Offers the flexibility of a partnership with the liability protection of a corporation. A popular choice for many entrepreneurs, because it’s easy to set up and has tax benefits, though fundraising is a lot more challenging. Not advised if you’re planning to bring on investors.

For certain professionals, there is also the option of a Professional LLC (PLLC) . This is a special structure which allows doctors, accountants, and lawyers, amongst others, to benefit from the use of an LLC.

Suitable for businesses that aim for significant growth. Provides the most protection and structure, and allows for easier fundraising, but comes with increased regulatory requirements.

C-Corps are subject to “double taxation”, where the corporation is taxed, and money paid out to shareholders and employees are further taxed. Not a fan of this? Fortunately, for most startups, you can get S-Corp classification from the IRS to get avoid this.

Often referred to as charities, non-profit corporations are exempt from business taxes, amongst other benefits. However, establishing a non-profit can be complicated, and it is highly recommended to work with a qualified New York business attorney.

Ideal for those who are journeying with a business partner, sharing both the responsibilities, the risks, and the rewards. Partnerships don’t require any filing, but partners should set up a partnership agreement to ensure everyone is on the same page, and that protections are in place.

Made up of a General Partner, a manager who takes on all the liabilities of the LLP, alongside Limited Partners, who usually consist of more passive investors. A common structure for investment companies, Limited Liability Partnerships must be registered with the Department of State.

Our firm typically helps businesses incorporate in New York, but we can also help with other jurisdictions. For startup companies looking to do to a raise, either through venture capitalists or angels, Delaware or Nevada are both great choices, with corporate-friendly tax structures and favourable regulations.

You can incorporate from anywhere, even from outside of the US. Our firm has frequently helped clients from Canada, Mexico, and beyond incorporate in the United States.

The cost of incorporating varies. At the bare minimum, it costs around $200 to file the paperwork, if you plan on handling the rest of the incorporation process yourself.

Note that just because you’ve filed doesn’t mean your corporation is official. For instance, in New York LLCs will require an operating agreement, which you’ll also need to put together.

It is certainly possible to DIY incorporation. However, we don’t recommend it. Filing the document is only the first step, and given that your entire business will be built on these foundations, it’s important to get it right.

For entrepreneurs who want the best for their business, Apex Corporate Law offers a comprehensive startup package for $2450, everything included.

If your goal is to raise capital and scale your company, a corporation is better. However, if your goal is to build a cash cow business, LLCs are easier to maintain, and will save you money on taxes in the long run.

The time it takes to form a business can vary from a few days to several weeks, depending on the state and the complexity of your business structure. Many States offer online filing, which can greatly speed up the process.

After forming a business, there are several ongoing requirements that may include filing annual reports, maintaining proper records, renewing licenses and permits, and meeting tax obligations.