New York Corporation

The economy of New York City is considered one of the largest in the country and is primarily driven by small businesses. There are several industries that are home to these small businesses and these industries are growing and expanding consistently. Today, some of the most notable corporations are headquartered in New York. The state not only attracts new businesses but also investors as it is considered to be the financial capital of the USA. This is one of the prime reasons why small business owners and entrepreneurs prefer to incorporate in New York. Some of the top corporations in the state include Loews Corporation, American Express, Aventura Technologies, Moody’s, MetLife, NASDAQ, CBS Corporation, and Time Inc. among others.

What is a New York Corporation?

If you plan to form a corporation in New York then there are primarily two forms of corporations to choose from. You can opt to form the traditional corporation also known as the C Corporation. Alternatively, you can elect S Corporation status as it offers tax benefits when compared to a traditional corporation. It is important to note that an S Corporation is not a business structure but an Internal Revenue Service (IRS) tax classification. If you are planning to form a C Corporation then you can register a New York Corporation online or offline. The other forms of corporations that you can form in the state include:

• Nonprofit corporations
• Professional Service Corporations
• Benefit Corporations
• Foreign Corporations

What are the benefits of incorporating in New York?

There are over 2.2 million small businesses in New York with a majority of entrepreneurs choosing to form a corporation in New York vis-à-vis other forms of businesses. There are several benefits of incorporating in New York including a great startup environment, robust infrastructure, and Foreign Trade Zones (FTZ) among others. Let’s take a look at the top benefits.

• Startup Ecosystem – One of the top benefits of incorporating in New York is that the state has an existing startup ecosystem. In fact, according to the Global Startup Ecosystem Report, the state is home to over 7,000 startups that are valued at over $71 billion. This is not all, the state is gradually moving towards a “Green Startups” platform with the objective of ensuring higher sustainability in the future.
• Business Tax Incentives – Once you register a corporation in New York, you will be able to benefit from the various tax incentive programs offered by different state agencies like the Department of Taxation and Finance. The incentives vary from one industry to another and include tax credits and exemptions. Some of the popular incentive programs include Investment tax credit (ITC), Exemption for tangible personal property, and Sales and use tax exemption.
• Global Business Center – One of the major benefits of incorporating in New York is that it is considered as a top financial hub for local startups as well as global businesses. Whether you want to start a local business or an international company, New York provides the right platform and target audience. You can even benefit from the Foreign Trade Zone Program (FTZ) for businesses in the export-import industry.

Starting a New York Corporation

New York offers plenty of opportunities and a pro-business environment backed by a logistics and transportation infrastructure and platform for funding and investors. If you have a business idea and want to benefit from these opportunities then you need to register a corporation in New York first. Let’s look at the important aspects of the process of forming a new business in the state.

1. Name New York Corporation

In order to incorporate in New York, one of the first steps is identifying a name for your company. A business name is integral towards the existence of a company as it separates your business from other businesses and is also used for marketing, branding, and sales. The process of new business formation revolves around your company name. There are certain business corporation naming guidelines that you are required to follow and they are:

• The chosen name should contain words like “corporation” or “incorporated” or abbreviations of any of these words like INC. or Corp. pursuant NY Bus Corp L § 301 (2020)
• The business name should be distinguishable from the names of any domestic corporation and the fictitious name of any authorized foreign corporation.
• The chosen name should also be distinguishable from the names of any domestic or foreign limited liability companies, domestic or foreign limited partnerships among others. The business name should not consist of any word, phrase, or abbreviation that is restricted or prohibited by any other New York statute like the board of trade or chamber of commerce.

2. Appoint New York registered agent

If you are planning to form a corporation in New York then one of the foremost requirements of the state is to hire and maintain a registered agent in the state pursuant to NY Bus Corp L § 305 (2020). You can opt for statutory designation of the Secretary of State as the agent for service of process pursuant to NY Bus Corp L § 304 (2020) or you can choose one of the top registered agents in New York like IncParadise.

3. Choose New York Corporation’s initial directors

One of the important requirements to focus on before you register a corporation in New York is choosing the initial directors pursuant to NY Bus Corp L § 701 (2020). Normally, the shareholders of the company will be responsible for the election of the board of directors and defining their term or tenure. The corporation’s initial directors may consist of one or more members pursuant to NY Bus Corp L § 702 (2020) and the numbers can be fixed or changed through the corporation by-laws.

4. File a certificate of incorporation with NY SOS

Once you have identified a business name, the next step is to register a corporation in New York. There is a process that you will be required to follow for incorporation that is governed by New York Laws, BSC – Business Corporation, Article 4 – Formation of Corporations. You will need to file the “Certificate of incorporation” pursuant to NY Bus Corp L § 402 (2020) and this document has to be signed by each incorporator and include their personal information like name and address.

Are you thinking of starting a New York Corporation?

5. Prepare bylaws for New York Corporation

When you form a corporation in New York, one of the important aspects to focus on is the preparation of the bylaws. There is no set content for corporate bylaws nor will you be required to submit this document with the New York Department of State. The objective of the bylaws is to set forth internal rules, regulations, and procedures that identify the existence, role and responsibility of a corporate office. Some of the other aspects covered in the bylaws are:

• Number of board of directors
• Shareholder meetings
• Statement of purpose
• Operational guidelines
• Power of officers, shareholders, and directors
• Plans for stock distribution

6. Get an EIN

If you are planning to register New York Corporation online or offline, there are certain processes that you need to complete to make the business operational. One such facet is that of applying for and obtaining an Employer Identification Number (EIN). This is a unique 9 digit number, which is issued to businesses by the Internal Revenue Service (IRS). It is also known as the Federal Employer Identification Number (FEIN) and is required for filing tax returns and also for opening business bank accounts.

7. Hold an organizational meeting

Once you form a corporation in New York, one of the first things to do is to conduct an organizational meeting. This is an initial meeting or the first meeting that is held by the incorporator or incorporators after you register a New York Corporation online. The importance and requirements of these meetings are governed by NY Bus Corp L § 404 (2015). The objective of the meeting is to establish a corporate structure for the company by appointing officers and initial directors. Organizational meetings are also important for adopting corporate by-laws.

8. Open a bank account

One of the important areas for any new company is starting a banking account. You can open a business banking account before or after you register a corporation in New York. You are probably wondering why you can’t use your personal bank account for the same and the truth is that using a personal account will make accounting and especially tax returns quite complex. There are numerous benefits of using a business bank account or checking account like:

• It will help in limiting your personal liability
• This account will provide financial protection to the business as well as the owner
• A business banking account will help you to track all types of expenses, monitor spending, and help avoid any unintended or accidental overspending.
• Having this type of account will give the right message to your customers including professionalism
• This is one of the benefits of incorporating in New York as there are several top banking institutions to choose from

9. Issue stock

If you incorporate in New York then one of the primary requirements is the issuance of stock. Every corporation formed in the state has to designate the number of shares the said company is authorized to issue and this has to be specified in the certificate of incorporation. You have to also indicate if the stock or shares are with or without par value. It is important to note that if you register a New York Corporation online then the authorized stock structure with no par value is 200 shares in New York according to the Department of State.

10. File New York biennial statement

Once you form a corporation in New York, there are different annual or even biennial requirements that a business has to fulfill in order to conduct business in the state. One of the important requirements is that of an annual report, which is known by different names in different states and as a biennial statement in New York. Once you register a New York Corporation online or offline, as a domestic or a foreign corporation, you will have to submit the biennial statement pursuant to NY Bus Corp L § 408 (2020). The statement has to be filed once every two years along with a filing fee of $9 to the NY Department of State and the submission ensures a good standing with the state.

