Now that you have decided to start a business in the US, you need to know all the steps when it comes to starting a new business. Luckily, Wholesale Shelf Corporations have all services figured out to help your business get off the ground.
Below we have a step-by-step guide from choosing the right business type to getting your business registered.
Select the right business type.
There are mainly four types of companies depending on the form of structure in the U.S. These are Sole Proprietorship, Partnership, Corporation (S or C), and Limited Liability Companies (LLC).
- Sole Proprietorship: owned by one single person, which means that if your company falls into debt, it will affect not only your business but also your personal assets. Best suitable for designers, photographers, hairdressers, etc.
- Partnership: Collective ownership of two or more people. Best suitable for teams of financers, programmers, lawyers.
- Corporation: A large business made up of many shareholders. An unlimited number of shareholders for an S corporation and 100 shareholders for a C Corporation. Best suitable for owners who plan to exchange their shares and plan to attract large investments.
- Limited Liability Company: An LLC has combined advantages of corporation and partnership and also has a very flexible structure. If you wish to separate your business assets and personal assets, then an LLC is best suitable for you.
Choose a state to form your LLC
Every state has different business laws. Although it is suggested that if you are a US resident, then incorporating in your home state is the best option. However, if your business is not in the same state you live in, you can still be allowed to operate your business legally from anywhere in the country. Wholesale Shelf Corporations’ Foreign Entity Registration Service will help you achieve this.
If you are flexible or a non-US resident and plan to solely operate from outside the US with no physical presence in the US, then you should consider Wyoming. Wyoming is the most business-friendly state for outsiders.
Get a Registered Agent.
A Registered Agent receives official papers and legal documents on behalf of your corporation during normal business hours. It is a very important service since it is required by the law. Wholesale Shelf Corporations offers free first 30 days Registered Agent Service when you buy aged corps. Keep in mind that Registered Agents are not a P.O box and need to have a physical address that should be present in your state of incorporation and must be present at the address throughout your business hours. With Registered Agent Service, you can stay anonymous since, in most states, the company’s registered agent information is made public. You will also not miss any important deadlines or documents for the company if you are not physically present in the registered state.
Get your business registered.
Once you have chosen the business type best suitable for your business and a state to incorporate your business, it is time to register your business. It is a hassle to form your business company all by yourself while making sure that you’re doing everything correctly. It is honestly not recommended to do this alone, especially if you are not familiar with business laws. Moreover, if something goes wrong, you will be putting yourself and your company at major risk. It is advised that you use the services of a business lawyer to make sure that everything is being done in the right way.
Get an EIN for your business.
It is necessary to have an Employer Identification Number (EIN) to start a business in the US.
The US Internal Revenue Service (IRS) issues an EIN or a Tax ID number to identify a business. In simple words, your EIN is your social security number for your business, and every business needs to have it to lawfully conduct business in the US. You require an EIN to open a US-based bank account, start your business, apply for business licenses and permits, hire employees and file for taxes. Wholesale Shelf Corporations’ IRS company registration provides your business an EIN.
US mailing address
Most U.S banks will ask your business mailing address or a residential address to set up a bank account. Wholesale Shelf Corporations offers a professional mailing system for very reasonable rates.
Open a US bank account and merchant account
Now that you have your mailing address, it is time to open a US bank account and a merchant account. With a merchant account, you will be able to accept credit and debit card transactions from your customers. Wholesale Shelf Corporations’ merchant account setup accepts all credit cards and e-checks, and the deposits will be made 24 hours into your bank checking account.
Be responsible when it comes to filing your taxes.
You need a Corporate CPA that specializes in Corporate Taxation and legal Tax Shelters for tax strategies to minimize taxation. It is also advised that you consult with an accountant to make sure that you pay your taxes on time and set up payroll if required. With Wholesale Shelf Corporation, you can consult with a Corporate CPA that specializes in corporate taxation and legal Tax Shelters.
Separate your business and personal bank account
When forming a business, it becomes important to keep your personal bank account and business account separate. By doing this you are ensuring that your business company is solely liable for its debts and liabilities and your personal assets will come to no harm. To make sure that your personal assets are safe from your business company, Wholesale Shelf Corporations offers consultation with Asset Protection Attorney. Make use of this service to keep your personal assets protected.
To conclude, starting a business and getting it registered is a long and tedious process although lucky for you, Wholesale Shelf Corporations‘ service will help you at every step of the way. Wholesale Shelf Corporations is a trusted and professional company with a highly experienced team of industry experts. Consult with them today and start your own business in the US!
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