How to Start an S-Corporation in New York (2024 Guide)


Steve Bennett
Steve Bennett
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Start an S-Corporation in New York

If you want to start an LLC in New York, there are things that you should consider. New York is the home to a thriving business community, making it an attractive location for entrepreneurs. One popular business structure is the S-Corporation, which offers several tax and operational advantages. This comprehensive guide will explore the process of starting an S-Corporation in New York, including the costs, steps, advantages, and disadvantages associated with this business structure.

Webinarcare Editorial Team will help you gain knowledge through thorough research and market study. Before starting your S-corp, all the steps in this article must guide you.

What is an S-Corporation?

An S-Corporation is a type of corporation that elects to be taxed under Subchapter S of the Internal Revenue Code. This tax treatment allows S-Corporations to enjoy pass-through taxation, meaning the corporation’s income, deductions, and credits flow through to the shareholders, who report this information on their individual tax returns. This structure helps to avoid the double taxation experienced by C-Corporations.

An S corporation (S corp) is not a type of corporate entity, unlike a limited liability company (LLC) or other companies. It’s a tax classification that might result in significant financial savings for corporations and LLCs but in different ways. S-corp is similar to LLC, except that the IRS treats it as a corporation for tax purposes.

Limitations and Requirements of S-Corp

As you have decided to have an S-Corp structure for your business, you must know the limitations and requirements to qualify for S-Corp status. We have listed some important points to consider following for your reference-

  • Be a domestic corporation.
  • Not be an ineligible corporation, such as specific financial institutions, insurance providers, or domestic corporations engaged in overseas sales.
  • Have just one type of stock.
  • Have a maximum of 100 shareholders or members.
  • Have only permitted individuals, certain trusts, and estates as stockholders or members.

You can apply for an S-Corp in New York if qualified for the limitations and requirements.

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How to Form an S-Corporation in New York?

To create S-Corp in New York, you must follow the below guidelines that include forming a business name, hiring a Resident Agent, filing your Articles of Organization, creating an operating agreement, requesting an EIN, and filing a form 2553.

Step 1: Register a Business Name in New York

After you have decided on the idea to start an S-Corp in New York, deciding the name for your corporation is significant. Legal procedures should be taken into account when choosing your partnership name. Choose a business name that will enable you to develop a strong brand identity.

If you want to set up an S-Corp, there is a complete guide on New York Business Name Search for a proper business name. Here are some guidelines you must follow while naming your S-corp.

  • Avoid profanities
  • The name should be available, and no other entity should have the same name in New York.
  • Limit of restricted words that need a license in New York
  • Do not use a business name that sounds like a government agency or entity (like “police,” “county,” and “state”)

Step 2: Hire a Resident Agent

The next step in starting an S-corp in New York is hiring a Resident Agent, a person that accepts legal paperwork on behalf of your business. This person or business will receive important tax forms, legal documents (such as subpoenas), all notices of lawsuits, and other official government correspondence. Forming an LLC with an S-corp will be easier if you have Resident Agent in New York.

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Step 3: File For Articles of Organization

The Articles of Organization is an important document to start your limited liability company (LLC). New York Articles of Organization is a simple document that contains the business name and address as well as the name and address of the person who received lawsuits on behalf of the organization. For the Articles of Organization to be filed in NC Secretary of State, you need to pay a filing fee of $200. In New York, the filing fee of forming an LLC is $200 (by mail and online).

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Step 4: Creating an Operating Agreement

After you have filed your Articles of Organization, the next step is to create an operating agreement in New York. The operating agreement is essential and necessary since it will cover your corporation’s important documentation and rules. The operating agreements usually include the following:

  • Article I: Organization
  • Article II: Management and Voting
  • Article III: Capital Contributions
  • Article IV: Distributions
  • Article V: Membership Changes
  • Article VI: Dissolution

After creating the LLC operating agreement, you can benefit in several ways since it will discuss how decisions for the business will be made, including management and member voting structure.