11. Obtain necessary licenses and permits

Once you register a corporation in New York, it doesn’t mean that you have all necessary clearances for conducting your business in the state. In fact, you will be required to apply for and obtain the necessary business licenses and permits to make your business operational. If you register a New York Corporation online but operate your business without the required licenses then you may be penalized for the same. Your corporation may require a single license or multiple licenses and permits. The licenses in the state can be categorized as under:

• Industry-based – If you have been wondering how to form a corporation in New York, then one of the important aspects is licensing. Business licenses in the state are issued according to the industry your business is operating in like business services, agriculture, construction, finance, education, health, retail, manufacturing, and recreation among others.
• Local licenses or permits – When you incorporate in New York, you have to mention the city or county your business is based in. The licensing requirements are different for different cities and counties. If you are operating your business within the official limits of the City of Buffalo, NY then you will need to check their “License Applications & Code Requirements” specific to your business activity. If you were to start a bakery with a maximum of 25 employees or less then you will have to apply for a license with the City Hall along with the licensing fee of $220.
• Professional Licensing – Once you register a New York Corporation online your business may even require professional licensing depending on the type of business activity. There are over 32 professional occupations that are licensed and vary from home inspectors to real estate brokers and others.

If you want to know more about New York business licenses required by your company then you can avail of our Business License Research Report that provides detailed licensing information in New York.

12. Comply with other tax and regulatory requirements

Once you start an LLC in New York you may be required to pay some form of tax in the state. Taxes actually vary from one state to another and also according to the type of business entity and hence the taxes filed by a limited liability company may not be the same as that of a corporation. Some of the important taxes collected in the state of New York include the following:

• Business Corporation Tax
• Withholding tax
• Sales and use tax
• Other taxes like Employer Compensation Expense Program (ECEP) or Stock transfer tax.

Know more about starting a New York Corporation

As a first-time business owner or an entrepreneur, there are several facets to the state of New York when it comes to starting a business. If you want to incorporate in New York then you may have to confront a multitude of questions regarding incorporation and other aspects of the new company. Hence, we have created this section of “Frequently Asked Questions” for addressing some of the most common queries including how to form a corporation in New York as an entrepreneur or new business owner.

Why form a Corporation in New York?

New York, the center of the nation’s financial hub is considered by entrepreneurs as an excellent place for startups and small businesses. The state with a $1.751 trillion economy has many benefits to offer those who want to form a corporation in New York. Some of the top benefits of incorporating in New York are:

• Since it’s a financial hub; businesses enjoy access to investment capitalists and angel investors
• It is one of the densest populated cities in the nation and hence a bigger and more diverse customer base
• The state has a booming startup environment
• It has foreign trade zones and opportunity zones
• A wide variety of business incentive programs are offered by the state for small businesses and startups
• Availability of small business grants
• Accessibility to a pool of committed, professional and skilled workers

How do I know if my New York Corporation name is available?

Once you have chosen a business name in accordance with the rules, regulations, and prohibitions governed by NY Bus Corp L § 301 (2020), you will need to conduct a New York corporation name search. The Department of State, Division of Corporations has an extensive database known as the Corporation and Business Entity Database.

What will be the cost to form a corporation in New York?

If you want to register a corporation in New York then there will be certain formation costs governed by 2020 New York Laws, BSC – Business Corporation, Article 4 – Formation of Corporations. If you are planning to form a domestic corporation then you will be required to submit the Certificate of Incorporation along with a fee of $125. This has to be filed with the Department of State, Division of Corporations.

Can I register an S Corporation in New York?

Yes, you can register an S Corporation. You will need to first register a corporation in New York and then elect to be treated as an S corporation. The Internal Revenue Service (IRS) governs the election and specifies certain requirements required by a traditional corporation to qualify for S corporation status. You will be required to file the Form 2553 (Election by a Small Business Corporation) pursuant to section 1362 of the Internal Revenue Code.

Can I register a foreign Corporation in New York?

Yes, you can incorporate in New York as a foreign corporation and its formation is governed by 2020 New York Laws, BSC – Business Corporation, Article 13 – Foreign Corporations. As a foreign corporation, you will not be able to conduct business in the state until it is authorized or completes a foreign qualification. If you want to register a New York Corporation online as a foreign business then you will need to submit an Application for Authority for a foreign business corporation along with the filing fee of $225 pursuant to NY Bus Corp L § 1304 (2020).

How can I dissolve my New York Corporation?

Once you form a corporation in New York, you can conduct business in the state. At any given point in time, if you want to dissolve your company then you will be required to file a Certificate of Dissolution pursuant to NY Bus Corp L § 1003 (2020). There is a statutory filing fee of $60 and it has to be filed with the New York Department of State, Division of Corporations. It is important to note that you will require the consent of the New York State Department of Taxation and Finance prior to filing the Certificate of Dissolution.

Ready to Start a New York Corporation?

If you want to incorporate in New York then it is one of the best destinations for a startup or a new business. You can choose different types of business structures although the benefits of incorporation are higher as compared to some of the other forms of business. There is a definite process to register a New York Corporation online and this may require you to submit documents and include personal and business information and this is where a top registered agent like IncParadise can assist you.

Entrepreneur’s guide to form a business in New York

Whether you want to start a small business in NYC or a multinational corporation; the state has much to offer in terms of new business resources. It has the third-largest economy in the nation making its business climate vibrant and growth-oriented. The gross domestic product (GDP) of New York is $1.7 trillion with startups and small businesses making a high contribution overall to the GDP. An interesting aspect is that 67% of startups doing business in New York have expanded their operations by 2020 with food service establishments including restaurants accounting for 12 percent of such startups.

Why do companies prefer to incorporate and register in New York?

The 2021 small business profile by Small Business Administration (SBA) reveals that there are 2.3 million small businesses operating from the state. A lot can be attributed to the business opportunities and advantages the state offers. You can also start a small business in NYC to capitalize on the growth opportunities, business incentives, and several other benefits. Let us look at some of the advantages of doing business in New York.

• Tax Benefits – If you plan to start a business in New York then one of the top benefits is tax benefits and incentives that will help in easing the overall burden. There are several tax exemption programs for new businesses like the Accelerated Sales Tax Exemption Program (ASTEP), which aims to provide tax exemption to businesses in specific industries like manufacturing, industrial, food retail, and commercial. There are tax credit programs that you can take advantage of once you incorporate in New York like the New Markets Tax Credit Program.
• Professional Talent Pool – One of the most important requirements of any business is accessibility to local talent pools and this is one advantage you can leverage when you start a small business in NYC. It is home to some of the top universities in the nation including Columbia University, Cornell University, City University of New York (CUNY), and New York University (NYU) among others. One of the salient aspects is that New York also gets a rich talent pool from neighboring states or cities like Washington D.C., and Boston.
• Small Business Grants – If you are planning to start a business in New York then one of the key areas to focus on is the startup cost. The cost can be on the higher side depending on various supporting elements of your business like advertising, employee, rent or lease, utility, and New York business license. This is where small business grants can help bring down the initial cost or even the operational costs.

Steps to start a business in New York

Most startups and small businesses in the state of New York have been experiencing growth and are expanding at a faster rate than ever before. The state has achieved one of the lowest taxes in several decades, is home to an ever-growing talented workforce, and is attracting major investments and state-of-the-art innovations. These are key drivers of business climate and are considered essential building blocks for the progress of each business. You can start a business in New York in any industry but it is important to identify the key areas that will augment business operations in the future.

