How to Start a Business Oklahoma Department of Commerce
You don’t need to live inside the US to register a US corporation, but you do need a registered agent. A registered agent receives mail on your company’s behalf, something that is essential for founders who are non-US residents. Once you decide on an available and accurate business name, what’s next? If you’re not ready to file the rest of your LLC paperwork, you can reserve the use of that name so no one else can take it in the meantime.
Every state has different requirements, different terminology, different forms and filing fees. By choosing this business structure, you escape paying federal and state corporate income taxes. Read more about USA company registration here. However, you are still required to pay the franchise tax charged for keeping your business operating within the state. Your business’s federal tax returns, for instance, won’t be publicly available, and corporations do not record information about shareholders with the states. Even if you’re operating as a sole proprietor or unincorporated partnership, it’s a good idea to have a designated company bank account to keep your personal finances separate from those of your business. If you decide to incorporate your business later on, this will save you the hassle down the line.
Create an LLC Operating Agreement
If you’re planning to start a new business, you should consider the following factors before deciding which type of loan will work best for you. Once you are good with the business structure, now it is time for the business registration process. You can think of a name you want to have; however, you must check if the name is available to use or not. These differences include what the business structure is used for, how ownership works, and how the business is required to run.
Some states require these documents when an LLC or Corporation is formed, but others do not. As a non-US resident seeking to operate an online business through a US company, you are free to incorporate your U.S. company in any state of the United States. You have probably read many articles on the internet regarding the difference between both company structures (or maybe you didn’t). The issues with these articles are typically written for US residents, and some concepts are thrown at you (as a Non-US resident reader).
What is the difference between transferring ownership of an LLC versus a corporation?
Our company provides full service in company registration for a very competitive cost, so we make it easier on our clients to get this part of the plan done with. For example, Wyoming has Annual Report of $52, while Delaware has franchise tax for LLCs ($300 a year) and both annual report and franchise tax for corporations, calculated based on some formula. For residents of the UK, incorporating a company follows the same process as it does for US residents.
Can I get an EIN in the US with a friend or family member’s SSN?
A business plan is an essential document that outlines the goals and objectives of your business. Read more about Open a company in the US here. It also includes the strategies and tactics to achieve those goals. However, it can be challenging if you don’t have any business planning.
The filer may simply fill in the required business information and the articles of organization will be electronically generated when the filing is approved. Setting up a US company as a non-resident is more than just filing legal paperwork. You also have to understand and comply with the many tax and other requirements of doing business in the USA. If you’re electing to structure your business as an S-corporation, there’s a 10th step to follow — filing IRS form 2553-Election by a small business corporation. You must file this form within 75 days of incorporating your business for the election to take effect that year. Alternatively, you can file in the year preceding when you want the election to take effect.