Step 5: Request for an EIN

After documenting the operating agreement, you should get or request an Employer Identification Number (EIN). An EIN will serve as the tax ID for your general partnership. EIN can be obtained from the Internal Revenue Service (IRS). It is a 9-digit number similar to Social Security Number. EIN, however, is distinct from SSN. It is only used for business-related activities, particularly for submitting general taxes. The form must be completed and uploaded to the IRS website.

The application of an EIN in New York can be through the following:

  • Apply Online- The online EIN application is the preferred method for customers to apply for and obtain an EIN.
  • Apply by Fax- Taxpayers can fax the completed Form SS-4 application to the appropriate fax number), after ensuring that the Form SS-4 contains all of the required information.
  • Apply by Mail- The EIN application Form SS-4 can be filed via mail. The processing time frame to receive the mail is four weeks.
  • Apply by Telephone-International Applicants – International applicants may call 267-941-1099 (not a toll-free number) from 6 a.m. to 11 p.m. (Eastern Time) Monday through Friday to obtain their EIN.

If you would like to be assisted in getting an EIN in the Internal Revenue Service, LegalZoom can get your EIN for you. Their EIN service is quick and hassle-free. For more details about EIN for your business, check on how to apply for an EIN in New York.

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Step 6: File Form 2553 for your S-Corp Business

Once you have obtained your EIN and Articles of Organization to form an S-Corp, you must file Form 2553, Election by a Small Business Corporation, to apply for S-corp status. Filing a form 2553 should be done 75 days after the formation of your S-Corp, or at most 75 days after the beginning of the tax year in which the election is to take effect.

If your LLS-Corp has passed the deadline of 75 days, you must also file Form 8832, Entity Classification Election, to opt to be taxed as a corporation. Then you would send Form 2553 and Form 8832 jointly by certified mail from the USPS.

In New York, you can file your form 2553 in the Department of the Treasury Internal Revenue Service Center – Kansas City, MO 64999 Fax: 855-887-7734.

Costs of Forming an S-Corporation

There are several costs associated with forming an S-Corporation in New York, including:

  1. Filing Fees: When forming a corporation in New York, you must file Certificate of Incorporation with the New York Secretary of State and pay a filing fee of $125 for filing online, or by mail..
  2. Statement of Information: After forming the corporation, you must file a Statement of Information (Form SI-550) within 90 days and pay a filing fee (currently $25). This statement must be filed annually after that.
  3. Franchise Tax: S-Corporations in New York are subject to the annual franchise tax, which is the greater of a minimum tax (currently $800) or a calculated tax based on the corporation’s net income.
  4. Other Costs: Depending on the nature of your business, additional costs may include obtaining licenses and permits, registered agent services, and professional fees for legal and accounting services.

Advantages of Forming an S-Corporation

There are numerous advantages to incorporating an S-Corp, but you should be aware of certain problems. Consider the following benefits of an S corporation:

Pass-through Taxation

S-Corporations enjoy pass-through taxation, which helps to avoid the double taxation faced by C-Corporations. This can result in potential tax savings for shareholders. Pass-through taxation is a tax system where the income, deductions, and credits generated by a business entity, such as New York General Partnership, limited liability company (LLC), or S-Corporation, are passed through to individual owners or shareholders instead of being taxed at the corporate level.

In this system, business profits and losses are reported on the owners’ or shareholders’ individual tax returns, and taxes are paid at their individual income tax rates. This avoids the issue of double taxation, which occurs in C-Corporations where income is taxed at both the corporate level and again when distributed to shareholders as dividends. Pass-through taxation is generally advantageous for small businesses and their owners, as it simplifies tax filings and often results in lower overall taxes.

Limited Liability Protection

Shareholders of an S-Corporation have limited liability protection, meaning their personal assets are protected from the corporation’s debts and obligations. Limited liability protection in an S-Corporation refers to the legal separation between the personal assets of the shareholders (owners) and the business assets, which protects shareholders from being personally responsible for the company’s debts and legal obligations.

