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New York City Business Incentives: Eligibility, Fit, and the Reality of Compliance

by Kastrioti October 11, 2025
written by Kastrioti

Incentives aren’t a strategy; they’re a tool. The question is whether New York’s programs align with what you’re already planning to do—hire people, invest in equipment or space, upskill your team. Here’s how we approach it with clients.

How We Screen Opportunities (Fast)

  • Business model fit: Do the rules reward what you actually do?
  • Scale & timing: Are you hiring or investing within the program window?
  • Location factors: Some benefits are geography-sensitive.
  • Admin reality: Can your team handle reporting? Will you appoint an owner internally?

If we can’t say “yes” to those, we don’t chase it.

Typical Buckets You’ll See in NJ

  • Job creation/retention credits for net new employees.
  • Real estate & redevelopment support for projects that activate sites.
  • Training & upskilling reimbursements or support.
  • Sector-specific boosts (manufacturing, film/TV, innovation) from time to time.

We map these to your headcount plan, lease timeline, and capex schedule—then decide.

The Part No One Mentions: Keeping the Award

You’ll sign agreements with clawback clauses and reports. Miss a milestone or deadline, and benefits can shrink or be rescinded. We put a compliance calendar in writing, name an internal owner, and check quarterly. Boring? Yes. Effective? Absolutely.

What We Tell Clients Upfront

  • Don’t hire people for a credit you might get.
  • Don’t stretch your lease footprint just to qualify.
  • Stackables are real sometimes—but confirm rules in writing.
  • Start early. Many programs require pre-approval before action.

FAQs

Are incentives guaranteed? No. They’re application-based and often competitive.
Do small businesses actually win? Yes—when the plan is tight and the paperwork is clean.
Can you do it for us? We can lead or co-pilot. We’ll be honest if it’s not worth the chase.

CTA: If you want a 20-minute “fit check” on incentives before you spend weeks chasing them, we’ll run the screen and give you a pass/focus decision.

October 11, 2025 0 comments
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LLC vs S-Corp vs C-Corp in New York: The Practical Choice for Service Firms

by Kastrioti October 10, 2025
written by Kastrioti

If you sell expertise—consulting, creative, tech, legal ops—the right structure should make your life simpler, not more bureaucratic. Here’s how we guide New York service firms.

The Short Version

  • LLC (default tax): Clean, flexible, low-friction. Great for early days and solo/partnership shops.
  • LLC taxed as S-Corp: Worth exploring once consistent profits appear. You’ll run payroll for owners and treat the rest differently—potential tax benefits if done right.
  • C-Corp: Useful when you’re chasing venture money, stock options, or international holding structures. Comes with formalities.

How We Actually Decide

We model three scenarios for the next 12 months:

  1. Owner compensation. What’s a reasonable salary for the role you actually perform?
  2. Profit after salary. Is there a meaningful remainder?
  3. Compliance overhead. Payroll + filings + bookkeeping—does the admin cost outweigh savings?

If the math says “marginal,” we stay LLC for now and revisit in six months.

A Note on “S-Corp Saves Taxes” Myths

It can—if you pay yourself a reasonable salary, run payroll correctly, and keep clean books. Otherwise, you’re just adding complexity.

When C-Corp Makes Sense in NJ

  • You’re courting institutional investors.
  • Equity compensation is central to your hiring plan.
  • You plan to reinvest profits and aren’t optimizing for pass-through treatment.

Avoid These Structure Mistakes

  • Electing S-Corp on day one “just because.”
  • Paying owners nothing (or everything) through payroll.
  • Treating distributions like petty cash. Document everything.

FAQs

Can I switch later? Yes. Many clients start as LLCs and elect S-Corp after the business stabilizes.
What about multi-member LLCs? Draft the Operating Agreement carefully (ownership, decision rights, exits).
Will investors hate LLCs? For traditional VC, yes. For most service firms, it’s a non-issue.

CTA: Want a 30-minute structure sanity check? We’ll run the scenarios and give you a straight recommendation—no jargon.

October 10, 2025 0 comments
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Banking & Bookkeeping for NYC LLCs (Including Overseas Owners)

by Kastrioti September 10, 2025
written by Kastrioti

Good businesses fail in bad books. The fix isn’t complicated: two accounts, one card, one invoicing habit, one monthly ritual.

Banking Setup That Just Works

  • Operating account (day-to-day).
  • Tax & reserves account (automate transfers weekly or bi-weekly).
  • One business card (points are a bonus; clarity is the goal).
  • Payments in: Offer ACH by default, cards when needed; know your fees.
  • Payments out: Use vendor onboarding forms (W-9, bank details, terms).

International owners: we often pair a traditional bank with a fintech for faster cross-border payments and sane FX.

Bookkeeping: The Minimal Stack

  • Software: QuickBooks or Xero—pick one and stick to it.
  • Chart of Accounts: Keep it short. Revenue lines by offering; costs by function (COGS, marketing, ops, G&A).
  • Invoicing habit: Issue within 24–48 hours of delivery; net terms defined; follow one dunning rhythm.
  • Monthly ritual: Reconcile accounts, review P&L and cash, tag anything unclear, capture receipts.

Taxes: What We Remind Every Owner

  • Separate your salary/distributions if you elect S-Corp status.
  • Quarterly estimates are cheaper than year-end surprises.
  • If you sell in multiple states, watch nexus—don’t wake up to surprise filings.

Red Flags We Fix a Lot

  • Using personal accounts “just for a month.”
  • Ten revenue categories you don’t need.
  • Paying contractors with no W-9 on file.
  • Zero documentation on reimbursements.

