Start a Business in White Plains, NY: When it comes to starting a business, entrepreneurs must look for the place with the most potential. Whether a corporation, sole proprietorship, partnership, or LLC, having a business in White Plains, NY, is a plus for any entrepreneur. In general, setting up any form of business in New York, US, is the initial step to building an international brand.
Entrepreneurs across the globe are interested in starting and expanding their businesses in White Plains, NY. With an urban population of 58171 (estimate), the city has a lot to offer to all emerging entrepreneurs. The main reason for this is the economic environment and flexibility of the business structure in New York. Like most places in the US, White Plains, NY also offers business structures for all types of entrepreneurs; no matter what business you want to do, there’s a perfect solution for you. If you want to start limited liability company (LLC) or a corporation, or a sole proprietorship, White Plains, NY has a proper business environment for all.
In this article, you will read about how to start a business in White Plains and why you should choose White Plains to start and run your business. We recommend you check below the important facts about White Plains, NY; these might help you.
On this page, you’ll learn about the following:
- White Plains, NY Household Income Statistics
- White Plains, NY Education & Labor force Facts
- White Plains, NY Demographics
- How to Start a Business in White Plains, NY
- Other Things to do After Starting Your Business
- Important White Plains Stats for Starting a Business
- Reasons to Start a Business in White Plains
- FAQ About White Plains, NY
White Plains, NY Household Income Statistics
|White Plains Median household income||96715 USD|
|White Plains households with dual income earners||61 %|
|White Plains households $150K+ Income||31 %|
|White Plains households $100K+ Income||49.2 %|
|White Plains households $100-150K Income||18.2 %|
|White Plains households $75-100K+ Income||10.8 %|
|White Plains households $50-75K+ Income||11.7 %|
|White Plains households $35-50K+ Income||7.8 %|
|White Plains households $25-35K+ Income||5.9 %|
White Plains, NY Education & Labor force Facts
|White Plains residents with a bachelor’s degree (or equivalent)||25 %|
|White Plains residents with at least a 4-year degree||51.1 %|
|White Plains residents with a graduate degree||26.1 %|
|White Plains residents with a high school diploma but no more||19.6 %|
|White Plains residents with less than high school education||10.8 %|
|White Plains residents with some college but no more||18.4 %|
|White Plains residents with a Bachelor’s degree or higher (STEM fields)||44.8 %|
|White Plains households that own (rather than rent) their residence||52 %|
|White Plains residents 16 and older in the labor force||66.3 %|
|White Plains residents unemployed||5.6 %|
White Plains, NY Demographics
|White Plains residents aged 0-9||9.7 %|
|White Plains residents aged 10-19||10.5 %|
|White Plains residents aged 20-29||13.8 %|
|White Plains residents aged 30-39||13.9 %|
|White Plains residents aged 40-49||12.6 %|
|White Plains residents aged 50-59||14 %|
|White Plains residents aged 60-69||11.7 %|
|White Plains residents aged 70-79||8.3 %|
|White Plains residents aged over 80||5.5 %|
|The average size of resident families in White Plains, NY||3.12|
|Estimated population per square kilometer in White Plains, NY||2306|
|White Plains, NY urban population (estimate)||58171|
|White Plains, NY municipal population (estimate)||58171|
Now that you know what makes White Plains of New York good for business, let’s get started with the exact steps on how to start a business in White Plains.
How to Start a Business in White Plains, NY
Starting a business in White Plains, NY, needs planning, financial decisions, legal procedures, and a handful of other things. Be it a corporation, sole proprietorship, partnership, or LLC in New York, you must go through the following steps. These steps are general steps. They are subject to change depending on the structure of your business.Generally, starting a Limited Liability Company is easy to form. Read our guide on how to start an LLC before you start your own business. Here are the steps to set up your business in White Plains.
Step 0: Decide on What Business to Start
This is the first thing you work on, the type of business you want to start in White Plains. Depending on that, you need to make your business plan. Apart from the legal documentation and process, you must include the following points in your business plan,
- Through market research on demand trend
- Complete Budget plan – funding your business. If you’re planning to start an LLC, then take a look at the cost of LLC
- What competitors are doing
- SWOT Analysis – check what your Strengths, Weaknesses, Opportunities, and Threats are
- Your targeted buyers
Once you have the entire plan with you, you can continue working on the legal structure of your business. LLCBuddy will guide you through the legal process of forming an LLC for your business. It’s very likely that you have already done this step 0, so that we won’t go deep into this step, let’s move to step 1.
