Articles of Incorporation NY

Articles of Incorporation NY refers to the process by which the New York Department of State allows a business or group of individuals to create a corporation, thereby indemnifying themselves from financial ruin if that business should fail. Incorporating also allows a business to proceed towards gaining public status, whereby they can sell stocks and bonds on stock exchanges and marketplaces. Filing for articles of incorporation NY is a simple process that involves obtaining proper paperwork from the Department of State in New York, either through an in person visit to the office, via the website, or by mail. The different aspects of the form do require a bit of consideration, however.

A business must first have a name, and not only a name, but a name not taken by any other previous business. Each possible name listed on Articles of Incorporation NY will require an additional $5 dollars to process, with the first name available administered to the asking business. A business name search can be conducted using either a simple yellow page search, web search, or by writing the actual Department of State to inquire whether the name is taken. Always be sure to inquire as to whether the proposed name is held on reserve, as well, as some businesses are actually in the business of reserving names for later sale. Any name chosen will always have to include the amendment “Limited,” “Incorporated,” or “Corporation,” otherwise it is not valid.After a name is chosen, a business must then designate a residing agent. A residing agent has a variety of functions and is mainly required as the person that actually resides in New York. This person will also be obligated to accept correspondence of a legal nature addressed to the business. This person or entity must be 18 years of age or older, and may actually be a business itself, or even the New York State Department.

Once a residing agent is chosen, stock must be decided on. Incorporating a business in New York requires that stock be both allocated as a total amount that can possibly be issued, and have a minimum value associated with each piece. This value is denoted as the par value and must be designated at this point or the value of each stock will be indeterminate. It is highly recommended that a par value be set, and future prospects of stock availability be determined at this point.

When stock is no longer a concern, the duration of the company becomes the deciding issue. Most New York corporations are designated as operating indefinitely, with no duration specified. Some corporations decide that a duration is necessary, and it is at this point, then, that the specific duration is set and notated on the certificate of incorporation.

Lastly, it is required that all agents of incorporation be 18 years of age or older before signing a certification of incorporation. If the business so choose, they may also issue a statement regarding the purpose of the corporation on the certificate.