1. Prepare a New York Business Plan

If you are planning to start a business in New York then you need to identify the market, customers, risks, competition, and even the business formation and operational cost among other things. This can be made possible by formulating a business plan, which will also lead the way for an operational strategy. There are different types of business plans like a strategic business plan, start-up business plan, feasibility business plan, and operations plans among others. What you need is a start-up business plan as it will constitute various areas and elements of starting a business in NYC checklist. An ideal business plan will help you to minimize your overall risk and also pave the way for your strategic planning and prioritization. The various areas to focus on in order to create a strong business plan are:

• Executive Summary
• Synopsis of your business or startup
• Market overview
• Target Audience
• Products and Services
• Risk and Competition
• Revenue Model
• Operating Model
• Core Management Team
• Financial Plan

2. Attend Entrepreneurial Training or Development Programs in New York

You may have a brilliant idea but to actually implement it in the form of a startup or business can be quite demanding in terms of acquiring skills and knowledge pertaining to the very area of your business. If you have an idea and are planning to register a business in New York then it is important to understand how entrepreneurial training or development programs can further your cause. This type of program will help you to understand and identify the skills you possess and the skills and knowledge required towards making your business operational and successful. Hence, such programs should be an integral part of your starting a business in NYC checklist.

3. Choose a Business Structure for New York Business

One of the most important aspects, before you register a business in New York, is choosing the right business structure. In order to choose a business structure, you will need to identify your requirements and long-term objectives. For example: if you are looking for a structure that offers tax benefits then it is better to choose an LLC or an S Corporation. This is an important element of your starting a business in NYC checklist and you can choose unincorporated or incorporated business entities like:

• Limited Liability Company
• C Corporation
• S Corporation
• Sole Proprietorship
• General Partnership
• Limited Partnership
• Other business entities for Professionals

4. Naming Your New York Business

The identity of any new business is driven by its name as the name helps in creating brand value and increases brand recall. A good business name should take into account several factors. For example, it should be simple, short, and connected to the products or the services of the company. The uniqueness of a name is also a key factor as it will make your business stand apart. If you are planning to start a small business in NYC then there are certain legal naming requirements that you will be required to fulfill.

• The legal aspect of a business name will vary according to the type of business structure. For example, if you were to incorporate in New York then the corporate name will be governed by NY Bus-Corp L § 301 (2019). Similarly, if you were to register a business in New York as an LLC then the naming requirements would be governed by NY LLC L § 204 (2018).
• The New York business laws also govern the uniqueness of the business name. If you form a corporation then the name should contain words like the word “corporation” or “incorporated” and an abbreviation of any of these words like “Inc.” or “Corp.”. Similarly, if you were to form a limited liability company then the name should contain words like “Limited Liability Company” or abbreviations like “L.L.C.” or “LLC”.
• If you are planning on doing business in New York then the business name should be distinguishable from any other name existing in the database of the department of state, division of corporations.
• The laws for reservation or registration of a business name are different for different states. In most states, you are required to reserve a business name for a specific period including New York where you can reserve your business name for a period of 60 days by filing the “Application for Reservation of Name”.
• It is important to check business name availability prior to filing the name reservation application. Once you reserve the name, it will be easier to register a business in New York.

5. Choose a Location for your New York Business

A key element driving the success and growth of a business is the location of a business. New York is one of the best states for a startup but where in New York? New York, also known as New York City, has five boroughs, which are Manhattan (New York County), Queens (Queens County), Brooklyn (Kings County), Staten Island (Richmond County), and the Bronx (Bronx County). Each of these locations has its advantages and disadvantages but certain aspects are common for each of these counties. The aspects to consider before you start a small business in NYC are:

• Transportation – One of the foremost requirements for businesses especially in the manufacturing, retail, wholesale, and food industry is that of transportation infrastructure. New York has a complex but dense transport infrastructural system, which connects it to the other states as well as the rest of the world. The easy access to varied transport and transit systems will ensure you are able to start a business in New York and operate it without any hiccups.
• Accessibility – This aspect is important especially when it comes to employees and clients. The location of your office should be in a place that has parking space or accessibility to a mass transit system.
• Security – This aspect is an integral part of your starting a business in NYC checklist and you need to consider a location that is a low risk and low crime zone like the Bronx is a higher risk zone as compared to Manhattan South.
• Skilled Workers – There are certain areas in New York where finding skilled workers are more as compared to other locations. The requirement of skills varies according to the type of business for example Brooklyn has too many food establishments and hence it will be easier to find employees with certain skills like a Sous Chef or a Kitchen Manager.
• Demographics – Your target audience will drive your business. Hence, it is important to start a small business in NYC at a location that has a higher demographic or is accessible for your target audience.

6. Register Your Business with New York Department of State

New York with a $1.751 trillion economy and several rapidly growing industries like manufactured goods, commodities, and minerals, is considered as one of the favored destinations by entrepreneurs to start a small business in NYC. As an entrepreneur, you can choose from a wide variety of business structures available although some of the most popular forms of doing business in New York include a corporation, Limited Liability Company, and sole proprietorship.

We can help you to start a new business in New York

7. Get Your EIN

One of the important requirements for first-time entrepreneurs or new business owners planning to start a business in New York is the Employer Identification Number (EIN). It is important to understand that not all forms of businesses require an EIN but if your business has employees or if you are filing tax returns like employment or excise then you will be required to apply for this Federal Tax Identification Number (FEIN). The FEIN is issued by the Internal Revenue Service (IRS) and it is a unique identification number that will help in the filing of annual tax returns and offers several other benefits to small businesses.

8. Open a Business Bank Account for New York Business

When you start a business in New York, you will need to use a bank account for business-related expenses and the same account can also be used for receiving payment from customers, vendors, etc. If you are thinking whether to use the existing personal banking account then there are several disadvantages. One very salient fact is that mixing personal and business expenses can bring about complexities in the filing of tax returns. On the contrary, there are several benefits of having a business bank account. For example:

• It helps towards maintaining your business records in an organized manner
• It will help in building a business credit rating
• A business bank account will ensure easy filing of taxes
• Business bank accounts enable operations of point of sale systems for retailers

9. Obtain the Necessary New York Business License and Permit

Once you register a business in New York, there is one more important step that you need to take to make the business operational. You will have to apply for and obtain a business license. As a new business or a startup, you may require a single license or multiple licenses and permits depending on the type of business. Most licenses are issued at the state level but you may have to apply for and obtain local licenses depending on where your business is situated. Permit and licenses in New York can be categorized as under:

• Industry-based Licensing – There are specific industries that require businesses to obtain a license prior to starting operations. You can apply for a New York business license if your business is categorized under any of the following industries:
  • Agriculture
  • Transportation
  • Health
  • Recreation
  • Manufacturing
  • Construction
  • Specific Businesses like real estate broker
• Professional Licensing – If you are planning to start a small business in NYC where professional or occupational skills are required then you may need to obtain a professional license before applying for a business license. As an example, if you plan to open a business dealing with various aspects of Athletic training like management of athletic injuries, and conditioning, and reconditioning activities then you will have to apply for licensure by filing the required application along with a fee of $158. The fee for a New York business license for different professions will vary accordingly.
• Local Licensing – Once you register a business in New York, you need to check with the local authorities of the city or county your business is based in for licensing requirements if any. Each county or city has its own ordinances and licensing requirements and hence the licensing rules, ordinances, application, fees, and renewal in Suffolk County will be different from that of Richmond County. The local licenses and permits in addition to a state, industry, or New York business license.

