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Starting a Business in New York

A complete step-by-step guide to start your business and get on the fast track to financial success.

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Doing Business In New York

Business facts:

New York City is a global hub of business and commerce, as a center for banking and finance, retailing, world trade, transportation, tourism, real estatenew mediatraditional mediaadvertisinglegal services, accountancy, insurance, theater, fashion, and the arts in the United State. The business climate of the state, however, is one of extremes. New York’s taxes, union workforce and red tape are among the highest in the country. On the plus side: the Empire state is an economic force comprised of an educated labor pool, huge VC investment, significant cultural and recreation resources and the headquarters of 10% of the 1,000 largest companies in the U.S.

Small business and Startup environment

New York has 1,779,932 small businesses, according to the most current federal data available. 

Of those 1,779,932 small businesses in New York, 477,260 have employees. The remaining 1,302,672 are New York small businesses that have no employees.

New York City has quickly emerged as a prominent hub for innovation and entrepreneurship. The city has a strong foundation of tech talent and early-stage venture capital firms, and is becoming a real alternative to the Bay Area for founders looking to start a business.

Today, New York City has a large number of up-and-coming winners like Datadog that are commanding substantial market share. But what is truly exciting is that there is a rise of a generation of hundreds of startups that are deeply technical and deeply committed to building the future of enterprise infrastructure and applications.

Major companies

New York is home to large companies such as: IBM, PepsiCo, Pepsi Center, JPMorgan Chase & Co., Citi, Verizon, Dior, ABM Industries, Pfizer, Icahn Enterprises

STEPS TO STARTING A BUSINESS IN NEW YORK

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Step 1: Choose A Business Structure

The most common business structures are sole proprietorship, partnership, limited liability company (LLC), and a few different types of corporations—the standard corporation (often called a C corporation or “C corp”), the small business corporation (often called an S corporation or “S corp”), and the benefit corporation (often called a B corporation or “B corp”).

The most common business structures are:

Step 2: Choose The Right Business Name

Choosing a business name is important, you want to make it easier for your customers to remember it, here are some tips:

  1. Avoid hard-to-spell names.
  2. Don’t pick a name that could be limiting as your business grows.
  3. Conduct a thorough Internet search.
  4. Search and purchase a domain name.
  5. Use a name that conveys some meaning.
  6. Conduct a trademark search.

Step 3: Register Your Business

Depending on the business structure you chose you will need to register your business.

New York Resale license 

New York Business Entity Search

Step 4: Obtain an EIN Tax Number

With limited exceptions, most businesses require an Employer Identification Number (EIN), also known as a Tax ID Number. An EIN is used to identify a business in its federal tax filings. Without an EIN, you can’t hire employees or open a business bank account.

Click Here to Apply for EIN number online

Step 5: Open A Bank Account

– Open a business bank account:

  • Separates your personal assets from your company’s assets, which is necessary for personal asset protection.
  • Makes accounting and tax filing easier.

– Get a business credit card:

  • Helps you separate personal and business expenses.
  • Builds your company’s credit history, which can be useful to raise capital later on.

Step 6: Licenses & Permits

Now that you’ve registered your business name you need to obtain a business license for your company – this authorizes your company to do business in your city or county. Typically this also involves registering for state taxes and permits (the city may require them as part of the business licensing process).

Here are some links for New York Businesses:

Selling products? Check New York Resale Permit

Business Licensing for the State of New York

Step 7: Branding & Marketing

Your brand is the image customers have of your business, so it’s important to determine who is your audience and what is the message that you want to project. That way, your company’s image will be what you intend it to be. It should be strategic and intentional.

Step 8: Establish a Web Presence

Creating an optimized website helps you to gain important visibility for the right terms. A website is a powerful sales tool and one that allows you to address your customers’ concerns, give them the information they need to make a decision and create compelling calls to action.

In addition to a website, you should also consider other avenues for promoting your business online:

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