New Federal Requirement: Starting January 1, 2024, most business entities in the US will need to report Beneficial Ownership Information.

New Series: Incorporating in Your USA State

Doing business in the United States holds a number of advantages, and your USA business can be your key to success.  In general, incorporating your business in the United States is a straightforward affair, but each state has its own nuances, requirements and regulations that may affect how you go about the process.

If you’re coming to the USA from another country, it’s helpful to first understand how the country and states are structured.  The United States, as a nation or country, is comprised of 50 individual states. Each of these states operates independently, with state and local governments that make the state function much like a country of its own.  If you’re coming to the USA from Europe, for example, it’s helpful to think of the United States much like the European Union, with each US state being less like a state and more like a European country.

In addition to the federal rules and regulations governing business throughout the entire United States, each state has its own laws regarding incorporation and business operations. Some states are very loose with their regulations, offering generous tax structures and operational guidelines, while others more closely regulate how your business operates.  Each year, several US magazines publish lists of the easiest and most difficult states for business; the 2023 Forbes list is available here, but your MyUSA Corporation advisor can help you find the perfect fit for your business’s specific needs.

Some states make it very easy to incorporate, with incorporation possible in just a few minutes at the state’s website.  Other states, in contrast, require extensive paperwork filed either in person or by mail. Most states will require at least a business name (known as a “Doing Business As,” or DBA) and a business license, and many also require you to obtain an Employer Identification Number, or EIN, from the Internal Revenue Service before you launch your business.  Beyond these basics, though, requirements can vary significantly from state to state.

In the following series from MyUSA Corporation, we will explore what it’s like to incorporate in each US state.  This series will help you understand the nuances of starting a business each state, and provide valuable resources to get you started.

Regardless of how easy a state makes it to launch your business, though, a trusted and knowledgeable advisor will be key to ensuring you have the right structure and tax status to avoid problems arising later. We always encourage you to consult with your MyUSA Corporation advisor before filing any paperwork with a state.  For more information, or to get started, you can schedule a free consultation at any time.

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