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Tips to Help Start a Business ...

Tips to Help Start a Business In New York State

  • February 27, 2017

Starting a business in New York State has many moving parts and can seem overwhelming. We strongly suggest that you compile a team of professionals including an attorney, an accountant and an insurance professional, to assist you. To make it easier, we have developed some tips for you to consider.

  1. Determine the right legal and tax structure of your business. In New York State, your choices are:
  • For-Profit Business Corp
  • Not-for-Profit Corporation
  • Limited Liability Company
  • General Partnership
  • Limited Partnership
  • Sole Proprietorship
  1. If you have business partners, be sure to complete an ownership agreement between the partners.
  2. Create both a business and marketing plan to help you stay on track and to understand what you need to do to reach your goals. If you are looking for funding, most investors require these documents.
  3. Know your competition. How are you different? Is there enough market share to support what you are looking to do?
  4. Find out what training and consulting services are available to you. Small Business Associations and your local chamber of commerce can be a good place to start.
  5. Get advice on how to select a customer-friendly location and comply with zoning laws.
  6. Unless you are self-funded, or don’t need a lot of cash to launch your business, look at government backed loans, venture capital and research grants to help you get your business off the ground.
  7. Obtain a tax identification number, workers’ compensation, unemployment and disability insurance.
  8. Does your business require Business Licenses and Permits?
  9. Know what your responsibilities are as an Employer. What are the legal steps you need to take to hire employees?
  10. Business location. Do you need a physical office? Does the area have the right, potential employees for your business? Is there enough room to expend? What are the property taxes like? What other expenses will you need to establish a physical office?
  11. Have your documents and ideas reviewed by the proper professional. Once signed, it is too late to have them reviewed and to protect yourself.

Stenger, Glass, Hagstrom, Lindars & Iuele LLP has assisted many companies with getting started. Contact us today if you need help or have any questions, both online or via phone at 845-298-2000.

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