10. Get Business Insurances

One of the important areas that most startups and new businesses need to focus on is business insurance. You may be asking yourself about the need for business insurance if you are planning to start a business in New York. The primary reason why insurance is recommended is that there is always a high probability and risk of business liability also known as a commercial liability. When a liability claim is made against your business then good business insurance will help in covering the cost of such claims. Some of the different types of insurance recommended if you plan on doing a business in New York are:

• Business liability insurance
• Business income insurance
• Workers’ compensation insurance
• Insurance specific to industries
• General liability insurance
• Product liability insurance
• Commercial property insurance
• Business owner’s policy for home-based businesses

11. Annual and Ongoing Requirements

Once you register a business in New York, in order to keep your business active; you will be required to ensure all annual and ongoing requirements are met. The annual requirements may vary according to the type of business structure although there are certain requirements that are common for all. Let’s look at the various annual requirements applicable if you incorporate them in New York.

• Annual Report – Most states in the USA require businesses to submit some form of report annually and they are known by many names like annual report, statement of information, etc. If you are doing business in New York as a corporation or an LLC then you will be required to submit a Biennial Statement once every two years with the New York Department of State – Division of Corporations. It has to be submitted by the end of the incorporation or registration anniversary month and IncParadise can help you in filing the New York Annual Report.
• Tax – One of the important annual filings is that of a tax return. The type of taxes you will be required to file will vary according to the business structure. The most common forms of taxes in New York are:
  • Business Corporation Tax
  • Sales and Use Tax
  • Withholding Tax
  • Pass-through entity tax (PTET)
  • Other taxes and reporting requirements
• Business License – You will be able to start a business in New York and make it operational only after you have obtained a business license. You may require a single or multiple licenses and permits depending on the industry and the county your company is based in. Once a New York business license is issued, it has to be renewed annually as non-renewal can lead to penalties and you may not be able to conduct business in the state.

Some Important Quick Resources for New York Business

Once you have a business plan in place, you can go ahead and begin the process to register a business in New York. You will need to conduct research pertaining to various aspects of doing business in New York right from identifying the right location to information on business laws and even entrepreneur training and business incentive programs. How do you find this type of information? There are several state-based resources available and we have compiled this list so that you can find the information you need.

New York State Department of State

The New York State Department of State (NYSDOS) consists of several divisions and provides information pertaining to how you can start a business in New York. The state department is a valuable resource for every entrepreneur or business owner as you can access information and also apply for several new business-related services including New York business license, renewal of license, business entity database, apostille, online filing of new business registration, local laws, and training information.

• Secretary of State
  One Commerce Plaza,
  99 Washington Ave
  Albany, NY 12231-0001
  Phone: (518) 473-2492, (518) 474-4429
  Fax: (518) 473-6648
  Website – https://www.dos.ny.gov/

New York Department of Taxation and Finance

The NYS Department of Taxation and Finance is one of the important departments of the state government and is primarily responsible for state taxation and revenue. Once you register a business in New York, you can search through a repository of information related to income taxes, business taxes, forms and instructions, tax bulletins and other publications, online services like Business tax account update (DTF-95), and Sales tax advance payment, and even options to register for sales tax when you incorporate in New York.

• New York Department of Taxation and Finance
  Harriman Campus Rd,
  Albany, NY 12226
  Phone: 518-485-6027
  Website – https://www.tax.ny.gov/

Division of Licensing Services

The Division of Licensing Services is a department within the Department of State and focuses on providing information to new and existing businesses on all aspects of licensing. Once you have filed registration documents to start a small business in NYC, you can check with the Division of Licensing Services for different state licensing applications and fees, New York business license regulations, licensing requirements, license renewal, and request license history or certification among others.

• Division of Licensing Services
  1 Commerce Plaza
  99 Washington Avenue, 6th Floor
  Albany, NY 12231
  Phone: 518-474-4429 or 711(TTY)
  Email: licensing@dos.ny.gov
  Website – https://dos.ny.gov/licensing-services

New York Division of Employment and Workforce Solutions

The New York Division of Employment and Workforce Solution is also known as the Department of Labor and is responsible for providing guidance and information on various aspects of labor and employment. If you are planning to start a business in New York with employees then this website can provide detailed information related to key areas like recruiting your workforce, how to trim labor costs through various workforce & economic development programs, HR and health & safety consultation services. You can also access information related to immigrant policy and affairs, wage and hour laws, and industry-specific labor laws.

• NYS Department of Labor
  Building 12
  W.A. Harriman Campus
  Albany, NY 12240
  Phone: (518) 457-9000 | (888) 4-NYSDOL (888-469-7365) | 711 TTY/TTD
  Website – https://dol.ny.gov/

NYC Small Business Resource Center

The NYC Small Business Resource Center provides valuable online resources in information format to entrepreneurs planning to start a small business in NYC. It constitutes a huge online library, where you can find information pertaining to business plans, business projects, and access to several programs like the customized training programs, and commercial lease assistance program. If you are planning to incorporate in New York then the incubators and workspaces network, Empire State Development’s small business hub, and the Gale virtual reference library database can be highly beneficial.

• NYC Small Business Resource Center
  18 West 53rd Street
  New York, NY 10019
  Phone: (212) 714-8400
  Website – https://www.nypl.org/help/services/smallbiz

New York Business State Incentives

The New York Business State Incentives is a division of the New York Business Express and its primary objective is to provide you with information on the various business incentives available in the state that you can benefit from. You can take advantage of these incentive programs after you register a business in New York. You will be required to create a business profile on the website to get a list of incentive programs customized for your company or industry. The website has more than 70 different business incentive programs on its database and can be quite helpful for doing business in New York.

• New York State Business Information Center
  Phone: (518)-485-5000
  Website – https://www.businessexpress.ny.gov/app/iw/startnewincentive

New York Department of Environmental Protection

The New York Chamber of Commerce was founded in 1768 and its mission is to help in improving the overall business climate as well as the quality of living in the state of New York. They provide guidance and information on various aspects of doing business in New York. For example, the promotion of a small business through the business listing, Trade Advocacy, Networking, and Educational Events, and much more.

• New York State Chambers of Commerce
  20 West 44th Street, 4th Floor
  New York City, NY 10036
  Phone: 212-CHAMBER (212-686-7220)
  Email: info@chamber.nyc
  Website – https://www.chamber.nyc/

Ready to start business in NYC?

New York is a state favored by entrepreneurs and first-time business owners for establishing their company or startups. If you want to register a business in New York and are wondering how to go about the process then IncParadise can provide customized and professional guidance and assistance. We are an expert registered agent and incorporation service provider in New York and have already helped thousands of businesses in New York in starting their LLC or corporation.

Florida Articles of Incorporation

In the state of Florida articles of incorporation are the first step towards forming a profit corporation. There are different types of corporations that you can form in the state. For example:

• C corporation or for profit corporation
• Foreign corporations
• S corporations
• Corporations Not for Profit
• Professional Service Corporation
• Private School Corporations
• Social Purpose Corporation
• Benefit Corporation

What are Florida articles of incorporation?

The state of Florida articles of incorporation are documents, which are also known as the corporate charter. These documents establish the fact that a profit corporation exists in the state of Florida. These formal documents are considered to be documents for registration of a new business and have to be filed with the state department or Division of corporations.