Step 1: Choose Your Business Structure
The very first step after you decide on what type of business you want to start is to choose what type of business structure you want to form. You can form an LLC, a sole proprietorship, a corporation, or a partnership. Each type of structure has different rules and regulations. For example, if you want to start a New York LLC, there are different types of tax and fee structures. An LLC formation is similar to forming a sole proprietorship. On the other hand, forming a corporation is much more complicated. The tax and fee structure is completely different in corporation formation.
Step 2: Name Your Business
The next step in forming a business is to give it an appropriate name. Having a business name is not so easy task. You cannot pick a random name for your company. One has to follow proper naming guidelines before they name their company. Besides, before you settle a name, you must check if the name you are looking for is available to use. You can visit the official government site of New York to do the New York LLC name search before you pick the available name. Below are some of the naming rules you need to follow,
- You cannot name your business that has words or phrases like Bank, University, Government, or anything that can confuse people with a government sector.
- If you are forming an LLC in New York, then you must include words like “LLC,” “LC,” “LLC,” “Liability Company,” and “L.L.C.” If it is an LLP, then you must include “LLP” in your business name.
- The name should reflect the nature of your business. Any name that can confuse people should not be picked.
- You can check if the name of your company is available. Through the business name search process, you can search if the desired name is available for use or not.
- You can reserve your business name for a certain time before you form your business in White Plains, NY by filing a name reservation application.
The above-mentioned points are basic naming rules that all businesses have to follow while naming their company. As mentioned above, these rules are subjected to change depending on the structure of the business.
Step 3: Get a Registered Agent
A Registered Agent is a person who receives all types of legal and official documents on behalf of the business. Whether a suit against your company or formation-related documents from the state, a New York LLC Registered Agent is responsible for receiving these documents at his/her official address. In general, anyone who has the right to conduct business in White Plains can be a registered agent. However, there are some requirements to becoming a registered agent.
- The person has to be 18+ years of age.
- Must be a citizen of the New York
- Must have a physical street address in the New York
- Must have legal rights to conduct business in the New York
Anyone who fulfills the requirements can be a registered agent. Also, anyone from the company, your spouse, any relative, or yourself can be a registered agent. But, it is recommended that you hire a professional registered agent to look after your documentation. You can choose from the best LLC services that also offer registered agent for LLCs.
Step 4: Register Your Business
The next step is to register your business under the Secretary of State, New York. The Articles of Organization (or certificate of incorporation) of your company should be submitted online, by mail, in person, or by fax to the New York SOS. You need to pay the state filing fee either by Credit Card or by check to the SOS while registering your business in the White Plains, NY. Your New York LLC articles of organization should have the following details about your business
- Company/Business name, address
- Registered Agent Name, address
- Member-managed or manager-managed (in case of LLC)
- Type of business
Depending on the type of business structure, you may have to add some more information to the formation document.
Step 5: Write the Operating Agreement
An operating agreement is a document that has all the structural information of your business. In most states, it is not mandatory to create an operating agreement. However, it is highly recommended to have one as an internal document. This document records information such as,
- About Business
- Members and management
- Capital contribution
- Profit Distribution
- Change of membership
In future, if any member wants to leave the company or you want to dissolve the business, then the New York operating agreement has everything recorded, from clauses to contributions.
Step 6: Obtain EIN
EIN or Employer Identification Number is required to file taxes, open a business bank account, and if your business has employees. EIN can be obtained from IRS. It is a 9-digit number similar to Social Security Number. However, EIN is different from SSN. It is solely used for business purposes, especially for general tax filing. You have to fill out the form and submit it to the IRS website. It does not cost you anything to obtain EIN.
Step 7: Get Business Bank Accounts
Once you obtain the EIN for your business, you are free to open a business account in the US. Having a US business bank account can ease your business transactions in White Plains, NY. It increases your business credibility and liquidity. It will also be helpful for business loans.
Step 8: Create Your Business Website
Business websites are as important as your business structure. It is necessary to have a catchy business website with all the information regarding your company. Along with the website, you need some more things. Things such as logos, business cards, business emails, domain names, and social media accounts are needed to promote your business. You can hire a professional business service to get all of these services under one roof.
Other Things to do After Starting Your Business
- Once your company is set in the White Plains, New York, you need to file your taxes and apply for licenses (if needed).
- Apart from the license and permits, you need to get insurance for your business. Such as General Liability Insurance, Professional Liability Insurance, and Workers’ Compensation Insurance are some of the insurances you need to get if you are about to start an LLC.
Important White Plains Stats for Starting a Business
Before you start a business in White Plains, it is required that you know some facts about the city. Following are some of the stats to consider before starting a business.
