After forming a corporation, you must undertake certain steps on an ongoing basis to keep your business in compliance. These steps are also important in preserving the limited liability a corporation provides its owners. This guide outlines the ongoing requirements for New York corporations.
New York corporate records
New York corporations must keep the following items with their corporate records at the principal place of business in New York or with the transfer/registered agent:
- Complete books and records of account
- Minutes of shareholder, director and executive committee (if any) meetings
- A list of the names and addresses of all shareholders, the number and class of shares held by each, and the date each became a shareholder
New York corporate taxes and fees
The following are taxation requirements and ongoing fees for New York corporations:
- Biennial report. New York requires corporations to file a biennial (every two years) report during the anniversary month of the incorporation. The filing fee is $9.
- Taxes. For complete details on state taxes for New York corporations, visit Business Owner's Toolkit or the State of New York.
- Federal tax identification number (EIN). An EIN is required for corporations that will have employees. Additionally, most banks require an EIN in order to open a business bank account.
- State tax identification number. New York does not require a state tax identification number.
New York business licenses
Business licenses and/or permits are required for most businesses. The BizFilings Business License Application Package can help you stay on top of these requirements.
S corporation election
New York does not recognize the federal S corporation election and does require a state-level S corporation election.
Additional New York information
View the following additional resources BizFilings has for forming and maintaining companies in New York:
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