• Name of the profit corporation
• Principal street address or mailing address of the corporation
• Name and address of the registered agent hired by the said corporation
• The purpose for which the corporation has been organized
• Names and addresses of the initial officers or board of directors
• The number and type of shares of stock
• The name and address of the Incorporator

Filing Articles of Incorporation in Florida for Profit Corporation

There is a process for filing articles of incorporation for Profit Corporation in Florida and this requires you to provide information and also ensure certain other interconnected processes and documentation is complete prior to filing. There are several other aspects you need to consider like naming of the business without which the state of Florida articles of incorporation cannot be filed.

1. Choose corporation name

The process of forming a profit corporation is governed by the 2019 Florida Statutes, Title XXXVI – Business Organizations, Chapter 607 – Florida Business Corporation Act. You can proceed towards filing articles of incorporation for profit corporations only after you have reserved a business name. A corporate name is an integral aspect of the business as it helps in identifying the entity. You have to think of a business name and ensure it is compliant with the requirements of Florida Statutes, FL Stat § 607.0401 (2019) as this will help you to file Florida articles of incorporation with ease. The primary requirements are:

• The name should contain words like “corporation,” “incorporated” or “company.” You can also use abbreviations like “Corp.,” “Co.,” or “Inc.” as these will indicate that the said entity is a corporation and not any other form of business like a partnership, or an LLC.
• The business name should not contain any words or phrases that imply any form of connection with the state or any federal government agency in the United States.

2. Choose a principal business address

If you are planning to incorporate in Florida then you will need a principal business address also known as the principal place of business. The principal address is the primary location of your business from where you not only conduct operations but where the senior management of the company is also located. It is like the head office of a company. The principal business address can vary according to the type of business e.g., the principal place of business for a retailer would be the retail store from where he or she runs their operation. Similarly, if you have started a home-based business then the principal place of business will be your home address. When you file Florida articles of incorporation, you will be required to mention this address.

3. Declare the purpose of your corporation

A corporation is a type of legal entity, which is distinct as well as separate from the owners of the entity. So, if you are filing articles of incorporation for a Profit Corporation in Florida then they will be governed by the state statutes. According to Chapter 607 – Florida Business Corporation Act, FL Stat § 607.0301 (2019), if you form a corporation in this state then it needs to declare a purpose of corporation, which is also known as the statement of corporate purpose.

4. Specify stock structure

When you file state of Florida articles of incorporation; information provided in the formation document becomes registered with the Florida government systems. One of the important aspects of the articles is to specify a stock structure. As a corporation, you have to describe the type of shares that has to be issued to the owners as well as the number of shares to be made available to the investors of the said company. The number of shares being issued is also known as authorized stock, authorized shares, or authorized capital stock. There is no requirement regarding how many shares can be authorized. There are no limits on the number of stock a corporation can issue.

5. Directors and officers

One of the first steps prior to filing articles of incorporation for Profit Corporation is to name the board of directors. The common corporate structure is to have a management team often known as officers and a board of directors. The officers of a business corporation are normally hired by the board of directors while the board is elected by the shareholders. The board members of a profit corporation can be divided into three categories, which are:

• Chair or the leader of the said corporation
• Inside Directors comprise of shareholders or managers from within the corporation
• Outside Directors are not a part of the management team

6. Choose a registered agent

If you are planning to file the state of Florida articles of incorporation then one of the mandatory requirements is to designate and maintain a registered agent in the state pursuant to FL Stat § 607.0501 (2019). A registered agent’s primary responsibility is to accept service of process on behalf of a corporation.

Choose our registered agent service today!

7. Incorporator

An incorporator is a person or individual who will help in the process to incorporate in Florida by filing an article of incorporation with the Division of Corporations on behalf of the said entity. A profit corporation can have one or more incorporators pursuant to Florida Statutes, FL Stat § 607.0201 (2019). It is not necessary for incorporators to be the owners of the company and can be an attorney or even a registered agent. An incorporator can be hired just to sign the formation documents required to file Florida articles of incorporation. Some of the other duties of an incorporator can be:

• Selecting the members to form the board of directors
• Organizing the initial meeting constituting the board of directors
• Adopting the by-laws of the corporation

Planning to start a Florida Corporation?

8. Effective date

In the application to file Florida articles of incorporation, you will be required to provide an effective date. Although it is an optional requirement, an effective date is essentially any date in the near future. According to Florida statutes, if this date is not provided then the effective date of the corporation will be the date the state has approved your business formation application. So, if you were filing articles of incorporation for Profit Corporation on December 04, 2021 and have mentioned an effective date as January 04, 2022 then your corporation will be considered to exist from that date and if the effective date is not provided then December 04, 2021 will become the effective date.

Can I file the articles of incorporation online?

Yes. You can file Florida articles of incorporation online using the Sunbiz portal of the Division of Corporations. In order to file online, you will have to read through and follow the downloadable instructions for filing the Articles of Incorporation for Florida Profit Corporations from the same website. You will have to file the application along with a cover letter and all documents as required along with a filing fee of $35.

How long does the incorporation process take in Florida?

Once you file Florida articles of incorporation, the processing time will depend on how you submitted your articles. If you filed online along with the fee then the processing will take anywhere from 2-3 business days. If you have submitted documents and fee to incorporate in Florida through mail then the processing time is longer and can vary from 5-20 business days.

After filing articles of incorporation

There are certain processes and requirements that you have to meet after filing articles of incorporation for Profit Corporation. The documents are required in accordance with the 2019 Florida Statutes, Title XXXVI – Business Organizations, Chapter 607 – Florida Business Corporation Act. The documents required are:

• Annual Reports – Once you file state of Florida articles of incorporation, you will need to ensure all annual requirements are met. Every corporation formed in the state of Florida pursuant to FL Stat § 607.1622 (2019) has to submit an annual report. The first annual report has to be submitted with the Division of Corporations through mail or online between January 1 and May 1 in the year following the year you incorporate in Florida.
  

  For example: If you register a Florida corporation online on July 05, 2021 then you will have to file your annual report the next year between January 1 and May 1, 2022. You will have to file subsequent annual reports by May 1 of each calendar year there onwards. Failure to file an annual report within the due date will lead to a late fee of $400.

• Corporate Bylaws – One of the important requirements post filing of state of Florida articles of incorporation is the corporate bylaws. In most states, maintaining of corporate bylaws is mandatory although they are not public and are not required to be filed with the Division of Corporations pursuant to FL Stat § 607.0206 (2019). The board of directors or incorporators of a profit corporation have to adopt initial corporate bylaws unless the articles of incorporation specify that the power to create it lies with the shareholders. The corporate bylaws are created after you incorporate in Florida and are considered to be the governing rules or guiding principles for the operation of the corporation. Once created, the corporate bylaws have to be approved by the board.
• Organization Meeting – Once you file Florida articles of incorporation and have received the certificate stating your company is incorporated, the said corporation will have to hold an organization meeting. It is also known as a corporate organizational meeting and will be held by initial directors as named in the articles of incorporation. The primary responsibility of the initial directors is to appoint officers, adopt bylaws, issue shares, and carry on with any other business area that may have been brought into the meeting. If initial directors have not been named when filing articles of incorporation for profit corporation, then it will be the responsibility of the incorporators to hold an organizational meeting to elect directors pursuant to FL Stat § 607.0205 (2019).

Ready to Incorporate in Florida?

The filing of state of Florida articles of incorporation is a process, which requires you to submit different types of information and documentation. Sometimes, the incorporation documents may get rejected by the Division of Corporations if the information provided is missing or incorrect. IncParadise, one of the leading incorporation service providers in Florida can provide meaningful assistance towards ensuring you can incorporate in Florida with ease.