In an S-Corporation, shareholders’ personal assets, such as their homes, cars, and personal savings, are not at risk if the business faces financial difficulties or lawsuits. The shareholders’ liability is limited to the amount they have invested in the company. This limited liability is a significant advantage of incorporating a business as an S-Corporation, as it provides a safeguard for the personal financial well-being of the business owners.

It is important to note that limited liability protection can only be supported if the shareholders maintain proper corporate formalities, such as keeping separate business and personal finances, holding regular shareholder meetings, and maintaining accurate business records. In such cases, courts may “pierce the corporate veil” and hold shareholders personally liable for the company’s debts and obligations.

Transferability of Shares

Shares in an S-Corporation are more easily transferable than those in an LLC, allowing for greater flexibility in ownership changes. Transferability of shares in an S-Corporation refers to the ability of shareholders to sell, gift, or otherwise transfer their ownership interest in the company to another person or entity. This is an important aspect of an S-Corporation’s structure, as it allows for flexibility in ownership and the potential for raising capital through the sale of shares.

However, there are certain restrictions on the transferability of shares in an S-Corporation, which are imposed by the Internal Revenue Service (IRS) to maintain the company’s eligibility for S-Corp status:

  • Shareholders: The number of shareholders in an S-Corporation is limited to a maximum of 100. Only individuals, certain trusts, and estates can be shareholders; other corporations and partnerships are generally not allowed.
  • Eligible Shareholders: Only U.S. citizens and resident aliens can be shareholders in an S-Corporation. Non-resident aliens are not allowed to hold shares.
  • One Class of Stock: S-Corporations can only have one class of stock. All shares must have the same rights and privileges, such as voting rights and distribution preferences. However, differences in voting rights are allowed if they are not tied to economic rights (e.g., distribution preferences).
  • Perpetual Existence: Perpetual existence refers to the concept that a business entity, such as an S-Corporation, can continue to exist indefinitely, regardless of changes in ownership or management. This means the corporation can outlive its original founders and shareholders and continue to operate even if individual shareholders pass away or decide to sell their shares.

This characteristic of an S-Corporation provides stability and continuity for the business, as it ensures that the corporation’s operations, contracts, and legal obligations remain unaffected by changes in ownership. It also makes it easier for the company to attract investors and raise capital. Potential investors can be confident that the business will continue to exist even if the original owners are no longer involved.

Disadvantages of Forming an S-Corporation

Despite these advantages, moving to an S corporation only sometimes makes sense – or at the very least, necessitates a thorough review of certain situations. The following issues may arise in particular:

Restrictions on Shareholders

S-Corporations are subject to specific restrictions, such as a maximum of 100 shareholders and limitations on the types of eligible shareholders (e.g., only individuals, certain trusts, and estates).

Single Class of Stock

S-Corporations are limited to issuing only one class of stock, which can limit flexibility in raising capital or creating different ownership structures. A single class of stock in an S-Corporation refers to the requirement that the corporation only issues one type of stock with equal rights and characteristics for all shareholders. This means that all shares of stock must have the same economic rights, such as dividend distribution preferences and liquidation rights, as well as voting rights. The single class of stock requirement is one of the key criteria the Internal Revenue Service (IRS) sets for a corporation to qualify for S-Corp status.

Increased Complexity

Forming and maintaining an S-Corporation requires more paperwork, record-keeping, and compliance with state and federal regulations than simpler structures like LLCs.

Franchise Tax

S-Corporations in New York are subject to the annual franchise tax, which can financially burden some businesses.

In an New York S-Corporation context, the franchise tax is usually based on the company’s income, net worth, or a combination of both. Since S-Corporations are pass-through entities for federal income tax purposes, meaning that their income is not taxed at the corporate level but rather passed through to individual shareholders, they may be exempt from or subject to lower franchise tax rates in some states than traditional C-Corporations.

However, S-Corporations must still comply with New York franchise tax requirements, which may include annual filings and tax payments. It is crucial for S-Corporation owners to understand the specific rules and regulations in their state of operation and to consult with a tax professional to ensure compliance and minimize their tax.

