New York City, officially the City of New York, historically New Amsterdam, the Mayor, Alderman, and Commonality of the City of New York, and New Orange, byname the Big Apple, city and port located at the mouth of the Hudson River, southeastern New York state, northeastern U.S. It is the largest and most influential American metropolis, encompassing Manhattan and Staten islands, the western sections of Long Island, and a small portion of the New York state mainland to the north of Manhattan. New York City is in reality a collection of many neighbourhoods scattered among the city’s five boroughs—Manhattan, Brooklyn, the Bronx, Queens, and Staten Island—each exhibiting its own lifestyle. Moving from one city neighbourhood to the next may be like passing from one country to another. New York is the most populous and the most international city in the country. Its urban area extends into adjoining parts of New York, New Jersey, and Connecticut. Located where the Hudson and East rivers empty into one of the world’s premier harbours, New York is both the gateway to the North American continent and its preferred exit to the oceans of the globe. Area 305 square miles (790 square km). Pop. (2000) 8,008,278; New York–White Plains–Wayne Metro Division, 11,296,377; New York–Northern New Jersey–Long Island Metro Area, 18,323,002; (2010) 8,175,133; New York–White Plains–Wayne Metro Division, 11,576,251; New York–Northern New Jersey–Long Island Metro Area, 18,897,109.
New York remains one of our most popular states for incorporation and LLC formation. With the third largest population in the United States, New York has a thriving business community. Some of the largest U.S. companies, including Citigroup, Verizon Communications, and Merrill Lynch, maintain their headquarters in New York. This state also services many small businesses, particularly in major industries like finance and communication.
The New York Department of State regulates many issues related to business incorporation in New York. The government agency, for instance, requires choosing a unique name designating your organization as a corporation.
Limited Liability Company (LLC)
|Governing corporate legislation|
Bussiness Corportation Law
Corporations must have one or more shareholders
Corporations must have one or more directors.
|Information published relating to company officers|
Section 206 of the New York State Limited Liability Company Law requires that within 120 days after the effectiveness of the initial articles of organization, a limited liability company (LLC) must publish in two newspapers a copy of the articles of organization or a notice related to the formation of the LLC. The newspapers must be designated by the county clerk of the county in which the office of the LLC is located, as stated in the articles of organization.
The liability of the shareholders for the company is limited to the amount of their respective shareholdings.
|Accounting requirement/ compliance|
Officer names and addresses are not required to be listed in the Certificate of Incorporation.
The corporation is required to keep correct and complete books and records of account and must keep minutes of the proceedings of its shareholders, board of directors and executive committee, if any. The corporation must also keep a record containing the names and addresses of all shareholders, the number and class of shares held by each and the dates when they respectively became the owners of record thereof. (See Section 624 of the Business Corporation Law.)
|Corporate income tax|
New York LLCs and LLPs are not required to pay federal or state income tax. Instead, these entities must pay filing fees in accordance with their gross income. While New York LLCs and LLPs themselves are not required to pay income tax, it should be noted that members/owners of these entities must still pay New York state income tax on distributions that they earn from the company.
|Shared capital/paid up|
A minimum share capital is not required.
|Basis of the Legal System||Common Law|
Authorized shares and par value must be listed in the Certificate of Incorporation.
An increase in the number of shares or par value can affect initial filing fees.
Listing the name and address of a registered agent is optional in New York. Corporations must, however, include the address to which legal documents, such as Service of Process, should be sent. The registered agent or person at the Service of Process address must be available during normal business hours.
A meeting of shareholders shall be held annually
|Time to form|
Generally, it takes about six to seven weeks to meet the requirements for New York LLC formation, including processing the forms in New York.
Anniversary date of the company / Each Year
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