There are many foreigners who own millions of businesses in the USA and their numbers increase dramatically from year to year and they are now an important way for economic success. Anyone can launch a business in the United States except if a state prohibits foreign ownership of a business.
The rule applies on even the undocumented immigrants. This category of migrants tends to favor the creation of LLC to obtain an Employer Identification Number. Also, keep in mind that this does not change your immigration status and does not serve to legalize. At this point, it is important to consult with an attorney or a tax advisor.
For starting a company and have a registered office, there are many options to make a company and you must have a clear picture of the available options along with their legal procedure and advantages and disadvantages. If it is clear you want to start a company with a registered office, here I present you with some legal possibilities that exist in USA.
1 – Limited Liability Company (LLC)
This form of business is very common in the United States.
Advantages
First of all, the partners are only liable for the debts of the company with capital of the same, and never their own. Secondly, IRS deals with taxes at the federal level and allows to choose between paying taxes as a corporation or as a partnership.
Disadvantages
The creation process is more expensive if you opt for a partnership or sole proprietorship.
2 – Professional Limited Liability Company
This form of registering a business is very similar to the Limited Liability Company. The main difference is that all the members of the company must belong to the same profession.
3 – Professional Service Corporation
In the similar way of professional limited liability company, to start a business in this way, it is necessary that all the partners belong to the same profession.
The list of professions eligible for one of these corporations varies from state to state, but generally it tends to be actuaries, lawyers, engineers, psychologists, veterinarians, social workers and health professionals such as doctors, dentists and nurses.
4 – Nonprofit Corporation
The advantages it has is that this type of corporation does not pay taxes, so all the contributions made to it are exempt from taxation. This corporation must be for a work of charity, religious, scientific, educational or literary. General, it does not intend to work for money.
Owning a company with a legally registered office is something dreamed by most of us, but a few are able to make it happen. If you also intend to own a company and a registered office in the city where you live, it is better that you start preparing yourself from today by knowing the relevant information, so that you can come up with a foolproof business plan. Here I will share some vital information about the types of companies you can consider in order to launch your own business.
1 – Sole Proprietorship
In this type of company, the owner and the company are considered the same entity.
In its advantages, we can say that it is easy and inexpensive, depending on the condition and the type of business license which will be required to work and the sales taxes.
In its drawbacks, the owner responds with his/her own equity potential losses generated by the business.
If you are going to use a business name that does not match with the owner, it is required to obtain a certificate of state or city and it will depend on what the law says in the place where the business is to have a registered office.
2 – General Partnership
There are two or more people involved to form a company. The major characteristics of the general partnership are as follows;
In its advantages, it is inexpensive to form. It is very possible that, according to the laws of the state in which you reside, you must apply for a company certificate and registered office. You may also have to apply for a license in order to start the business.
For the downside, the partner responds to the debts of the company with his own assets and also responds for damages that a partner may cause during the exercise of the company’s activities.
Any partner in a general partnership may sign a contract that company requires or it can be bound all the partners.
3 – Limited Liability Partnership (LLP)
This business partnership involves two or more partners and it is very common in professions like accounting, lawyers, medical doctors, etc.
The advantage it has is that each of the partners is not responsible for negligence or malpractice of others.
In its drawbacks, all the partners are responsible for debts generated by the lenders, office lease and the like.
Please, note that Limited Liability Partnership (LLP) is not permitted by all the states in USA.
