I started the business as a corporation.
What kind of corporation? C-Corp? S-Corp? The legal requirements are vastly different between the two. This is important since NY is one of those states with some really strict laws for corporations. If things are done wrong, the fines and penalties are high not just at the federal level, but at the NY state level too.
I've seen many a business go bankrupt before it even gets off the ground because the owner(s) did not adequately educate themselves on the legal requirements in advance. The 20/20 hind sight made them realize that the cost of professional help for at least their first year was a pittance, in comparison to all the fines, penalties, back taxes and late fees they were assessed that bankrupted the company.