Small Businesses in Florida

Florida is home to 2.7 million small businesses and they are considered to be the backbone of the state’s strong, consistent, and growing economy. There are several top industries that are contributing to the trillion dollar Florida economy like tourism, the $135 billion international trade, the $8.8 billion agriculture industry, aerospace and aviation, and financial services, etc. Some of the fastest-growing small businesses in Florida are flourishing in industries like information and technology as the internet landscape is going through a massive paradigm shift. As an entrepreneur you can start a small business in Florida in any of these high-powered industries. The state offers plenty of advantages and opportunities irrespective of the industry you launch your business in.

Why start a small business in Florida?

Florida is the headquarters of several companies that have featured in the prestigious Fortune magazine’s 2020 list or the 2020 Fortune 500 list like the Publix Super Markets and World Fuel Services among others. The state is favored by entrepreneurs and startups and some of the fastest-growing small businesses in Florida include Jushi Holdings, Path Light Pro, AmeriLife, Healthmap Solutions, Activus Connect, Resilience Inc., US Global, and Motorsport Games, etc. The rise in the number of small businesses and startups is due to the numerous benefits and small business opportunities in Florida. Let us look at some of the top reasons for starting a new business in this state.

• Good tax climate – Florida is preferred by many as it has a low tax burden as compared to some of the other economically strong states. The state does not have any personal income tax and the corporate tax is one of the lowest in the nation.
• Availability of Capital – If you are planning to start a small business in Florida then you may require initial capital and the state has plenty of options for funding. For example you can apply for small business grants, loan programs, microfinance guarantee programs, and venture capital for seed stage businesses and startups.
• Business Incentive Programs – One of the key factors that have been providing the necessary boost to some of the fastest-growing small businesses in Florida is the wide variety of incentive programs. These business incentive programs offer everything from corporate income tax incentive programs to high impact performance incentives (HIPI).

Small business opportunities in Florida

Florida is considered as the fourth largest economy in the nation and has been growing significantly due to the contribution of small businesses primarily. There are a wide variety of small business opportunities in Florida through infrastructure, incentive programs, a robust economy, pro-business laws, a favorable tax climate and many more. Some of the astounding small business facts and opportunities include:

• Florida is responsible for almost 29% of total U.S. trade with the Caribbean’s and Latin American countries and this has been made possible because the state has a strong trade infrastructure and pro-business laws.
• Some of the fastest-growing small businesses in Florida are based in Miami, which is considered as one of the leading centers for international banking in the nation.
• Florida is situated at a point, which makes it a transportation hub that is well connected to the rest of the country, South American countries, and the rest of the world.
• Due to the small business opportunities in Florida; it is home to more than 25,000 high-tech companies.
• One of the much needed resources of every new business is a skilled workforce and the state has the 4th largest labor force in the United States.
• Florida offers affordable cost of living as compared to some of the top economic hubs in the nation.

Steps to Start a Small Business in Florida

Entrepreneurs find Florida a favorable state for conducting their business due to the many advantages it has. There is an immense potential for small business opportunities in Florida especially foreign trade zones (FTZ) and opportunity zones. In order to leverage these advantages and opportunities, you will need to first apply for registration and small business licenses in Florida. The question is how do you establish your startup in the state? Here’s a walk through the important aspects of the new business formation process.

1. Prepare your business plan

If you are planning to start a small business in Florida then one of the important decisions to make is creating a business plan. The importance of a business plan lies in the fact that it will help you to recognize your market and target audience while identifying challenges and competition. It will answer your requirements pertaining to startup costs, the type of small business licenses in Florida, and also clarify small business objectives and strategy. A business plan varies according to the location of a business, the primary business activity, the target audience and the market. The important components of any small business startup plan are:

• Executive summary
• Company description
• Market and industry analysis
• Product or Services Description
• Marketing and sales
• Management and organization
• SWOT analysis
• Financial projections

2. Choose a name for your business

It is important to think and create a business name as in the near future it will convey the position, values, and tone of your startup or brand. You need to consider certain aspects when thinking of a proper business name like:

• What is the business offering – products or services
• The industry
• The type of audience being targeted
• Offline or online business

• Choose a name
• Ensure your chosen name is in compliance with Florida statutes
• Check for business name availability
• If it is available then reserve it for a 120-day period

3. Choose a location

There are several small business opportunities in Florida but the right location will ensure you are able to access these opportunities and use them for long-term benefits of the business. The location that you choose for your startup is extremely important as it drives all-round growth and performance. A location also plays an important role in attracting a skilled workforce. There are several reasons why choosing the right business location is important and they are:

• Attracting and retention of talent
• Initial Cost of starting a new business
• Cost of commercial space
• Proximity to local businesses
• Proximity to competitors
• Access to transportation and logistics
• Accessibility to customers and employees
• Demographics and target audience
• Taxes and regulations

4. Choose a business structure

A business structure is the key towards successful operations of any business. Each type of structure has its own pros and cons. For example, you don’t have to register a sole proprietorship with the state but you have to do so for an LLC. If you want to start a small business in Florida then you can choose a structure from any of the following:

• Limited Liability Company
• For-Profit Corporation
• Sole Proprietorship
• General Partnership
• Limited Partnership
• Not for profit Corporation
• Foreign Unincorporated Associations
• Limited Liability Partnership
• Limited Liability Limited Partnership

Do you want to start a small business in Florida?

5. Apply for an EIN

If you are planning to start a small business in Florida then one of the foremost requirements is to apply for and obtain an Employer Identification Number (EIN). This is a unique tax ID number that is also known as the Federal Employer Identification Number (FEIN) and is issued to businesses by the Internal Revenue Service (IRS). The EIN is not applicable to all entities and helps in the filing of tax returns in the state of Florida.

6. Know about taxes

One of the primary reasons why entrepreneurs choose to start small businesses in Florida is because it is a tax-friendly state. The state does not impose any personal income taxes but small businesses will be subjected to some form of taxes depending on the type of business and business activity. The different types of taxes in Florida are:

• Corporate Tax
• Sales Tax
• Sales and Use Tax
• Insurance Taxes
• Communications Services Tax
• Discretionary Sales Surtax
• Reemployment Tax
• Documentary Stamp Tax
• Gross Receipts Tax
• Corporate Income and Emergency Excise Tax

7. Get the necessary business licenses/permits

Once you have registered your startup, the next step is to apply for a small business licenses in Florida as without the necessary licenses or permits; you will not be able to operate in the state. Licenses and permits in the state are categorized under the following:

• General Business License: This type of license is also known as the business tax receipt and is primarily issued by the city or county your business is based in. It is issued for specific business activities and hence might not be applicable for all types of businesses. If you start a small business in Florida that is planning to sell goods or services then you will be required to obtain a business tax receipt. So, e.g., if your business is situated in Palm Beach County, Florida then you will have to file an Application for Local Business Tax Receipt with the office of the Palm Beach County Tax Collector.
• License/permits for specific industries or professions: If you are in a profession or start a small business in Florida in an industry regulated by the state then you will be required to apply for licenses or permits with different state authorities or regulatory bodies. The state agencies or departments responsible for issuance of small business licenses in Florida are:
  • Department of Business and Professional Regulations
  • Department of Agriculture
  • Department of Health
  • Florida Bar

8. Hire good talents

One of the most important aspects of starting a new business is the process of hiring good talent. Every company needs employees for specific tasks like accounting, marketing or sales, public relations, distribution, and retail among others. Amongst other small business opportunities in Florida, the state provides a deep talent pool and this is one of the key drivers of the economy and business climate. Here are some tips to help you find them.

