Incorporate an online-based business in New York or Pennsylvania
February 18, 2014 3:44 PM Subscribe
I'd like to start on online-base media/information/advice business, and I'm having trouble deciding on where to incorporate.
posted by NYC-BB to Law & Government (4 answers total) 1 user marked this as a favorite
-Live in NYC.
-Family and friends in Pennsylvania.
-Would eventually like to move to Philly metro.
- Don't won property in either.
-Business would have no physical product (no products to be housed).
-Costs to legally create LLC in NY are $800-$1000 and involves being published in various newspapers. In PA, I think it's $75 to start an LLC.
-I believe the foreign business license in NY is $225, but the publishing requirement stands if you still want to do business in NY.
-Costs of creating a C-Corp (NY Doesn't recognize S-corps) is basically a wash between the two.
So here's the question...
- Is there any reason I shouldn't found my business in Pennsylvania?
- I'm guessing any distributions/payments would be taxed at "wherever I live" rates. What about any losses?
*BONUS QUESTION: What if I start a non-profit instead of a for-profit business?