For a bit I have wavered over the initial business structure for the eco-space. Do I start as a sole proprietorship and then transition to a corporation OR do I just automatically file as a limited liability corporation. The major reason for my wavering is the astronomical advertising fees for any of the New York City counties. Basically, every LLC in the state of New York has to do a 6 week advertisement (announcing them being registered) in two newspapers for $1500+. Naturally the costs for NYC advertisements is nearly triple what other cities within the state cost. Gratefully, there is a grace period of 120 days to perform the advertisement once your business is registered.
I talked with other entrepreneurs and lawyer folks that I know to gain insight to aide my decision…AND I decided to just do it….just file as an LLC. Earlier today, I took one of many steps of making the eco-space an official business in New York by completing the state’s business checklist wizard so I could figure out what all forms/finances are needed to register the business.
As you can see the first action on the checklist is to register the LLC. My plan is to complete this action before my birthday (man it is approaching soon), which means that I will have until Christmas time to complete the advertisement piece. Which means that I will have at least 80 days to get the money to pay for the advertisements.
I’ve gotten 12% towards the $5000 Phase I goal via my Ko-Fi page that I intend to put towards the advertisements. Major thanks to those that have donated! As you know, I’m currently hosting a birthday donation campaign which I trust will increase the % toward the goal.
In other update news — I’ve reached out to local business districts asking them to promote the marketing analysis survey. I really want to get at least 200+ submissions to really determine what Bronx residents desire for the pop-ups and eventually store. It looks good when come time to seek investors. I also applied to be part of a market in late September (another reason to get the business registered before my birthday) so waiting to hear what they say.