Starting a Business in New York
LLC filing: $200 | Corp filing: $125 | Business-friendly score: 5.5/10
Business Environment at a Glance
5.5/10
Business-Friendly Score
4% - 10.9%
Income Tax
4%
State Sales Tax
$16.00
Minimum Wage
Business Filing Fees in New York
| Item | Cost | Details |
|---|---|---|
| LLC Filing Fee | $200 | One-time, filed with Secretary of State |
| LLC Annual Fee | $25 | Due annually to maintain good standing |
| Corporation Filing Fee | $125 | One-time, Articles of Incorporation |
| Corporation Annual Fee | $25 | Annual report/franchise tax |
Tax Rates
| State Income Tax | 4% - 10.9% |
| Corporate Tax Rate | 6.5% - 7.25% |
| State Sales Tax | 4% |
| Max Local Sales Tax | 4.875% |
| Minimum Wage | $16.00/hr |
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New York Special Requirements
- All employers must carry workers' compensation and disability insurance
- NYC requires separate city business license for certain industries
- Liquor licenses issued by NY State Liquor Authority (limited availability)