[WallStreetFunder1]

What is needed to open up an ISO in NYC?

I’m referring to the legal aspect. What type of business structure. LLC corporation etc also any other documents that are needed.

[rhum2016]

What is needed to open up an ISO in NYC?

I’m referring to the legal aspect. What type of business structure. LLC corporation etc also any other documents that are needed.

Did you do a search on this forum first?
How may people are you starting with?

[ryan $]

You can Bootsrap it.

Technically you can go down to the Town Hall, City Hall wherever you do it for NYC.

In CT it is Town Hall.

Open a Sole Prop by
Registering the Name of a Business (DBA) for $25 Bucks

Take That Paper and Open up a Bank Account in the Business Name (Prob another 25 Bucks) and Get your Temp Checks and/or Bank Letter.

And Start Signing ISO Agreements. Every once in a while a Lender or Processing Company wont work with a Sole Prop, but a majority do.

Talk about Limited Barrier to Entry eh?????

Obviously you want an LLC Though (more expensive) but you can put that together once you fund some deals.

[mcaguru]

Mantis would be a good funding house for the subprime files. your timing is ALSO perfect !!

[ESE5020]

What is needed to open up an ISO in NYC?

I’m referring to the legal aspect. What type of business structure. LLC corporation etc also any other documents that are needed.

An LLC in NY has alot of different requirements now, for example you need to publish notices in two different newspapers for 6 successive weeks, I would consider another entity, or maybe do it in Delaware and then register as a foreign entity here, it may be cheaper and easier. But im definitely not an attorney so this isn't legal advice, i may be way off.

[VeganFunder]

Get any entity that will get you an EIN and a business account--- most Funder's will not sign people up who don't have a corporate entity structure.

Then grab a phone, list of leads and it's off to the races.
Not sure what your experience is, but in terms of Funders go for the greatest hits collection and then work from there.

The differences between and LLC, s-corp, sole prop etc essentially boil down to different tax requirements and benefits (an accountant familiar with your personal situation should be able to guide you).

Until then you should honestly start out as an LLC. You can always opt to file as an s-corp or just change the corporate structure as you're more educated.
Dissolving a corporation is a huuge pain in the neck.

[VeganFunder]

In case you're looking for inspiration on a name...

Just checked the courts and "Not Mantis LLC" is still available for some reason.
May really help you out

[ridextreme]

What is needed to open up an ISO in NYC?

I’m referring to the legal aspect. What type of business structure. LLC corporation etc also any other documents that are needed.

You should be asking legal questions to a lawyer, not to a public forum.

[abfunders]

It's not a lawyer you need, you need an accountant.

Florida and Wyoming? No state taxes on LLC's. Wyoming is cool because of their LLC privacy laws. I've heard seen wonderful things about Florida LLC's. (I know that doing a UCC search and downloading Articles of Incorporation are super easy for Florida)
Delaware? $300/year, aside from setup fees.
Michigan? $50 to set and the first year, then $25/month after that.
Both DE and MI have no state taxes on Corporations. So if you're setting up an LLC filing taxes as an S Corp, or you're making an C or S corp, you won't pay state taxes.

Then all you need to do is get a "registered agent" who has a physical presence in the state you're filing in. There are tons of those, shouldn't be more than $50/year, just Google them for the state you register in. (Although I know some companies that say, "Use us as a registered agent for your LLC in Florida" for people who live in Florida. That's literally selling a useless piece of plastic.)

So it's really going to be dependent on one simple thing: How much does it cost you to set up, and how much does it cost you yearly to maintain?

[mcaguru]

In case you're looking for inspiration on a name...

Just checked the courts and "Not Mantis LLC" is still available for some reason.
May really help you out

funny ...almost choked on the popcorn stash i got here on the table !

[VeganFunder]

funny ...almost choked on the popcorn stash i got here on the table !