Starting a Business in NY: Essential Legal Steps
New York is a land of opportunity for entrepreneurs, but it is also one of the most regulated environments in the country. Before you open your doors, ensure you've checked these critical legal boxes.
1. Choosing the Right Entity
Whether you choose an LLC, a Corporation, or a Partnership has major implications for your taxes and personal liability. In New York, forming an LLC also requires a unique "publication requirement" that can add to your startup costs.
2. Registering with the State
Most businesses must register with the New York Department of State and obtain an Employer Identification Number (EIN) from the IRS. If you're doing business under a name other than your own, you'll need to file a "Doing Business As" (DBA) certificate.
3. Licensing and Permits
Depending on your industry—whether it's a restaurant in Queens or a boutique in Manhattan—you may need specific city and state licenses. The NYC Department of Small Business Services (SBS) is a helpful resource for identifying required permits.