Harras Bloom & Archer LLP Blog

Wednesday, April 30, 2014

5 Tips of Incorporation

If you're establishing a new firm on Long Island, wish to incorporate an existing firm or seek to do business in New York as an existing corporation headquartered outside the state, there is a certain process you must follow in order to ensure the legal validity of the entity. The attorneys of Harras Bloom & Archer LLP guide their clients on a path for success in business matters through their extensive legal knowledge and experience, and their determination in the courtroom.

Here are the basic steps for forming a corporation in Nassau or Suffolk County.

1. Name Your Corporation

Although those seeking to establish a corporation in New York have a fair amount of freedom in choosing their business name, there are some requirements entrepreneurs must adhere to when naming their corporation. One such requirement being that you have to include "Incorporation," "Incorporated," "Limited," or an abbreviation in the business name.

In addition, the corporation's name must be unique, or at least noticeably different from all other business entities registered with the New York Secretary of State. Make sure the name you decide on is available by checking the New York Department of State Division of Corporations business name database [http://www.dos.ny.gov/corps/bus_entity_search.html]. For a filing fee of $20, you can reserve a name for 60 days with the New York Department of State Division of Corporations- file the Application for Reservation of Name [http://www.dos.ny.gov/corps/dom_busfile.html] by mail.

2. File a Certificate of Incorporation

In order for your business to become incorporated, you must file with the New York Secretary of State.  Along with the corporate name, the certificate must include its street address; number of shares the corporation is authorized to issue, and the name and address of the incorporator.

3. Appoint a Registered Agent

Corporations must appoint a registered agent to accept and forward legal papers on the corporation's behalf if it is sued, among other things. In New York, corporations must appoint the New York Department of State for service of process.

4. Create a Corporate Records Book

Be sure to store all information pertinent to the process of incorporating your business. Important items include minutes of director and shareholder meetings, stock certificates and stock certificate stubs. Use your own method of organizing these documents or order a special corporate records kit through a corporate kit supplier.

5. Prepare Corporate Bylaws

Although corporate bylaws- basically the ground rules for your corporation's operations- are not a legal requirement in New York, it is recommended that you prepare them for the purpose of establishing rules of operation and to help establish the legitimacy of your corporation to banks, creditors, the IRS, and others. A business law attorney can assist you in developing these bylaws.

For legal guidance on any business litigation matter on Long Island, contact the Law Office of Harras Bloom & Archer LLP at 631-498-5505.

Harras Bloom & Archer LLP is known for providing sophisticated legal representation to sophisticated clients serving Nassau County, Suffolk County, Queens County, New York City and surrounding areas.

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