Understanding Regions - How to Define a Corporation in New York
In today’s competitive market, businesses of all shapes and sizes are looking to get an edge on the competition2 min read
In today’s competitive market, businesses of all shapes and sizes are looking to get an edge on the competition. Knowing the regulations and legal requirements specific to the state in which your company is operating in will save you time and money. In this article, we’ll look at how to define a corporation in New York and the best resources for legal counsel.
First and foremost, a corporation is a legal entity or organization operating under the laws of a state or country. The corporate entity is separate from the owners as it gives the company authority to transact business, obtain loan money, and perform other legal actions, including bringing a lawsuit or filing a complaint. Corporations can have one or more members, such as shareholders, officers, directors, and managers, and depending on your state, you may also have to provide information on incorporators as well.
In order to define a corporation in New York, the state has a few specific rules you must follow. New York requires that a corporation file Articles of Incorporation with the Department of State. Typically in these articles, you will provide the company’s name, the address of the initial office or designated office, the names and contact information of the initial directors, the number of shares the corporation is authorized to issue, and the names of the incorporators.
In New York, a corporation must also have an office that is located in the state and registered with the Division of Corporations. The corporation must maintain records of its capital structure, directors, shareholders, officer and managers, bylaws, and other records required by the New York State Business Corporation Law.
The New York State Corporation and Business Law requires that all corporations obtain a Certificate of Authority or “doing business” permit from the Department of State. This certificate grants the corporation the authority to do business in New York, and is renewed on an annual basis. Additionally, most corporations will enter into a Registered Agent agreement, allowing them to conduct business in the state. The Registered Agent holds the financial and corporate records of the corporation and is responsible for processing the annual Corporate Report form.
When establishing a business, it is important to understand your local regulations. Having a comprehensive understanding of the legal requirements will save valuable time and money. By consulting an experienced local attorney who specializes in corporate law, you will be better equipped to create your business entity and adhere to all necessary regulations.
At UpCounsel, we provide access to experienced corporate lawyers that understand the specific regulations governing businesses in New York. With UpCounsel, you don’t need to hire a full-time legal staff - get on-demand counsel for any legal need, with attorneys who have an average of 14 years of experience. Our business attorneys have the expertise to help you through the process of setting up and running your business, so that you can focus on what really matters.
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