There are many other perks of working in New York other than its size. It’s ranked 3rd in access to Venture Capital, has the 3rd largest economy, and 7th in lowest corporate rate taxes, which is amazing for business (these statistics are ranked out of all 50 states). But, being such a large state, there are lots of cities to choose from when starting a business. Here we’ve given certain cities and reasons you might want to start a business in them.
Choosing a place that’s cheaper to start up
If you’ve been researching starting an LLC in New York, you may have come across this rule: having to publish your Articles of Organisation in two newspapers: one weekly and one daily newspaper. This has to be done within 120 days of your business being started, so that you can obtain a Certificate of Publication. Another part of this is that you do not get to decide where in the state you publish – it will be in the area in which you’ve listed your private address. If you live in a place like New York city, prices for one publishing could go up to $1500, which is incredibly expensive. Thus, you may want to choose another cheaper place for publishing and be able to reduce the charge significantly.
If, however, you still want to start your LLC in a big, bustling city, there is another option. You can get a registered agent, and use their address instead – provided that they let you. This means you can post the article in their area instead, saving you money. However, registered agents do cost too, but can help you with a lot – so this choice is up to you.
Choosing a place that’s more affordable to live in overall
If you’re moving to New York to start your LLC, you might not want to go for a big, expensive location in upstate New York – as this comes with huge costs which might make you be able to invest less in your business and have to spend more to accommodate your daily lifestyle. New York is great as a state for business on the whole, as statistics have shown, so anywhere will be great. Upstate New York tends to be cheaper, have less of the overall population, and is more rural, which can be a great change from business, as well as having different cultures to explore from. There may also be less high-pressure there because there is less competition from new businesses, so if you don’t want to spend a lot of time stressing Upstate New York may be a great place for you.
However, if you still want to be part of the more business savvy section of the state, places in Downstate New York which are more affordable to live in include Hudson Valley and Long Island.
Choosing a place where you can get lots of support
You may have strong reasons why you do or don’t want to start a business in a busy city like New York city. If you don’t, it may be because of the priciness of the place. But, there are many reasons why new businesses flock to New York city to start up. One of the most important ones is its worldwide reputation, which is a great advantage for companies who want a chance at the world market. And while it may be expensive to live in New York city, companies here have much more opportunities to raise money, with the world’s largest stock market close at hand. As well as this, NYC gives you the change to make the right strategies to outperform your competitors, as it is generally ahead of most global trends, giving you the chance to ‘forecast’ world trends.
If you’ve decided you want to start an LLC in New York, TRUiC has great tips on how to do so. Visit this site to learn more.