This By-Laws document contains the following information: the name and location of the corporation, the shareholders, and the duties of the officers.
Purpose Of Bylaws For Corporations In New York
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Regardless of the nature of its activities, every corporation organized for profit and carrying out any of the purposes of its organization is deemed to be doing business for the purposes of the tax.
If you plan on conducting a for-profit business through a sole proprietorship or general partnership under any name other than your own, you are required by law to file a Business Certificate (also called a Certificate of Assumed Name).
(a) The board of directors shall consist of one or more members. The number of directors constituting the board may be fixed by the by-laws, or by action of the shareholders or of the board under the specific provisions of a by-law adopted by the shareholders.
Tax Law, section 209(1) (a) The term doing business is used in a comprehensive sense and includes all activities that occupy the time or labor of people for profit.
Corporate bylaws are legally required in New York. Under NY Bus Corp L § 601, corporate bylaws “shall be adopted” by a company's incorporators. That means that in New York, you'll need to adopt bylaws to comply with the law.
1 The SBA uses various standards for determining small business status based on numbers of employees, ranging from 50 to 1,500 depending on industry sector. In New York, Section 131 of the Economic Development Law defines a small business as one that has fewer than 100 employees and is independently owned and operated.
A corporation can be formed in the State of New York by complying with New York statutes or with the Federal Model Corporation Act. corporation must have bylaws on file with the Office of the Secretary of State or some other public office.
Yes, but limitations apply. Section 12-10 of the Zoning Resolution defines “home occupations” and limits them to 25% of the size of home, or 500 square feet, whichever is less. Home-based businesses may only sell goods produced on site, and must not impact the character of the residential area.
Domestic and foreign business corporations are required by Section 408 of the Business Corporation Law to file a Biennial Statement every two years with the New York Department of State.