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WHAT TYPES OF BUSINESSES OPERATE IN NEW YORK STATE?

April 26, 2017businesses new york new york state operate types

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WHAT TYPES OF BUSINESSES OPERATE IN NEW YORK STATE?

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If you want to operate a business corporation • then you must file a Certificate of Incorporation (signed by at least one incorporator) with the Department of State. • Personal liability is limited, for shareholders. • The life-span of the business is perpetual; or for a designated period stipulated in the Certificate of Incorporation. • For purposes of taxation * a corporation pays state franchise taxes and taxes on income; shareholders pay taxes on income distributed as dividends (a limited exception exists for “Subchapter S” corporations).