There are many advantages of having your own business in the USA. You will be your own boss. The US government offers many tax waivers to people having their own business. Once the business grows, you can employ others and work towards refining your business’s performance. Aren’t all these things wonderful? So, start your own business in the USA today and be your own boss!
Here are some great tips that will help you do a progressive business in the US:
1. Go for a Limited Liability Company (LLC): LLC is the most recommended business type in the US. Under this, your assets will be protected from debts and lawsuits. That means your bank account, home, and car will remain protected.
Once you become well educated on starting your business in the US, you will find LLC reasonable because this type of business protects you from individual taxes. To know more, you need to meet a licensed startup companies’ advisor.
2. C Corporation: If you are a resident of US, this might not work for you. But if you are not a US resident, starting a C Corporation is not a bad idea. Business people like investing in corporations to keep their taxes saved and money passively secure at some place. When a corporation starts making profits, it has to pay taxes, and also the shareholders have to pay taxes. AnS-Corporation that avoids double-taxation is a favorable option for US citizens.
3. Sole Proprietorship: This is the simplest type of business one could start in the US because you do not need to do filings. On the other hand, this could be a little risky too. In a sole proprietorship, you are the only person in your business. Hence, your business assets and liabilities are your personal assets and liabilities.
4. Where to form your business in the US: If you are a US citizen, you can start your business in your home state. If you are not a US citizen, there are many advantages of starting your business in Wyoming. These are the following reasons for doing so:
- No proof of US Citizenship required
- Lesser annual report fee ($50 in comparison to $300 in other states)
- Privacy
- No state and personal taxation
- More friendly laws for the non-residents of the US
Once you’ve decided upon starting your own business in the US today-an LLC, a C, or an S-Corporation, you need to seek legal advice. If you become presumptuous initially, thinking that you can mobilize things without seeking professional advice, you might end up landing on the wrong side of the fence.
There are some things that you need to consider before starting your own business in the US. You need to know things pertaining to registration of your LLC or C Corporation. You may even be unaware of the time expended while having these things done. Hence, talk to licensed immigration financial planners (for non-residents) or legal advisors before starting your business journey.
Immigrants Thrive 