Education & Employment
White Plains has a diverse population that comes from various educational backgrounds. There are students who haven’t finished their high-school education, whereas there are people who are more than just college graduates. Check the table (Education & Labor Force) for detailed data. From the data, it is clear that the city has enough educated and skilled people who can contribute to the labor force.
As we talk about the urban population density, the young population percentage in the city is approximately 13.8 (people in their 20s) and 13.9 (people in their 30s). This means that having any business that is new and tech-based might be profitable. The median age of the population in the city is 41.5. On the contrary, if anyone wants to start a business that is related to any old-age service, such as caregiver, primary old-age support, or something of a similar sort, then White Plains has approximately 5.5 (people in their 80s and above) percent of old people. Check out the table (Demography) above for more information.
Another important factor to mention about White Plains is the home value of owned properties. The average value of owned houses is 548040. Also, the percentage of people living in their own houses is 52. This reflects the real estate market of the city. For a metropolitan city, this is a considerable number.
It is inevitable that living in a big city is different from living in a town or a comparatively smaller city. It directly affects lifestyle and health. It is obvious that having health insurance is important, no matter which city or region you are residing in. But there are people in White Plains who still do not have health insurance. The rate of people not having health insurance is 8.2. This depicts the lifestyle and overall health demography of White Plains. As you plan to start your business in this city, you must consider this stat as well.
Income & Lifestyle
The income pattern of the people in this city is given in the table (Income) above. In White Plains, a part of the population has a dual family income that reflects a better standard of living. As in, people have more than one source of income. The table above shows the income percentage of various slabs.
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Reasons to Start a Business in White Plains
White Plains offers a bunch of business-friendly services for entrepreneurs. A proper business environment, skilled labor, tax advances, deductions, and much more are awaiting if you are interested in starting your business in White Plains. Here are some of the reasons,
Stable Economic Growth
White Plains or any other city in New York has stable economic growth and an environment that helps any business to grow successfully. The economic structure of New York shows not only balanced but also a sustainable condition of economic growth, which in turn triggers the businesses to flourish in the state.
Minimize Personal Liabilities of the Entrepreneur
If you’re considering starting an LLC in White Plains, then it will be your best choice. An LLC protects your personal assets and minimizes your personal liabilities. This is one of the many reasons why having an LLC in White Plains is a wise choice. Also, if you are opting for an LLC, the tax deductions will be more than having a corporation.
Federal and State Tax Relaxation
There is a series of federal taxes that an entrepreneur has to pay when operating a business in the US. Depending on the state your company is located in, the state taxes are being imposed. For an LLC, both of these taxes are much lower compared to other business structures. Along with tax impositions, some tax deductions (state-wise) lower the filing fees and other government charges. Check out the New York LLC tax structure to know more about the tax structures for LLCs in the state.
Government Incentives for Entrepreneurs
Federal and state governments in the US ensure that entrepreneurs get a proper business environment in the state or city they are operating their business. The government provides a few incentives to the business holders in New York or any other state. That means if you are operating any business in White Plains, then New York State will provide an incentive for creating jobs, contributing to the state’s GDP, and/or balancing the state’s tax structure.
Low Corporate and Other Business Taxes
Corporations and other business structures (except for an LLC) are liable to pay a corporate tax in New York. Also, there is a Sales Tax that all businesses, including LLCs, have to pay. However, the rate of taxes is very low. Besides, as the businesses receive incentives, the tax burden gets lower.
Skilled Labour & Quality Manpower
In White Plains, it is easy to hire employees for your business. They are not only skilled but also well-educated to help your business grow. As mentioned above, the 66.3 is the percentage of labour participation. Hence, it is clear that having a business in White Plains will make a lot of difference to the existing labor force.
Demand for New Market and Industry
In White Plains, New York, there is an uprising demand for new industries and new markets. Entrepreneurs who are willing to start a business in any of the cities of any state are given enough opportunities to stay in business. Business licensing, tax deductions, incentives, and relaxation of business taxes are some of the benefits that encourage start-ups and budding entrepreneurs to start their own businesses in White Plains.
If we follow the US Data, the median value of commute time for the residents to their work is approximately 28.3. If you are starting a business here, you must keep in mind that commutation can be a point to consider.
Intellectual Property Protection
The US government receives roughly more than 1 million applications for IPR every year. The federal government makes sure that there is no infringement of any patent or property rights. It does not matter which city in which state you are running your business. The rule of Intellectual Property Protection is the same for all. If you have a foreign business in the US, then you might get more benefits under the IPR act.
