How to Quickly Set Up a New York Corporation
If you've got a new business idea in New York that you need to move on quickly, incorporating can be a bit of a speed bump. While a new corporation usually takes one to two weeks to process, a few simple tips can help you cut the processing time down to a few hours.
Tip #1: Consider Do-it-yourself
Here's an irony: You'll very probably increase the time it takes to incorporate if you work through a third party. In other words, if rather than filling out and filing the paperwork yourself, you collaborate with an attorney or with a paralegal service (including one of the online incorporation services), you'll probably only delay your incorporation.
This delay is due to two reasons. First, a third party takes extra time to schedule and process the document preparation. And second, working with a third party inherently increases the amount of paperwork necessary to form the corporation; there's another person to pay, another contract to sign, more documents to read, etc.
In comparison, if you take a do-it-yourself approach, you cut out the extra paperwork and the extra processing time (including the waiting around for the attorney or paralegal service to start).
One final quick comment about the do-it-yourself technique as a time-saver: While you might think the New York incorporation paperwork too complicated to prepare on your own, the Secretary of State's web site actually supplies free, very simple, pre-printed forms you can use. The forms let you take a "fill in the blanks" approach to preparing the documentation. And most people will find the forms very easy to work with.
The exact web address of the New York Secretary of State's free pre-printed forms changes. But if you use a search engine like Google to search on the phrase, "New York secretary of state division of corporations," the Secretary of State's website pops up with its easy-to-find free forms.
Note: New York state typically takes about seven days (not including mailing time) to process a paper filing.
Tip #2: File Your Articles Online
New York allows you to file your articles of incorporation online. And while the sound of a fax machine or the taste of an envelope seal may evoke nostalgia, most people find it easier and more efficient to fill in their incorporation information online. As of this writing, the website for online incorporation in New York is www.nys-opal.com.
Note: You'll need to make sure your browser supports JavaScript and allows for pop-up messages and dialog boxes.
Tip #3: Pay Extra for Expediting
A final option for speeding up the incorporation process is to pay for expedited processing. New York allows you to pay an extra fee for faster service, the amount of which is determined by your need for speed.
You can receive processing within twenty-four hours for a modest $25. (For 24 hour processing, your request needs to be made during normal office hours--currently between 8am and 4pm--Monday through Friday.)
You can receive same-day processing for $75 as long as you make your request (either in person or by fax) by noon on a business day.
Finally, you can also receive super-expedited, "two hour" processing for $150 as long as you make your request by 2:30pm on a business day.
About the Author
Stephen L. Nelson is a CPA and the author of such bestsellers as Quicken for Dummies and Quickbooks for Dummies. He is also the co-author of two downloadable do-it-yourself incorporation ebooks: Incorporating in New York, at http://www.scorporationsexplained.com/doityourself_NewYorkSCorp.htm and Forming an LLC in New York, at .http://www.llcsexplained.com/doityourself_NewYork.htm
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