a business in New York. The type of structure you choose (LLC, LLP, sole proprietorship, corporation, etc.) will affect taxes and other requirements, so it’s important to choose a structure that best fits your goals before you register.
Get the Rest of Your Legal Ducks in a Row
In addition to registering with the state of New York, you’ll need to make sure you have all the appropriate licenses and permits for your particular type of business. If you plan to hire employees, you’ll have to apply for a federal employer ID number. If you’ll be selling goods from which you’ll receive sales tax, you’ll also need to have a New York certificate of authority (also known as a seller’s permit).
Depending on your business, you may need various other types of documentation. For example, restaurants will need a health permit to handle food, while certain professional businesses, like law offices, may need occupational licensing.
Make the Necessary Financial Arrangements
It’s important never to mix your personal finances with your business finances. Before you start doing business, make sure you’ve set up appropriate bank accounts, credit cards, and other financial needs. You may also want to find an accountant.
Know Your Annual Requirements and Expectations
Every business is subject to certain taxes and fees. An LLC, for example, is required in New York to pay income taxes as well as an annual filing fee. If you’re selling taxable goods, you’ll also need to make sales tax payments to the state. Before you open up shop, familiarize yourself with what you’re expected to pay and when.
Take Care of Your Business Filing Needs Online Right Now with FastFilings
Avoid the frustration of paperwork and red tape by filing for your certificate of authority in New York online with FastFilings. Simply fill out our easy certificate of authority application form, sign the appropriate documents, and get the filings you need to get your business up and running today!