If you have a great business idea that you want to establish in New York City, you must know that it takes a lot to transform an idea into a business.
Setting up a business in any city is different mainly because of the variations in licensing and permits requirements, but at times there’re other factors that must be considered too, i.e. office space leasing regulations, insurance, safety concerns etc.
This article will discuss a quick 8 steps procedure that you need to follow in order to setup a business in New York City.
Step 1: Plan your business; finalize an idea and create a business plan, i.e. have a clear idea about what and how you are going to do, for generating how much profit in a specific time.
Step 2: Choose a legal structure, i.e. who will own and be legally responsible for your business.
Step 3: Register your business, apply for an Employer Identification Number (EIN)/Federal Tax ID Number, and register as a Sales Tax Vendor with the NYS Department of Taxation and Finance.
Step 4: As some type of insurance are must for permits and licenses and to protect you from loss, fines, and lawsuits, find and get one!
Step 5: Find a location zoned for your business.
Step 6: Get required assistance in signing your lease; Please, note that depending upon the locality, procedures and other requirements may vary, i.e. do check NYC.GOV for particular details leasing in Upper Manhattan, Lower Manhattan, Brooklyn, Queens and Staten Island. It’s always good to have a lawyer’s assistance to make sure the timing is right, the terms are legal.
Step 7: Make sure that the space you have leased has a Certificate of Occupancy or acceptable alternative from the NYC Department of Building.
Step 8: Get all the necessary permits and licenses applicable to your business. In case if your business model requires your employees to have specific permits, make sure they have them too!
With these 8 steps, you’re all set to start business operations in New York City. Once you start it, make sure to give your customers real & clear receipts, prepare and pay your taxes and follow the regulatory guidelines as per your permits and licenses.