Ahhhh, it is an exciting time indeed: the start of your new venture. Finally, your vision, your dream, is becoming reality. However, by becoming an entrepreneur, you have decided to start swimming in a sea of risk. That is why now is the time to remember the old adage: "an ounce of prevention is better than a pound of cure." To secure your assets and protect yourself and your business from lawsuits and regulatory infractions, follow the start-up legal solutions outlined below.
You should conduct a search to ensure that your business name is not confusingly similar to another company offering similar goods or service in your geographic area.
- Though not required under law, once you have chosen an available business name, you should consider filing a trademark to protect your business name and logo.
Choosing the right structure for your business can protect owners' personal assets from business debts and liabilities and certain provide tax benefits.
For your business to be in good standing, you need to draft and operate your business based on the appropriate governance documents.
Depending on the Business Structure You Choose, You Will Require Different Types of Governance Documents:
- Initial Organizational Resolutions of The Board of Directors
- Stock Certificates
- Operating Agreement
- Partnership Agreements
- No Governing Document Required
All incorporated businesses that have employees must have an employee identification number (also know as an EIN). This is essentially your business' social security number and you will also need it if you intend to open a business account. EINs are issued by the IRS.
CLICK HERE to apply for EIN
CLICK HERE to find out if you need an Employment Identification Number (EIN)
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If you created an LLC or C-Corp in the State of New York, you must file a Biennial Statement with the Department of Revenue every two years after the date of formation. The New York Department of State will mail the appropriate form to you within a month of the due date.
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