Form a S-Corp in New York
Everything you need to know about forming a S-Corp in New York. Filing fees, requirements, timeline, and step-by-step guidance.
How to File
Choose Corporate Name
Select an available corporate name that includes 'Corporation,' 'Corp.,' 'Incorporated,' or 'Inc.' Check availability through NY Department of State.
30 minutes
File Certificate of Incorporation
Submit Certificate of Incorporation to NY Department of State with required information including corporate purpose, shares authorized, and incorporator details.
45 minutes
Obtain EIN from IRS
Apply for Federal Employer Identification Number online through IRS website or by mail/fax.
15 minutes online
File Form 2553 for S-Corp Election
Submit IRS Form 2553 within 75 days of incorporation to elect S-Corporation tax status with all shareholders signing.
30 minutes
What's Next After Filing
Once your S-Corp is officially formed, you'll want to complete these important steps:
- •Create Corporate Bylaws — Draft internal bylaws governing corporate operations, though not required to be filed with the state.
- •Hold Organizational Meeting — Conduct initial board meeting to adopt bylaws, issue stock certificates, and handle other organizational matters.
- •Obtain Required Licenses — Apply for any necessary business licenses or permits specific to your industry and location.
Advantages
- ✓Pass-through taxation avoiding double taxation while maintaining corporate structure
- ✓Limited liability protection for shareholders from business debts and obligations
- ✓Enhanced credibility and professional image compared to sole proprietorships or partnerships
- ✓Ability to attract investors and transfer ownership through stock sales
Considerations
- •Strict IRS requirements including 100 shareholder limit and single class of stock restriction
- •Required payroll taxes and reasonable salary requirements for shareholder-employees
- •More complex tax filings and compliance requirements than sole proprietorships or partnerships
Annual Obligations
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