New York is a state offering many opportunities for people with entrepreneurial spirits. Investing in real estate is one way to start and maintain a successful company. Opening your new real estate venture as a limited liability company (LLC) can protect your personal finances and belongings. But you’ll need to do a few things before beginning your LLC.
Come up with a business name
Before you can invest in properties on behalf of your business, it needs a name. It’s a common misconception that no other business in the world can share company names. However, your business name must differ from any existing company in the state it operates. You can search New York’s online corporation and business entity name database to ensure your business name is original.
Select a registered agent
Under New York law, every LLC operating in this state must have a registered agent. Someone in this role plays crucial roles in business formation and planning processes. You can choose to function as your own agent. However, this move is risky if you’re not well-versed in real estate-related legal matters.
Creating business formation documents
You must now create an Articles of Organization and LLC operating agreement. Completing these documents establishes and registers your business legally. New York also requires a $200 fee for any new business to file its LLC’s Articles of Organization. But this state doesn’t require you to submit your company’s operating agreement. Your company will also need an employer identification number (EIN) to file taxes.
It takes time and effort to launch an investment business in New York. But completing these steps will let you soon begin business operations.