White Plains (aka ) is ranked at 2 in terms of importance. Apart from the above mentioned reasons, there are some other benefits that businesses enjoy in White Plains. For example, technological advancement, a stable political environment, renewable resources, sustainable non-renewable resources, and some more benefits make things easier for entrepreneurs to start and run their businesses. According to US Data, the percentage of young people in White Plains is 13.9. Hence, it would be great to start a business that is related to tech here as you might get a good number of clients.
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Best Time To Start Business In White Plains Ny
Whether you’re a prospective newcomer or a seasoned pro, there are a number of reasons to consider a move to the metroplex. Among those reasons is the high octane buzz atop a booming economy. In addition, a move to the Empire State may prove to be a boon to your pocketbook, especially if you’re a tech savant.
As you might expect, the city has more than its fair share of tech startups, but the business is also a hub for tech-savvy consumers who want to keep it local. One of the largest commercial centers in the area is White Plains. Its location is not only convenient to Manhattan but also to Westchester, Putnam, Fairfield County, and Rye Brook. The area is also home to a number of notable tech companies including IBM, Dell, Apple, Cisco, and HP. And, if you’re into entrepreneurship, you’ll be pleased to know that there’s a growing number of female-led startups in the area.
The city also has a couple of high-tech hospitals, including the White Plains Hospital and the White Plains Medical Center. These hospitals offer the full gamut, from specialty care and the latest in medical technology to compassionate, state of the art care. It’s also home to the state’s largest public library, a slew of reputable museums, and several notable arts and music institutions. Its most notable draw, however, is its role as the county seat of Westchester County. It is also home to the Westchester County Association, a non-profit trade organization. The best thing about a membership is the access to free events and networking opportunities. For more information, visit their website. Lastly, make sure to check out their online event calendar, which lists upcoming events by month and week.
FAQ About White Plains, NY
A seller’s permit is inexpensive and available in White Plains, NY. Having a permit enables you to lawfully sell goods in White Plains. You may also need to get a number of other licenses and permissions before you may lawfully sell goods.
Here are some original business ideas for White Plains, NY entrepreneurs. You may start by selling handcrafted home décor, DIY items, hygiene goods, etc. online. Additionally, you may consider starting a dog-walking or pet-sitting service.
White Plains, NY charges $100 for DBA. So that you may utilize the name later for your LLC or firm, a DBA or “Doing Business As” filing is required (not applicable in certain jurisdictions).
Popular companies continue to relocate to White Plains, NY, including eateries, hotels, designer clothing stores, and others. White Plains has an increasing likelihood of having major brands as the economy expands.
A company may be launched successfully in White Plains. White Plains, NY is a fantastic city to launch a company due to its good quality of life and inexpensive cost of living. This is particularly true if you wish to be a part of the White Plains, NY, community that is prospering and expanding.
Register your company name with the Secretary of State to preserve it in White Plains, NY. You will then have the legal right to sue any other company that uses your company name improperly. The Secretary of State also allows you to register brand names and product names.
Some residents of White Plains, NY may believe that it is difficult to start a small company here. However, the city is full with resources that may assist you in getting started. The White Plains Chamber of Commerce is among the finest since it provides a wide range of services to assist entrepreneurs.
The fast food industry would make a terrific choice if you’re looking to launch the simplest company in White Plains, NY. Burgers, waffles, rolls, wraps, and other food items may be sold from a kiosk or, better yet, a truck. Anyone will be able to start this company with ease.
Whether relocating to White Plains, NY, is a smart decision or not is a little debatable. You may choose based on the kind of company you are doing. White Plains offers fantastic chances for aspiring business owners.
There are a few things to think about while moving to White Plains, NY. The expense of life comes first. The second question is if it will benefit your company or not. Finally, regardless of the city’s facilities, you still need to manage your firm.
You may get an EIN number from the IRS if you reside in White Plains, NY and need one. The IRS website allows you to get the EIN in a matter of minutes. If you’re the proprietor, you may even get the EIN number for your business.
In White Plains, NY, the majority of enterprises are subject to taxation. The kind of business—such as an LLC, LLP, corporation, or partnership—determines the tax rate. Tax benefits for some firms may exist in White Plains, NY. The kind of company will determine how that is answered.
In White Plains, NY, LLCs are very popular form of business. The simplicity of creating an LLC is the cause. You are exempt from paying income taxes if your LLC does not generate a profit. Besides, LLCs are cost-effective and easy to maintain.
