Starting a new business is a great way to take charge of your future, and opening your doors in New York State offers many benefits that other states simply can’t provide. But making the decision to open a business and actually opening one are two different things. If you’re not sure where to start, don’t panic. Your trusted New York business formation attorney at Gold Law is here to help. Follow these simple steps to get your business up and running.
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Choose a Good Business Idea and Create a Plan
To ensure that your business can withstand the test of time, you’ll need to come up with an idea that meets a need other companies aren’t addressing. Think about the type of business you want to run. You may want to center your business around your skills or passions or simply open a company that provides higher-quality services or products than your competitors. Whatever you choose, consider how the business will work in your chosen community and whether it’s likely to be sustainable in the long run. Once you have an idea in mind, you’ll want to create a detailed business plan to help you plan everything from your launch to your long-term growth.
Figure Out Your Ideal Legal Structure
There are several popular legal structures that can help you keep your doors open while minimizing personal liability for your business. This includes limited liability companies, partnerships, corporations, and more. Do some research into the common legal entities and consider how each structure will impact your company. You’ll want to choose the one that offers you the type of control you’re comfortable with. If you’re not sure, your New York business formation attorney can help you choose.
Pick a Name
You’ll need to choose a name for your business, and while this might seem simple on the surface, it’s more difficult than you might think. You’ll want to avoid choosing a name that’s already in use or one that’s trademarked. Otherwise, you could risk creating confusion at best or deal with a lawsuit at worst. Research the possible names you’re thinking of and make sure the one you choose isn’t already in use. If it is, you’ll want to change it before you open your doors.
Register and Establish Your Business
New York State requires that you register your business before you can operate in the state. This means filling out paperwork that provides the following information:
- Your address, business purpose, and company owners
- Your business’s name
- The registered agent for your company
Your New York business formation attorney will be able to guide you through the process and can act as a registered agent on your behalf. Registered agents act as a point of contact for your company and the State of New York.
Apply for the Necessary Permits
Depending on the type of business you’re running, you may need to apply for certain permits and business licenses. Since the requirements vary by industry, speak with your local city or municipality’s office to see what you’ll need to apply for. Their staff should be able to provide you with a list of permits and licenses and can guide you through the application process if needed.
Invest in Insurance and Open Your Doors
Business insurance is a great way to protect your company, your property, and your employees from liability and other risks. Speak with an insurance agent about your business and let them recommend coverage options. Make sure you have essential coverage in place before you open your doors. Once everything is in place, you’ll be ready to start helping customers and clients.
Let a New York Business Formation Attorney Help
Following these steps can help you get your business up and running quickly. But you’ll still want to have an experienced New York business formation attorney on your side to guide you through the process. Contact Gold Law Firm today to schedule a free consultation.