FAQs

What is an S-corporation?
An S-corporation is a type of corporation that avoids double taxation by allowing profits and losses to be passed through to its shareholders.
Is a New York corporation automatically an S-corporation?
No, a New York corporation must elect to be taxed as an S-corporation by filing Form 2553 with the IRS.
How do I form an S-corporation in New York?
First, you must form a corporation in New York by filing articles of incorporation with the New York State Department of State. Then, you must file Form 2553 with the IRS to elect S-corporation tax treatment.
What are the advantages of forming an S-corporation in New York?
The advantages of forming an S-corporation in New York include pass-through taxation, limited liability, and reduced self-employment taxes.
What is the minimum number of shareholders required for an S-corporation in New York?
The minimum number of shareholders required for an S-corporation in New York is one.
Can an S-corporation have more than 100 shareholders in New York?
No, an S-corporation in New York cannot have more than 100 shareholders.
Can an S-corporation in New York have more than one class of stock?
No, an S-corporation in New York cannot have more than one class of stock.
What are the filing fees for forming an S-corporation in New York?
The filing fees for forming a corporation in New York are $125 (plus additional fees for expedited service) and there is no additional fee for filing as an S-corporation.
What is the deadline for filing Form 2553 to elect S-corporation tax treatment in New York?
The deadline for filing Form 2553 is no later than two months and 15 days after the beginning of the tax year in which the election is to be effective.
Are there any special tax requirements for S-corporations in New York?
No, there are no special state tax requirements for S-corporations in New York.
Can an S-corporation in New York hire employees?
Yes, an S-corporation in New York can hire employees.
What is the New York S-corporation tax rate?
There is no separate S-corporation tax rate in New York; the corporation’s income is taxed at the state’s standard corporate tax rate.
Can an S-corporation in New York convert to a C-corporation?
Yes, an S-corporation in New York can convert to a C-corporation by filing Form 8879-I with the IRS.
Can an S-corporation in New York convert to a partnership?
Yes, an S-corporation in New York can convert to a partnership by filing Form 8832 with the IRS.
Are there any restrictions on who can be a shareholder in an S-corporation in New York?
Yes, shareholders in an S-corporation in New York must be individuals, estates, or certain types of trusts; they cannot be corporations or foreigners.
Do I need to have a separate business bank account for my S-corporation in New York?
Yes, it is highly recommended to have a separate business bank account for your S-corporation in New York.
Can I pay myself a salary as the owner of an S-corporation in New York?
Yes, you can pay yourself a salary as the owner of an S-corporation in New York.
Do I need to file a separate state tax return for my S-corporation in New York?
Yes, you need to file a separate state tax return for your S-corporation in New York.
Is there a minimum amount of capital required to start an S-corporation in New York?
No, there is no minimum amount of capital required to start an S-corporation in New York.
Can an S-corporation in New York make charitable donations?
Yes, an S-corporation in New York can make charitable donations.
Is New York a good state to start an S-corporation in?
Yes, New York is a good state to start an S-corporation in, due to its large market and diverse economy.
Can I be the sole shareholder and director of an S-corporation in New York?
Yes, you can be the sole shareholder and director of an S-corporation in New York.
What are the annual state filing requirements for an S-corporation in New York?
The annual state filing requirement for an S-corporation in New York is the filing of Form CT-6, which reports the corporation’s income and tax liability.
Can my S-corporation in New York own real estate?
Yes, an S-corporation in New York can own real estate.
Can an S-corporation in New York provide health insurance benefits to its employees?
Yes, an S-corporation in New York can provide health insurance benefits to its employees.
Do I need a lawyer to form an S-corporation in New York?
No, you do not strictly need a lawyer to form an S-corporation in New York, but it is recommended to consult with one to ensure you meet all state and federal requirements.
How long does it take to form an S-corporation in New York?
The time it takes to form an S-corporation in New York depends on a variety of factors, including processing times for filings, but it generally takes several weeks to several months.
What is an S-Corporation?
An S-Corporation is a corporation that does not tax its profits as income, instead, the profits/losses are passed through to shareholders.
Can I form my S-Corporation in New York?
Yes, you can form your S-Corporation in New York.
What are the advantages and disadvantages of forming an S-Corporation in New York?
The advantages/Disadvantages of forming an S-Corporation in New York are the same as they would be in any other state, which will depend on your specific business needs.
What are the requirements for forming an S-Corporation in New York?
The requirements for forming an S-Corporation in New York and requesting the S-Corporation status from the IRS are the same as for other states.
Do I need to pay the franchise tax in New York after forming my S-Corporation?
Yes, you will need to pay the franchise tax in New York after forming your S-Corporation.
What are the documents needed for setting up an S-Corporation in New York?
The documents needed for setting up an S-Corporation in New York are the same as for any other state and include Articles of Incorporation, by-laws, and other related documents.
What are the process and timeline for registering an S-Corporation in New York?
The process and timeline for registering an S-Corporation in New York are the same as for any other state.
Is hiring a professional required to set up an S-Corporation in New York?