Yes. You must need workers’ compensation if your LLC in White Plains, NY employs personnel. If you don’t have any workers, you may generally omit this step. However, White Plains, NY would benefit from having general liability insurance. To learn more, visit the New York SOS website.
White Plains, NY is a fantastic location to start a company with $1,000. It offers several chances and tools to support your development. Starting a cleaning business is one concept. You’ll be able to do this and earn money while cleaning houses.
Businesses in White Plains, NY who are interested in insurance should speak with an agent to see how much it will cost. It’s crucial to choose which insurance policy is ideal for your company since there are several varieties available. Inquiring with the agent is a smart place to start.
In White Plains, NY, operating a company is not too challenging. You must register your company with the FL SOS. Get the necessary licenses and permissions after registering the firm. You may operate your company in White Plains if you have workers and have employee’s insurance.
Numerous factors contribute to White Plains, NY’s popularity. White Plains offers great art and culture despite being a commercial city. The city’s economy has also become tremendously strong in recent years. Being among the finest places for startups is gaining popularity there.
A successful company may be launched in White Plains. You should establish an LLC in White Plains before starting your firm. You’re not the only one who is curious in how long it takes to form an LLC in White Plains, NY. White Plains has a quick and easy LLC creation process.
In White Plains, NY, food trucks, coffee shops, modest real estate, and internet enterprises are the small businesses that generate the most profits. You might think about starting one of these enterprises if you live in White Plains and want to earn some nice money there.
Starting a business in White Plains, NY is not easy. There are a lot of hoops to jump through, and the cost can vary depending on the type of business you choose. For example, starting an LLC for your business in White Plains, NY can cost $200.
When deciding where to reside in White Plains, NY, consider the location’s suitability for your career or company. You may choose the neighborhood in White Plains, NY where you want to reside based on the customers you have in mind for your company.
Yes, White Plains, NY is a favorable city for LLCs. White Plains, NY offers various advantages to those who desire to form an LLC. For instance, White Plains, NY offers aspiring business owners tax breaks, financing, and other advantages.
For years, people have argued about which city is the best to live in. White Plains is renowned for its thriving economy and multicultural population. Houston is renowned for having more reasonable living expenses. When determining which is less expensive, there are several things to take into account.
Small businesses in White Plains, NY may be subject to lower tax rates than the city’s larger corporations. Sales tax and franchise tax are required payments for an LLC in several states. Paying employment taxes may be necessary if you have workers.
White Plains has a lot to offer, but it also boasts some of the highest rents in the nation. So, in White Plains, NY, is it better to rent or buy? Whether a person prefers long-term or short-term investments relies on his or her investing approach.
Any small company in White Plains, NY, has to have certain rules. The workers’ health and safety policy is one of the most popular ones. Other rules include those governing employee discipline, complaints, vacancies, and time off.
White Plains, NY, is a city where many enterprises are open to moving. Businesses are relocating to White Plains for a variety of reasons, including the city’s robust economy, friendly business climate, and state tax structure. Additionally, there are several business opportunities in the city.
Your company is the only factor keeping you from relocating to White Plains, NY. You shouldn’t relocate to White Plains if you can’t discover the greatest atmosphere there for your firm. You shouldn’t relocate if White Plains can’t help you find purchasers for your company.
A registered agent may be anybody in White Plains, NY who is at least 18 years old and a resident. You may serve as your own registered agent if you satisfy New York’s requirements for becoming a RA.
Unfortunately, there is no way to definitively determine if White Plains, NY needs small business insurance. This is so because each city has its own unique set of laws and rules. You should get in touch with your local government if you’re unclear if White Plains needs small business insurance.
If you have an LLC in White Plains, NY, you must pay self-employment tax in addition to income tax. Furthermore, LLCs must pay filing costs that are higher than those for sole proprietorships. The management of an LLC is more difficult than that of a single proprietorship.
Yes, you can start a business with no money in White Plains, NY. Although, you must pay a minimum amount of state filing fee to the New York SOS to set up your business. However, these filing fees are tax deductible. So, you might be able to start your business for free.
LLCs in White Plains, NY, are exempt from paying state taxes as a company. Depending on the owner’s individual tax bracket, they may be subject to federal taxation based on their personal income.
Popular cities in New York include White Plains. The area is teeming with independent companies and creative individuals. The most well-liked small enterprises in White Plains are food trucks, however there are many other kinds as well.
Starting a business in White Plains is not only easy but also profitable. A large portion of the US and even people from other countries are registering their business in the US for intercontinental brand building. Besides, New York has a sustainable economic atmosphere that is enough to encourage newbies to start and run their businesses in White Plains, NY.