Starting a Business in New York vs Other States: Things to Know
Are you located in New York and looking to start a business? Launching your own company here may be both exciting and daunting at the same time. There are a number of things to know before you get started. Let’s find out more…
LLC Publishing
LLC stands for Limited Liability Company. If you’re looking to start an LLC company in New York, there’s a lot to know about LLC-related laws in the Empire State. Publishing LLC New York requirements are detailed under Section 206 of the Limited Liability Company Law. In no less than 120 days after the articles of an organization have been effective, the New York law requires all LLC businesses to publish notices in newspapers. You can receive help to complete the New York LLC legal publishing process from external organizations, such as New York LLC Publishing.
Fresh Water and Agriculture
New York is great for those who are looking to start a food processing business. It has access to water, as well as agriculture. This puts New York at an advantage compared to other states. In fact, New York is home to over 35,000 farms – meaning that agriculture in the Empire State is worth $36 billion to the state’s economy.
Financial Services
Famous for its financial sector, there are over 330,000 financial services workers in the Empire State – making the financial sector a leading industry in New York – and a great opportunity for those who are looking to start a business that will offer financial services, as it has a potential for growth.
Taxes
Those wishing to operate a business in the Empire State must become familiar with its tax laws. Every business in New York needs to pay its taxes – although some companies are exempt, such as insurance corporations, tax rates in New York City vary: for example, qualified manufacturing corporations will pay between 4.425 percent and 8.85 percent in taxes, whereas financial corporations pay nine percent (from 2015 onwards). The New York City Department of Finance provides tax information in more detail. New York is generally viewed as a high-tax state in comparison to other states – however, there are many benefits to offer in return.
What to Know Before Starting a Business
Starting a business is a great opportunity, but there are certain things you need to know before getting up and running – most important being that entrepreneurs are responsible for their own costs and risks. Before you launch your own company, it’s important to do the competition, target market, and other research. Plus, be aware that growing a business can be a rocky journey, and your income might not be stable. These issues, and other aspects of launching your own business, should be taken into account, and researched before you start.
Overall, starting a business is an exciting experience and one that may be worth taking up – if you’re the right individual.
