Table of Content
What is a Company? A USA company.
- LLC
- S or C-corporation
C and S corporation
- Differences
- Similarities
Starting USA Business
- Steps
- Requirements
What is a company? What is a USA company?
A company in any country is a legal entity for a business. Company will indicate what type of business you are performing? It helps separate your personal and business affairs, taxation, debts and liabilities and much more.
Having a USA company will help you start your business there even if you are a non-resident or just a visitor. Starting up a USA business is quite easy and you can manage it through your own country. you don't need a visa to register your business in USA. There are two most popular types of companies you can register.
1: LLC
LLC or Limited liability company is similar to a corporation in many ways and has same flexibility in terms of operations. This business structure can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation. you can open LLC as a sole owner or partner it with someone. It is best for small businesses. because it is not expensive, easy to form and simple to operate.
2: S or C-corporation
A C corporation, under United States federal income tax law, is any corporation that is taxed separately from its owners. A C corporation is distinguished from an S corporation, which generally is not taxed separately.
The main difference between C and S corporations is taxes. C-corporations pay tax on their income, plus you (owner/employee) pay tax on whatever income you receive as an owner or employee. An S corporation doesn't pay tax. Instead, you and the other owners report the company revenue as personal income.
An LLC can either be a C or S corporation
C and S Corporation: Difference and Similarities
Comparison
C corporation
S corporation
Difference
- Type – default type of corporation. your company is registered as c-corporation.
- Tax – company pays corporate income tax and shareholders pay federal income taxes
- ownership – anyone can be owner and can have as many owners as they want.
- Type – for s- corporation, need to fill FORM-2553.
- Tax – company pays no tax and shareholders report business income and loss on personal tax return.
- ownership – only USA citizen can be owner and company can have only 100 owners.
Similarities
- Limited Liability protection – shareholders don’t have to pay debts from pocket if anything happens to company.
- Separate legal entities– can have separate entities from original company
- same document– article of incorporation is same for company filing.
- corporate structure – company is managed by CEO and team. Policy and management concerns are handled by board of directors
- Limited Liability protection – shareholders don’t have to pay debts from pocket if anything happens to company.
- Separate legal entities– can have separate entities from original company
- same document– article of incorporation is same for company filing.
- corporate structure – company is managed by CEO and team. Policy and management concerns are handled by board of directors
Starting USA business
To start a USA business you will need to follow below steps:
- Decide on business type
- In which state you want to register your company?
- hire a registered agent
- Apply for company and pay fees
- Apply for EIN (Employee Identification Number)
- Register your business with state
- Apply for Tax ID
- Apply for your business certifications.
- Get USA mailing addres
- Get a USA local phone number
- Apply for Business name (optional)
- Hire an accountant and file your taxes and returns.
- pay state and federal texas.
- pay annual fees and other fess if apply
- Keep your business reports ready e.g., income statements, cash flow statements etc.
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