The official website of New York State provides information on starting a business, including everything from a basic overview to the steps you must take to form a legal entity.
The state website also shares a useful tool, NYS Business Wizard, to help entrepreneurs better understand their business requirements and how to apply for the appropriate permit and/or license.
Just the same as other states, small businesses can choose from the following structures:
- Sole proprietorship
- Limited liability company (LLC)
Starting a business, regardless of the legal structure, means working closely with both your state and local government.
Note: you are also required to obtain an Employer Identification Number (EIN) from the IRS.
There are other important steps to take when starting a small business, such as obtaining the required insurance. For example, unemployed insurance is required and can be purchased through the New York State Department of Labor. Additionally, workers' compensation can be purchased through a private carrier or the New York State Insurance Fund.
Note: depending on your business structure, employee count, and location, you may be required to provide health insurance and disability insurance.
With a population of approximately 19.75 million, New York is the fourth most populous state in the country. It doesn't matter if you are located in the Big Apple, upstate New York, or somewhere in between, the opportunity to start a successful small business exists. The state, along with a variety of other organizations, provides information and guidance for entrepreneurs who are interested in joining those who have started a business before them.