New Federal Requirement: Starting January 1, 2024, most business entities in the US will need to report Beneficial Ownership Information.
In the last post, we answered some of the most common questions about the process of incorporating your business in the US as a non-resident. However, the process is very complex, and having a well-rounded understanding is crucial to maximize efficiency and success. Here are some more answers to common questions about incorporating a US business as a non-resident.
Can a foreign company become an LLC or corporation in the US’ owner?
If you choose to form an LLC, then yes. LLC ownership can be expressed in two ways: by percentage or membership units, which are similar to shares of stock in a corporation. And one of the many LLC advantages is that you can appoint your own company as an owner. If you’re wondering how to form a corporation, however, keep in mind that you’ll have to appoint a ‘director’ — an individual, not a business — to run your corporation. When it comes down to it, S corporations can have no more than 100 share holders, and each one must be a resident of the United States.
What annual documents do business owners need to file?
There isn’t a ton of paperwork involved with setting up LLCs and corporations in the US as a non-resident, but it does take some preparation. You’ll have to file an annual tax return, and if you’re forming a corporation, you may need to renew your State of Incorporation status using a form that updates the company’s address, officers, and Registered Agent. Experts recommend consulting with an accountant to look over the specific details of your LLC or corporation’s legal and financial documentation.
If a business doesn’t have a physical office space in the US, do they still need a business license?
This is highly dependent on the type of business you run. Some licenses relate to the county and city of the office, while others are more specialized and may not require a license at all. Talk to a professional for the specifics of your business licensing needs.
Ultimately, knowing the answers to these common questions is the best way to make the most informed decisions about your business’ needs. For more information about corporation and LLC advantages, contact MyUSACorporation.
As the year comes to a close, it’s essential for business owners to start gearing up for the challenges and opportunities that the new year may bring. Strategic planning and…
Florida is known as the sunshine state, and millions of people flock there from around the world every year to take advantage of the gorgeous beaches, world-class theme parks and…
(a) You made a typo in the card number, CCV code, expiration date, name or address;
(b) Your card balance is too low;
(c) Issuing bank has declined this transaction for some other reason related to your account.
