As a business owner, you may be thinking about marketing your products or services in New York State, even though your company is located in another state. And why wouldn’t you? New York is reputed to be one of the best states in the country for doing business! In legal jargon, your out-of-state company is referred to as a “foreign corporation,” to distinguish it from domestic companies situated within the State. But before you can legally conduct business in New York, there are a few simple steps you need to follow:
- 1. File an Application of Authority with New York’s Department of State
- 2. Pay a $225 filing fee
- 3. Await authorization from the NYDOS
- 4. File and pay all appropriate state and local taxes for as long as you continue to do business in New York State
Once authorized, your company may do any sort of business that a domestic New York corporation is lawfully allowed to do. Your corporate name will be protected within New York State, and your company is then authorized to utilize New York State courts.
Loss of Your Authority to do Business in New York State
The New York Secretary of State may annul your company’s authority to do business in New York if:
- Your Corporation fails to file franchise tax returns for two consecutive years or longer
- You refuse to voluntarily surrender your Corporation’s authority when ordered to do so
Let Windsor Help
The entire filing process may take up to three to four business weeks. To expedite approval, it is critical that your application is filled out and filed properly. At Windsor, our legal professionals will take every measure to ensure that your application meets every standard for processing with no unintended snags.