Registering our startup business

A prudent first step would be to speak with local counsel regarding the exact nature of your business, where your assets will reside, and from where your business will be physically operating. Forming a business entity starts with filing the appropriate forms (e.g., Articles of Organization for a LLC, Articles of Incorporation for a corporation, etc) with a Secretary of State or other state agency charged with registering businesses. A common scenario involves forming a Delaware LLC, registering as a foreign LLC in NY (NY has a peculiar notice publication requirement), opening bank accounts in NY, and doing business therefrom. The decision to form a corporation at the outset, rather than a LLC, somewhat depends on the attention to taxation (e.g., a startup with few people may want to elect s-corp tax status, yet then have to take care of payroll) and corporate administrative detail you wish to pay, as well as how readily you will be soliciting investment. It may be necessary to have your business registered (either domestically or as a foreign entity) in the state in which you will be operating, as most banks require some type of domestic registration and EIN to open a business account. Seeking the advice, even if just through a consultation, of local tax and legal counsel that can help you avoid unnecessary or improper filings is very advisable.