There is no technical requirement to hire a professional to set up your S-Corporation, but it is highly recommended due to the various legal and administrative hurdles you will need to navigate,
Can the same tax process apply for an S-Corporation newly created in New York?
Yes, the tax process applicable to a newly created S-Corporation in New York is the same as for any other similarly formed company.
Are there any tax advantages to starting an S-Corporation in New York?
There are no specific New York tax advantages to starting an S-Corporation in the state outside of the national tax exemptions provided by incorporating as an S-Corporation.
Must my S-Corporation obtain any permits or licenses with the state or New York City?
Your S-Corporation must secure all the obligatory permits from the state boards, agencies, or departments needed to operate.
Is New York specific employer IDs needed when my S-Corporation hires personnel?
Yes, New York specific employer IDs will be required when you start hiring employees for your S-Corporation in New York.
Does registering a name for my S-Corporation in New York give me a trademark?
No, registering a name for your S-Corporation in New York doesn’t give it a trademark, but enables your corporation to operate under that name.
When should I obtain insurance certificates for my S-Corporation operating in New York?
It is vital to have a business liability cover presented when your business starts operations in New York.
Is using personal or public domain via the internet company forum risky for my S-Corporation registered in New York?
Sharing any company confidential information on a public platform like the internet poses a risk to your S-Corporation regardless of where it’s incorporated.
Are there any special reporting requirements imposed on the owners of an S-Corporation formed in New York?
There are no special reporting requirements imposed on the owners of an S-Corporation formed in New York outside of what’s stipulated by the State of New York.
Do authorities in New York require an S-Corporation scenario of a federal tax status?
Yes, the authorities in New York require that you submit a scenario of your federal IRS tax notice to effect T+E70 exemption registration/taxation activity.
Can out of state entities register its S-Corporation in New York?
Yes, an out-of-state entity (also known as a “foreign-based entity”) can shape a New York S-Corporation so far as you comply with the government bodies.
Will my S-Corporation in New York be subject to New York sales tax?
Generally speaking, when it comes to NYS tax-deductible expenditures and income, net sales of tax activities in this State and your seller/location obligations, you could pay sales tax once you commence operations as a vendor, having regular origins in New York or obtaining affiliates living in-state recipients.
Can my S-Corporation centralized in New York wind-down to carry out business in additional states?
Yes, but whether the business approaches steadily by increasing size and increasing into different terms/duties going like a crucial company hinge across states, there may be extra complex tax regulations and legal considerations.Election or qualification to operate in an overseas country is done in compliance with other nations provision.
Are there any federal deductions formed in the PPP program available for applying to a New York based business ?
Yes, funds obtained through the federal started PPP program will follow the same eligibility legislation bought into orders by both the federal administration and governing bodies in New York to Be able to have these grants tax-free, When taxable wages are incorporated for their people connected with particular vacation and rest programs.
Will instances of SEQR writing the impacts on the effects of business accompany my company’s entry in New York State?
SEQR guarantees that both environmental concerns and community results are integrated into logic in all NYSDEC solutions significantly.
Will remote workforces and sales to people outside New York subject to payroll tax?
Remote employees from all destinations, as long as they get their work complete from outside of New York, would not encounter NYS statutory responsibility day-count calculations toward their employers’ worker SUI-related unemployment tax bill risk analysis . This also means businesses are exempted from addressing NYS tax deduction for their salary paycheck for doing all their business outside the State of New York.
Will businesses located in another part of the planet need their office located inside New York to file an S-Corporation in New York?
Forming an S-Corporation in New York, as well as other states, doesn’t premise your business focal concern within the state.Delivery use is not adequate to formally increase upper territories. Applicants must declare a certified registered landholding secretary within the law-making department.
In New York, where must my business maintain it’s financial accounting data?
Section 801-a of NY GIPA requirement for data restoration and comprehensive usage by patient-protected medical institution service entities, addresses their backup and consolidated data files recovery and security.That notwithstanding provided that such data is accessible in real-time or within associated period of retrieving them to document requirements for Federal returns.
What maximum time it takes to acquire an EIN for my S-Corporation formed in New York?
The SS-4-EIN form gets expedited using an EIN assistant.Therefore on Paper forms sent, ss4 time turnaround might be approximately four-five working days elapsed rendering, The postal service too.
As a viable plan of action must my New York-based S Corporation pay out more to shareholders, guarantors, and officers the company’s specific limited tax account yields as income for shareholder taxes within S corps,which is eliminating lesser business salaries?
An election that requires much equity for entry involving legislation, essential performance metrics both in sales generation and hiring has major impacts outside minimal and salaries- legal/cpr operations as bookkeeping incorporates that of venture ledger items together with limited deductions.

