US incorporation for foreign owners
There are no U.S or state laws which restrict a non-U.S. resident from opening a business in the United States. The procedure for incorporating a business in the United States for a non-U.S. resident is similar to the procedure required for a U.S. resident. It is not necessary to be a U.S citizen or to have a green card to own a company in the United States.
- How to incorporate
Incorporating a business means forming a company entity recognised by the state of your incorporation. The process of incorporating in New York or any other state is easy. Below is what you should know about forming a company, including information about opening a bank account for your business, obtaining a local business license, and other details. For any query, contact us by phone (1-800-557-8320), email, or live chat.
- What should I do before I incorporate?
Step 1- There are different types of entities such as General Corporation, Closed Corporation, Non-Stock Corporation, Limited Liability Company or Limited Partnership. So, the first step includes choosing the type of business entity suitable for your business.
Step 2- The second step is to choose the business formation package from PayeUp, Inc. most suitable to your business needs. The packages include all state filing fees, registered agent fees and shipping costs. In addition, please note there are no hidden fees.
Step 3- After choosing the package, the next step is to select the name and the suffix that describes the type of business entity. The common suffixes include Incorporated (Inc.), Corporation (Corp.), or Company (Co.). For LLCs, the only allowable endings are LLC, L.L.C., or Limited Liability Company. You should avoid words such as “bank”, insurance”, “trust”, “university”, or “college” in the name of your company.
- Where should I incorporate?
You can incorporate your business anywhere. It is not required that you initiate your business in the state where your business is physically located or from where you conduct most or all of your business.
- How do I get help with incorporating a business in New York or other states?
PayeUp, is always there to help you with incorporating. Get live help in real time on our website by our experts or connect with our incorporation specialists directly. You can even email with your questions, and our experts will offer prompt advice and solutions tailored for your unique situation.
- Who should I contact to apply for a federal tax ID number?
An Employer Identification Number (EIN) is also known as Federal Tax Identification Number. We will help you obtain an EIN number [as part of our package price / at a reasonable price]. You can order it at the same time as the new formation package.
- Choose a business entity type
There are different types of business entities such as sole proprietorship, partnerships, Limited Liability Company (LLC), corporation and small business corporation (S- Corporation). With PayeUp, choosing a business entity type is easy. By eliminating the formalities that come along with the process such as board meetings, drafting bylaws, corporate resolutions, etc., we help in choosing business entity for your company. PayeUp is the best choice when clients look to raise capital by selling shares of stock.
- Understanding registered agents
All LLCs, S Corporations and C Corporations are required to appoint a registered agent, which is a liaison between your company and the state in which it is incorporated.
- Why do you need registered agent?
The primary role of an agent is to receive service of legal papers, tax forms, annual corporate and other legal notices.
The agent critically handles state documents and keeps the company in full compliance. The agent must have a physical address in the state where you do business.
- What happens if there is no registered agent?
If there is no registered agent, you will forfeit your company’s legal right to do business. Once you lose that right, restrictions are serious. Regaining your good standing can be a time consuming and costly affair.
- Business entities
The United States of America offers different types of business entities to choose from. Selecting the right type of company for your new business helps in maximizing the chances of financial and operational success. We provide a detailed comparison about the options available with all the information you need to learn about limited partnerships, LLCs, general and exempt corporations. For more information, please refer below:
- Maintaining a business
Each state has its own set of rules to form a corporation. We offer many products and services that’s will help you grow and manage your business easily. As your needs evolve, we will stand by you and assist you with many of your following needs.
- Annual Reports
Preparing and filing annual reports for your company within deadline is required. Your company’s standing depends on yearly filing, and outsourcing your annual reports to PayeUp can protect you from any filing mishaps.
- Business Licenses & Permits
There are several filing jurisdictions throughout USA. Depending on the particular industry and location, the right licenses and permits will apply to your business.
- Bylaws & Operating Agreements
Corporate bylaws are one of your company’s most important legal documents. It is a document that provides a framework for your business and how it operates. State law requires all corporations to outline their day-to-day operations.
- Business Coaching
When a company is formed, they are entitled to various benefits. Compliance can be overwhelming as well as complex. We help you to take the appropriate steps to stay in compliance.
- Compliance Watch
Compliance Watch is an online tool for all your business compliance needs. It will alert you on filing due dates, help secure online storage and keep a check on many important tasks. PayeUp provides free unlimited access to Compliance Watch.
- Registered Agent Service
Orporations and Limited Liability Companies (LLCs) are required to maintain a registered office to receive important legal and tax documents during normal business hours. The person or company, which receives the documents, is Registered Agent. To mitigate your risk, hire us as third party registered agent on your behalf.
- Corporate & LLC Kits
Our corporate and LLC tool comprises an ideal storage space for your important business documents. Our tool helps you to maintain records for your business.
- Certificate of good standing
Certificate of Good Standing, is a document that ensures that your company has met legal requirements and is qualified to do business in that state.
- Certified Copies
Certified copies are state issued copies of your original business documents. PayeUp can help you get accurate copies of your important business documents.
- Stock & Membership Certificates
Stock certificates are official documents issued by a company to its shareholders, which is an evidence of ownership stake they have in the corporation. Membership certificate is a similar document and it is issued to the members by LLCs.
- Written Consent
Whenever your corporation or LLC undertakes any vital actions, a written consent is drafted and signed by the Board of Directors, Shareholders or LLC members.
- Employer identification number (EIN)
Employer Identification Number is essential for identifying a business entity. Internet revenue service issues EINs, which are required on all tax filings.
- S Corporation Election –Form 2553
To get best tax savings for your business, you need to have the right tax classification. Many C Corporations and LLCs elect to file for S corporation to enjoy those particular benefits.
- Nonprofit 501(C) Status
By forming a nonprofit corporation, you can enjoy tax-exempt status. Incorporating nonprofit organisation such as 501(C) can help in establishing legal protection.
- LLC Tax Status Election (Form 8832)
When you form a LLC, it is important to choose the best tax classification to maximise your tax savings. After assessing the options, you can change the default tax status by filing internal revenue service Form 8832.
- Register a Business Name
State and local government generally require companies to register a name for their business. Registering a business name helps companies to operate their business under a particular trade name.
- Register in Additional States
In order to do business legally in different states, you will need to register your company in those states. To open an office in other state outside your company’s home state, you will require a Certificate of Authority.
Companies need to pay taxes and file an annual report. PayeUp offers an annual service to help you meet E-filing requirement and keep your company in good standing.
Article of Amendment (for corporations) and Certification of Amendments requires businesses to notify the Secretary of State about any fundamental changes your business makes.
- Entity Conversion
If you want to change your business entity type, PayeUp can help you. There can be many reasons to change your business from LLC to corporation or vice versa.
If you need to close down your business for any reason, it is important to officially dissolve your corporation or LLC with the state. You are liable for annual report filings, tax payments, etc., until the Secretary of State is informed of your business closure.
We can help restore the company’s good standing after it has failed to meet annual filing obligation risk. We will help you take the required actions to return it to full status.