• Be flexible and utilize freelancers and contractors wherever necessary
• Since company culture is extremely important for small businesses, recruitment based on a candidate’s culture fit always helps
• Offer attractive compensation to the right candidates along with added benefits
• Offer growth opportunities within the company as this is a crucial aspect for attracting talent
• Streamline your overall hiring process
• Use your existing network of contacts for candidate referrals

9. Secure funding for your business

Florida has a strong startup environment and if you are thinking of starting a new business in the state then there are two types of costs to focus on:

• Startup Costs
• Operating Costs

• Bootstrapping or using any amount of personal funds you can manage
• Consider your friends and family if you are looking at minimal expenses
• Explore other funding sources like micro-loan organizations and crowd-funding sites
• Look at venture capitalists (VC) and angel capital associations
• Apply for small business grants in Florida

10. Prepare for the worst

You can start a small business in Florida with ease but it is important to be psychologically prepared for the worst as natural and man-made disasters can strike anytime. Surprisingly, according to readwrite.com, 74% of small businesses don’t have any post disaster recovery plan while 84% of startups don’t have any insurance against natural disasters or events. Florida has been bearing the brunt of hurricanes, thunderstorms, wildfires, floods, tropical storms, and tornadoes for several decades and this can be disruptive for small businesses and especially home-based businesses. Hence, it is important to stay prepared and this can be done through the following:

• Make risk assessment of natural disasters or financial crisis in advance
• Ensure you have a backup of all your computer or business data
• Ensure a COOP or Continuity of Operations Plan is in place
• Pick up an insurance plan that provides coverage necessary to help your business become operational post crisis.

11. Brand your business

Branding is integral towards creating an identity of a small business. The process of creating an identity through branding involves several important elements like the name of the company, logo, and graphic design, which can identify the company, brand or product from others. When you start a small business in Florida, the company name and logo can be used in a variety of branding and marketing collaterals like company website, business cards, letterhead, envelopes, printed brochures, social media graphics, Direct Mail, Tradeshow Displays, Packaging, and catalogs among others. The most important thing about branding your business is that all elements collectively help in supporting the sales and marketing efforts of your company and takes you one step closer to becoming one of the fastest-growing small businesses in Florida.

12. Market your business

Branding and marketing are interrelated as branding exercises provide the support for implementation of marketing strategies required. Along with a strong branding strategy, you need to work on a marketing plan before you start a small business in Florida. There are several mediums or platforms through which you can market your business. Some of the fastest-growing small businesses in Florida have successfully used the following ways to market their business.

• Word of mouth
• Company Website
• Company Blog
• Social media and email marketing
• Digital advertising like PPC (Pay-Per-Click)
• Free coupons or free products or service for first time client
• Create listings in major online directories like Yelp
• Run contests for discounted of free product or service

13. Plan to expand your business

There are several small business opportunities in Florida that will not only help you to operate your business successfully but also provide a definite path towards business expansion. It is important though to create an expansion plan in advance especially when you are creating your business plan. A good expansion plan needs to focus on:

• Targeting new customer base and markets
• Reinvent your business to take advantage of various online opportunities
• Think of expanding using new sales as well as delivery channels
• One of the fastest ways to expansion and growth is by acquiring other businesses
• Add to your existing product or service list based on customer or market need
• Form a strategic partnership with the right businesses or companies
• Some of the fastest-growing small businesses in Florida have created a franchise model

Ready to Start Your Small Business in Florida

There are plenty of small business opportunities in Florida if you are thinking of starting a new business in the state. You will need to register your business and obtain small business licenses in Florida to become operational. IncParadise has a team of experts who can guide you through the process of starting your small business in Florida.

Florida Business Entity Search

The number of small businesses in the U.S. has grown from 16,529,955 (16 million) in 2000 to more than 25 million in 2021 while Florida is home to 2.5 million small businesses. The increasing number of small businesses indicates that Florida has a pro-business environment and offers plenty of advantages to ensure these businesses are able to move towards a path of growth and expansion.

What is a Florida business entity search?

You can choose from different types of businesses depending on your requirement and the benefits such forms offer. The first step towards forming any business like a limited liability company or a corporation is identifying and reserving a business name. The process to check the availability of a specific business name in the state is known as Florida business entity search. Let’s look at the following example to understand this concept and process.

Example: If you are thinking of forming a hiking startup called “Hiking Florida LLC” then the first thing you need to do is to ensure the name is available. This will require you to conduct a Florida business name search also known as name availability check with the database of the division of corporations. This process can also be used to check availability of a fictitious name in the Florida business name database.

Why is it important to do a Florida business entity search?

A Florida business entity search is an important process and this has to be conducted prior to filing the new business registration or incorporation documents and application. A business name or a fictitious name is the primary identity for any new or existing business irrespective of the entity structure. Hence, there are certain naming rules and regulations that you will be required to follow and these rules or regulations vary according to the type of business.

• The process of business entity search ensures your chosen name is not already in use by any other forms of business like a corporation or LLC in the state. The division of corporation allows you to search the entire Florida business name database to identify if your chosen name is unique or not.
• The process of name search will highlight whether your chosen name is distinguishable even after using words like Limited Liability Company or abbreviation like “L.L.C.” or “LLC”
• Names that have a suffix, a punctuation mark, a symbol, a definite or indefinite article etc., are not considered as distinguishable e.g., if your chosen business name is ‘Alpha Treks & Hike’ and the Florida business name search pulls up another business name in the records as ‘Alpha Treks and Hike’ then your name will not be considered as being distinguishable.

How to do a business entity name search in Florida?

A business name is the most important aspect of any type of business filing in Florida. Without a proper name, you will not be able to incorporate or register your startup. You have to provide a business name in most business documents. For example, Florida annual reports, applications for Amendment, SS-4 application for Employer Identification Number (EIN), cover letters, change of registered agent application, affidavit to change members, managers, officers, or directors, and articles of correction and dissolution among others all require a business name. Hence, conducting a proper Florida business name search is extremely important and there are several ways of doing it.

Visit Search Records

The first step towards how to conduct a business entity name search in Florida starts from the Florida Division of Corporation’s website also known as the Sunbiz Search Records option. The website provides several options to both new and existing domestic and foreign entities to conduct a Florida business name search through a comprehensive business name database.

Know the search options

There are different Florida business entity search options that you can consider depending on your requirements or needs. The options are as follows:

• Search by entity name – The first type of Florida business name search option is by searching using a chosen name. When opting for this option, you can search the name database for Limited Liability Companies, corporations, Limited Partnership, and Trademarks. If you are planning to start a corporation and you have chosen a name like Florida Hills Inc., then while searching using this name, you will find that it is not a unique name as you may find some other the entities with similar names in the Florida business name database you may find similar names like, Florida Hills Corporation, Florida Hills Corp., Florida Hills, Inc., and Florida Hills. In such a scenario, you will have to change the name and search again. For example, you can choose ‘Florida Hill Store’ and if the search shows this name is available, then you have the green light to use it.
• Search by registered agent – If you are planning to form a registered agent service or you want to conduct a Florida business entity search using the name of the registered agent then there is the option to do so. If you are searching for a registered agent service using the name ‘Registered Agents Inc.’, then the search will reveal several names along with the entity number.
• Search by trademark name – A trademark name is used primarily to identify brands or goods and hence is known as a brand name. In order to register a trademark name in Florida, you will need to do it through the United States Patent and Trademark Office. The Florida business name database of the division of corporations allows searching for trademark names. The database lists all trademarks as well as all service mark registrations by name and the result includes document numbers and status of each entity.
• Search by Trademark Owner Name – This type of Florida business entity search is conducted using the trademark owner name. The Florida business name database lists the trademark as well as service mark owners by their name and the results reveal the document numbers related to the names.
• Search by EIN – The EIN or the Employer Identification Number is a unique nine digit number issued by the Internal Revenue Service (IRS) to businesses. You can use the EIN to conduct a Florida business name search and the result may bring up several entities registered under a single Federal Employer Identification number (FEI) and EIN.
• Search Detail by Document Number – If you are wondering how to do a business entity name search in Florida then one of the options is conducting a name search using the document number of the business. The document number of a Florida business is a 6 or 12 digit number that has been assigned to an entity by the Division of Corporations during the registration or incorporation process. An example would be, if you search using a document number ‘F93200’ then it brings out the name of the entity and its filing information, status (active/inactive), and even the registered agent name and address.