Also Read

Why You Should Start New York S Corp

An S Corporation, also known as an S Corp, is a unique type of business entity that offers the limited liability protection of a corporation combined with the pass-through taxation of a partnership or sole proprietorship. This means that income and losses are passed through to the shareholders, who then report them on their personal tax returns. This can result in significant tax savings for the business owner, as they are only taxed once on their share of the company’s profits.

Additionally, forming an S Corp in New York offers several other advantages. For one, S Corporations are not subject to the double taxation that traditional C Corporations face. This means that the income of an S Corp is not taxed at the corporate level before being distributed to shareholders. Instead, it is only taxed once at the individual level.

Another benefit of starting an S Corp in New York is the flexibility it offers in terms of ownership. Unlike other business structures, S Corporations can have up to 100 shareholders, which allows for greater potential for growth and expansion. Each shareholder can also be a different entity, such as an individual, another corporation, or a trust, which provides more options for structuring ownership.

On top of these tax advantages and ownership flexibilities, forming an S Corp in New York also provides added credibility and professionalism to your business. Being registered as an S Corporation signals to customers, suppliers, and potential investors that your company is structured in a formal and legitimate manner. This can help build trust and confidence in your brand and attract more opportunities for growth and success.

Furthermore, S Corporations in New York are subject to fewer regulations and compliance requirements compared to other business structures. This can save business owners time and effort in managing their company’s legal and administrative responsibilities, allowing them to focus on growing their business instead.

In conclusion, starting a New York S Corporation can be a beneficial choice for any entrepreneur looking to establish a new business. The tax advantages, ownership flexibility, credibility, and ease of compliance make this business structure an attractive option for those seeking to set themselves up for long-term success. If you are considering starting a new company in New York, be sure to explore the benefits of forming an S Corp and see how it can help take your business to the next level.

Conclusion

Forming an S-Corporation in New York can be a beneficial decision for small business owners seeking liability protection, pass-through taxation, and easier transfer of ownership. By meeting the requirements set by the IRS and following the necessary steps, business owners can take advantage of an S-Corp’s unique structure and benefits. However, it is essential to consider the potential drawbacks, such as increased paperwork and limitations on ownership, before making a final decision. Consulting with a legal or financial professional can help business owners determine if an S-Corporation is right for their needs and goals.

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