New York sees spike in business incorporation applications

New York sees spike in business incorporation applications

News that the national economy is on the rise is supported by evidence that more small businesses are forming in the country’s business capital – New York. According to BizJournals.com, more entrepreneurs are applying for incorporation this year than last.

The source reports that the state Division of Corporations received a total of 12,999 applications for incorporation in the month of March alone. This is up from 12,055 applications over the same period last year.

NewYorkLovesSmallBiz.com says that entrepreneurs are wise to consider business incorporation in New York. The site quotes Governor David Paterson as saying, “New York State is committed to encouraging the continuous growth of small businesses in order to sustain their economic standing and position them for future growth and success.”

While PowerHomeBiz.com says New York is not one of the most business-friendly states, the jump in recent applications indicates that it is amenable to a number of business owners. Still, there are a number of other states – like Maryland or Delaware – that an entrepreneur can choose from to maximize tax benefits.

No matter where they incorporate, business owners may find forming a corporation pays off in the improving economic climate. With new revenue comes new taxes, and forming a company can help a business get the most out of tax returns.