FAQs

Which bank should I choose? Depends on wire volume, FX, support, and onboarding ease. We’ll match you based on your profile.
Cash or accrual? Early-stage services can run cash accounting. If you carry WIP or term contracts, accrual might serve you better.
Do I need a CPA from day one? You need clean books from day one. A CPA becomes essential as revenues, payroll, or multi-state complexity grows.

General info only. We’ll align this to your exact ownership and revenue model.

CTA: Want our “month-end close” checklist and a plug-and-play chart of accounts? We’ll share the templates and walk you through them in 20 minutes.

September 10, 2025 0 comments
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Hiring in New York City: First-Employee Compliance Checklist

by Kastrioti September 10, 2025
written by Kastrioti

Hiring changes your company’s risk profile overnight. The fix is simple: do a handful of things in the right order and document them. This is the checklist we actually use with first-time NYC employers.

The Order That Works

  1. Employer Setup: Federal and state employer registrations as needed.
  2. Payroll: Choose a provider that handles filings, deposits, and year-end forms.
  3. Workers’ Comp & Unemployment: Get coverage and confirm classification.
  4. Required Notices & Posters: Make them accessible to on-site and remote staff.
  5. Paid Sick Leave & Leave Programs: Build policies that meet NYC requirements.
  6. Onboarding Packet: Offer letter, I-9, W-4/state forms, direct deposit, handbook acknowledgment.
  7. Data & Device Basics: Email policy, password standards, MFA, off-boarding steps (you’ll thank yourself later).

Policy Essentials (Keep It Short, Make It Clear)

  • Time off & leave (how to request, how it accrues).
  • Work hours & overtime (what counts, who approves).
  • Anti-harassment & reporting.
  • Confidentiality/IP if you’re in services or tech.

Payroll Reality Check

Set expectations on pay frequency, time tracking, and approvals. Approve timesheets on the same day every period. Rituals prevent mistakes.

Remote or Hybrid? Two Quick Adds

  • Confirm work location for tax and insurance.
  • Decide who pays for equipment and internet—write it down.

FAQs

Do I need a handbook? Not by law, but it’s sanity in writing. A lean 8–12 page handbook is fine to start.
Is E-Verify required? Not statewide. Some contracts and industries require it—check your situation.
What about contractors? Misclassification penalties are real. If they work like employees, treat them as employees.

Not legal advice. New Jersey rules evolve. We’ll tailor this checklist to your specifics.

CTA: Want our editable onboarding packet (offer letter + forms + mini-handbook)? Ask us and we’ll share a client-ready version customized with your details.

September 10, 2025 0 comments
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Start an LLC in New York City (Non-US Founder Friendly)

by Kastrioti September 10, 2025
written by Kastrioti

You don’t need perfect information to start a business in USA, New York—you need the right sequence. After two decades helping founders launch companies across multiple jurisdictions, here’s the simplest path we’ve found to get a clean, compliant NY LLC off the ground (including if you’re overseas).

The 8-Step Path We Use in Practice

  1. Name & quick check. Make sure it’s distinguishable in NYC. If you care about the .com, check that too—early.
  2. Registered Agent. You need a physical NYC address for service of process. Pick reliability over rock-bottom pricing.
  3. Certificate of Formation (LLC). File with the state; keep a clean record of the confirmation for your compliance folder.
  4. Operating Agreement. Even single-member LLCs should have one. It clarifies ownership, powers, bank authority, and buyout terms if you add partners later.
  5. EIN. You’ll need it for banking and payroll. Overseas founders: line up ID ahead of time; the application can be straightforward with the right prep.
  6. Tax & Employer Registrations. Sales tax? Payroll? Register only what you need. Don’t “collect them all” and invite extra filings.
  7. Business Banking. Match the bank (or fintech) to your use case: domestic vs. international clients, wires, multi-currency, API access.
  8. Annual & Ongoing Compliance. Calendar the annual report. Separate your personal and business finances from day one.

Common Pitfalls We See (And How to Dodge Them)

  • Over-registering taxes. If you won’t have employees for six months, don’t register payroll now.
  • No paper trail. Keep a digital “company bible”: formation docs, EIN letter, OA, first bank statement, vendor contracts.
  • Banking friction for non-US owners. Pre-collect KYC docs; be flexible (traditional bank + fintech combo often works best).
  • DIY bookkeeping too long. Give your accountant clean books from month one. It’s cheaper than a year-end salvage.

LLC vs S-Corp (Plain English)

An LLC is flexible. By default you’re taxed as a pass-through. Later, if profits justify it, you can elect S-Corp taxation to optimize how profits are treated. The “when” is a math question about salary vs. distributions, not a vibe. Get a quick scenario model before you elect.

Our Setup Checklist (What We Actually Do For Clients)

  • Name screening + formation
  • Operating Agreement (right-sized)
  • EIN & tax registrations
  • Banking guidance and introductions
  • Compliance calendar + bookkeeping stack (chart of accounts, invoice template, vendor onboarding form)

FAQs

Do I need to be in NYC to open the company? No, but you need a registered agent in NYC and a bank that can onboard you properly.
Can a non-US person get an EIN? Yes—with the right documentation. Plan for identity verification.
Is an LLC the only option? No. But for most owner-managed service businesses, it’s the simplest start.

Book a quick assessment with Hodaj & Mallaku and we’ll chart the leanest route.

[email protected]

September 10, 2025 0 comments
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Recent Posts

  • New York City Business Incentives: Eligibility, Fit, and the Reality of Compliance

  • LLC vs S-Corp vs C-Corp in New York: The Practical Choice for Service Firms

  • Banking & Bookkeeping for NYC LLCs (Including Overseas Owners)

  • Hiring in New York City: First-Employee Compliance Checklist

  • Start an LLC in New York City (Non-US Founder Friendly)

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