| NEW YORK |
| Name |
Must contain words Incorporated, Corporation, Inc., Corp., Limited Liability Company, Limited, Ltd., L.L.C. or LLC. Fictitious name filing fee is $25. |
| Information about Directors and Officers |
Company must have at least 3 Directors, unless the number of shareholders is less than 3. Then the minimum number of shareholders must be equal to number of Directors. President and Secretary cannot be the same person unless there is only one shareholder. At least 18 years old, but no requirements for residence. It is not required to list Directors and Officers in the Articles of Incorporation. |
| Requirements for address |
Home or Office address can be considered as company address. P.O. Box is not admissible. A Corporation must have a New York street address. |
| Registered Agent |
You do not need a Registered Agent. The State of New York will be your agent for service of process. |
| Shares/Stock information |
You may authorize up to 200 shares of stock at no par value for the minimum tax of $10.00. If you want more than 200 shares, change the par value to $1. You may authorize up to 20,000 at $1 par stock and incur in the minimum $10 tax. |
| Annual statement |
Must file a Biennial Statement of directors and their addresses. The applicable filing period for a Corporation is the calendar month during which its original Certificate of Incorporation was filed (or the effective date thereof). A $9 filing fee must accompany each statement. |
| State fees |
$125 filing fee plus $10 Tax. |
| Income tax rate |
New York Franchise/Income tax is based on the highest of: (a) 9% of entire net income allocated to New York, or (b) 1.78 mills of business investment capital allocated to New York (with a maximum of $350,000), or (c) 3.5% of minimum taxable income allocated to New York or (d) fixed dollar amount of: $1,500 (if the Corporation has a gross payroll of $6,250,000 or more); $425 (if the gross payroll is less than $6,250,000 but more than $1,000,000); $325 (if the gross payroll is not more than $1,000,000); $800 (if the gross payroll is $1,000 or less with total receipts of $1,000 or less and average value of gross assets is $1,000 or less). |
| Franchise tax |
First, the tax is based on the highest of: 8% of net income, 0.178% of capital (not to exceed $350,000) 2.5% of minimum taxable income (for tax years beginning after June 30, 2000) or a fixed dollar minimum tax ($1,500 maximum). Second, a subsidiary tax of 0.9 mills per $1 of subsidiary capital. New York has also a special lower graduated tax rate for qualified small businesses. To qualify, your business cannot have net income greater than $290,000 or capital or paid-in surplus of more than $1 million. The amount of tax imposed will be 7.5% of net income at or below $200,000; 8% of net income between $200,000 and $250,000; and 2.5% of the net income base that exceeds $250,000. For tax years beginning after June 30, 2001, the tax rates will change. |
| S Corporations |
Status is recognized by the State; however, New York imposes a franchise tax on S Corporations. Separate State election from the federal election is required. |
| License requirements |
Certain types of businesses in the State are required to obtain a license and pay a fee. Check with the State to make sure your business is complying with the license requirements for your particular profession. |
| Corporate records |
The stock transfer ledger must be kept in the principal corporate office. |
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