Submit and view entity details (Active/Inactive)

The important step towards how to do a business entity name search in Florida is to use any of the name search options offered by the Division of Corporations. A Florida business name search can be conducted using the official state of Florida website (Sunbiz) for both active and inactive businesses. As an example, if you conduct the search using the document number ‘F93201’, it will bring up the following filing information:

• Name of the business
• FEI/EIN Number
• Date of registration
• Status (Active/Inactive)
• Principal address and mailing address
• Registered agent name and address
• Officer or director detail
• Annual Reports and filing dates

Looking to Conduct a Florida Business Entity Search?

The process of a Florida business entity search is helpful for all forms of businesses as it helps you to check the availability of a business name and if available, you can reserve or register the name. A new business can be registered only after it has reserved its name and IncParadise can provide any guidance or information that you require to form a new business in Florida.

Florida LLC Annual Report

An annual report is defined as a document that business entities like public corporations need to provide to their shareholders annually. This type of document describes the business operations and existing financial status of the company. An annual report has become a regulatory requirement for different forms of business entities after the Wall Street Crash of 1929.

What is a Florida LLC annual report?

Most forms of businesses have to file an annual report in Florida as it contains specific information pertaining to the said business entities. So, if you are planning to form a limited liability company then you will have to file a Florida LLC annual report. The report has to be filed by foreign limited liability companies as well and is governed by the 2019 Florida Statutes, Title XXXVI – Business Organizations.

• The name of the domestic or foreign limited liability company
• The street address of the Florida LLC or its principal office address as well as the mailing address
• The date of formation of a domestic LLC or a foreign limited liability company along with the jurisdiction of its formation
• The name and address of the Florida registered agent as hired by the LLC
• The federal employer identification number (FEIN) or Employer Identification Number (EIN) is crucial towards filing a Florida LLC annual report
• The name, title, and address of at least one person managing the affairs of the domestic or foreign LLC. In most cases, the information pertains to a member

Why is filing Florida LLC annual reports important?

It is important to not only file a Florida LLC annual report but also file it on time. In the state of Florida, it is mandatory for a domestic or foreign LLC to file an annual report and it has to be filed irrespective of whether there are any changes in name, address, or ownership of the LLC. There are several reasons why filing of the annual report is important and some of them are:

• It is one of the most important Florida LLC annual requirements according to 2019 Florida Statutes
• Title XXXVI – Business Organizations, Chapter 605 – Florida Revised Limited Liability Company Act 605.0212 – Annual Report for Department.
• The report is used for confirming or updating business information in the records of the Florida Department of State, Division of Corporations.
• Filing a Florida LLC annual report each year is important as it will help a business entity or LLC to maintain an “active status” in the state.
• A limited liability company, both domestic and foreign, will be subjected to a heavy penalty or late fee for not submitting on time and the company may also be dissolved if outstanding reports are not filed within a stipulated period of time.

Filing a Florida LLC Annual Report

A Florida LLC annual report is one of the most important requirements towards annual maintenance of a limited liability company in the state. There are several aspects that you need to consider like the Florida LLC annual report fee and the date of filing as this will help in making the process of filing the report hassle free. Let’s look at these aspects in detail.

How do I file LLC annual reports in Florida?

The State of Florida requires you to file a Florida LLC annual report pursuant to FL Stat § 605.0212 (2019) with the Division of Corporations. You will have to file your LLC annual report using the Sunbiz portal of the Department of State, Division of Corporations. It has to be filed online and the portal can be accessed using the 6 or 12-digit number that has been assigned to your limited liability company when it was registered with the Division of Corporations.
Alternatively, We at IncParadise can help you file the annual report online along with the Florida LLC annual report fee. When you file an annual report through us, the process is quick and easy and as a result, it saves you precious time. This is not all, IncParadise can help with filling of the annual report in such a way that you can avoid making any mistakes and ensure your annual report doesn’t get rejected by the Division of Corporations.

Save time by Ordering Your Florida Annual Report from here!

Florida LLC Annual Report Fee

The fee for filing a Florida LLC annual report for a domestic entity as well as a foreign LLC is $138.75. If you are filing online then payment of the fee can be made using a debit card, a credit card, as well as a Prepaid Sunbiz E-File Account. You can also use a check or money order to submit your Florida LLC annual report fees.

When is the due date to file your LLC annual report?

If you are filing a Florida LLC annual report for the first time then the filing date is between January 1 and May 1 of the year following the year in which the domestic LLC was formed or the foreign limited liability company received its certificate of authority.

For Example: If you have formed a domestic or foreign limited liability company on September 15, 2021 then according to Florida LLC annual requirements, your first annual report will have to be filed between January 1 and May 1, 2022.

Consequences of Late Filing of Florida LLC Annual Report

A Florida LLC annual report is due on January 1st of each year and you can file it till May 1 of the same year. If you fail to submit the annual report within the due date then it will result in a penalty of $400. You will then have to file with a Florida LLC annual report fee of $138.75 plus $400, which is $538.75. The filing date with late fee is the third Friday of September each year e.g., 3rd Friday of September 2021 was the 17th while that of 2022 is 16th of September.

Why is using a Florida Registered Agent Service a Better Option?

When you form a limited liability company in Florida, it is mandatory to hire a registered agent as dictated by Florida Statutes, FL Stat § 605.0113 (2019). A reputable registered agent like IncParadise will provide many benefits especially when it comes to filing a Florida LLC annual report. Some of the benefits you can enjoy are:

• When you hire registered agent services, you will be notified of the filing date of the annual report so that you never miss your due date. This will help you to save on late fees and ensure you enjoy good standing
• A good RA service will ensure your business is in compliance with all Florida LLC annual requirements
• Florida registered agents like IncParadise offer the service of helping business owners or members to directly file Florida LLC annual report from their website and this will help you save time
• A Florida registered agent can also guide you regarding information required for filing a Florida LLC annual report and ensure the information is correct, so that the annual report gets filed and is not rejected.
• In a worst case scenario, if your limited liability company has already been revoked by the state department then a registered agent can help you with the reinstatement process. They can also provide information on the various Florida LLC annual report fees, and other fees to be paid for making the entity active.

Choose one of the top registered agent services in Florida!

Need Any Assistance in Filing Your Florida LLC Annual Report?

There are different types of Florida LLC annual requirements including other annual compliances that a new and existing limited liability company has to maintain in the state. If you choose us as your registered agent in Florida; you will be able to use our services to ensure that your Florida LLC annual report is always filed on time with the division of corporations.