Things You Need to Start a New Business in New York

Starting A New Business In New York

Known as “The Empire State” as a result of its massive resources and massive levels of wealth, New York is an ideal location to start a business. The economy of the state is considered to be one of the top three largest within the entire country, with its gross product coming in at over $1.44 trillion.

The greater Manhattan region is considered to be the leading center of media, telecommunication, banking, and finance in the United States. It only makes sense to start a business in this amazing state. Continue reading to learn about a few things you need to get started in your new endeavor.

Step #1: Choose Your Business Structure

When starting a business in the State of New York, you must determine what entity that business will be associated with. You have three main choice. These include “Doing Business As” (DBA), a “Corporation”, or a “Limited Liability Company” (LLC). Each come with their own perks.

You must determine which one most closely associates with your goals by conducting research on each of the available business entities.

Step #2: Choose a Name

If you are reading this, you likely already have a name in mind; however, that name must be thoroughly researched to protect you from business-based and legal complications.

You may do this by searching the name online, doing a trademark search with the US Patent and Trademark Office, and searching the website for the State of New York.

Step #3: Register the Business

The next step to starting a business in New York is registering the business. The steps that are required in this step will be based on which business entity that you choose to associate your business with in step #1.

Step #4: The Federal Employer Identification

Once you have completed the registration process, you must obtain your Federal Employer Identification Number. This is also known as the “FEIN”, or the “EIN”. This is done through the online website with the IRS or by filing the SS-4 Form through the IRS.

Step #6: Business License and Permits

The next step to starting a business in the State of New York is to get the business license and any permits required for operation.

Step #7: Business Insurance

Before opening your business, you must obtain business insurance in New York. This insurance will not only protect your investment, but will also protect you, your vendors, and the customers or clients that you serve.

We Can Help

If you are in the process of starting a business and are ready to purchase business insurance, we here at Modica Associates can help you. When choosing a policy, you will find that we offer the highest level of options.

Examples of these include equipment coverage, loss of income coverage, general liability, protection for the vehicles that you use for your business, and worker’s compensation coverage.

To learn more about the packages that are available to you, you may contact us today by calling: 718-855-1836

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