Quick Notes on Incorporating in New York
The ease and speed with which a business is incorporated in NY can vary based on the company name and category of business activity. When incorporating an ordinary corporation or LLC, the average processing time is around 3-4 weeks. The state fee to incorporate an ordinary New York corporation is $145, whereas, the state fee for an ordinary New York LLC is $210. For an additional $65 expedite fee, the state will cut the processing time to 3 business days.
If the company is not an ordinary corporation or LLC, the incorporation process time can be quite slow. For example, if the business name or business purpose fall into the category of professional services, the incorporation process time could be delayed extra weeks or months, as consent is requested from the appropriate board or department. Often, the state department requires a copy of the individual's professional license in order to obtain such consent. Additional fees may also be required to apply for consent.
Ongoing maintenance obligations require New York S-Corps, C-Corps and LLCs to file a biennial report for a small fee of $9.