Incorporation in New York
For businesses seeking recognition as separate legal entities, New York law allows them to undergo the process of incorporation. An incorporated business acts in its own name, whether buying and selling property, assenting to contracts or exercising legal rights. To incorporate in New York, a business must file with the Secretary of State in compliance with specific guidelines.
Benefits of Incorporation in New York
A corporation enjoys benefits that unincorporated companies do not. Primarily, it cannot be held accountable for an amount of debt greater than the value of the assets that the owners have invested in it. If the business had remained a personal asset of the owners, they would run the risk of losing their personal property to pay for the company's financial liabilities in case of default. A corporation may also find it easier to finance itself through loans, allowing creditors in the New York area to evaluate their investment by assessing the corporation rather than the individual credit-worthiness of its owners. Lastly, a corporations charter requires that ownership be divided into stakes or "shares" of stock, all of equal size. This makes the process of transferring control much more practical.
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Life in New York
Enough cannot be written about New York City. New York City is filled with great night life, wonderful tourist attractions, history, great fashion, and exquisite food. Tourists often love to visit the Empire State Building, Statute of Liberty, Grand Central Terminal, Rockefeller Center, Ellis Island, Staten Island, the American Museum of Natural History, the Museum of Modern Art, and Central Park.New York is also filled with many great attractions that are not so well known. For a bit of fun, tourists can go Madame Tussaud's to hang out and take pictures with some of the world's most famous celebrities. To experience New York with some speed, people can ride the New York Skyride. To see some breathtaking views, the spot to visit is Top of the Rock. Lastly, New York City is home to the largest Cathedral in the world-The Cathedral of St. John the Divine.
With so much to offer, New York City has not left the legal industry behind. In fact, New York City is home to some of the largest, multinational firms in the world. These firms are filled with ivy-league law graduates, expected to be some of the brightest legal minds in the country. Therefore, it is likely that no legal matter will remain unsolved by the legal force in New York City.
Costs of Incorporation
These advantages come at a price. First, incorporation in New York may require a filing fee. Second, a corporation pays taxes just like any other entity. In other words, the profits a corporation makes are now taxed separately, while any disbursements to shareholders are taxed as individual income. This is called double taxation. However, a business may avoid this disadvantage with proper planning and assistance from a local New York lawyer.
