I'm starting a business. I have a partner and we're going to register it in the US. Anyone got any experience of this. Did you register as an Inc or an LLC.
What's the most tx efficient - trying to save myself the cost of a lawyer.. wink
depends which state you are in and whether you are going to be international. In California they have rules and regs up the wazoo, other states are not so stringent. Always good to make sure how much insurance you might need, ie , if you're product based, eg, make up , and someone gets a rash.
If i was going international, I'd probably go offshore into the Carribean, but check your state regs and work out your odds. A lawyer migh prove cheaper than an action.
Thanks Annie,
I thought everyone registered in Delaware? New York State is well dodgy to register a company - as you cop for a load of tax even when you don't break even (which we wont for a while).
I currently have registration in Oregon as a sole proprietor, "doing business as" but am looking to incorporate later this year. I was considering the Delaware route as well.
I think they basically are the Liberia of the 50 states - don't care what you do or who you annoy so long as you pay them their little share.
If you're going to incorporate you need a corporate lawyer! When we took over an established corporation most stuff is simple but the taxation part needs a lawyer as well as a business accountant. If you're going to register as sole proprietor 'dba' then all the forms are available on the internet on government sites. You can apply for your EIN or TIN on the internet too.
I'm going to have a business partner so I can't do sole proprietor
It's either going to be either an LLC or an Inc.
I see NEVADA and Wyoming are making a play for Delaware's turf too. Not sure I like the idea of saying - 'our company is registered in Las Vegas'
Not sure I like the idea of saying - 'our company is registered in Las Vegas'
Why not, man? Nevada has super-low tax rates, we get loads of SoCal businesses moving here for the tax benefits.
No Corporate Income Tax
No Taxes on Corporate Shares
No Personal Income Tax
No I.R.S. Information Sharing Agreement
Nominal Annual Fees
Minimal Reporting and Disclosure Requirements
Stockholders are not Public Record
Clicky here for more goodness
I have no objection to registering in your fair State - I'm just worried what the European customers might think - Dealware is a nice safe choice - I'll reconsider .
How does Nevada make tax revenue - gambling tax I guess?
I incorporated my business in Texas, since that is the state in which I live and where I do most of my business. It's the 2nd most expensive state to incorporate in, after California. I went as a Class C corporation.
You would do well to find yourself a good accountant. Visit your local chamber of commerce and see if they have business networking meetings and get personal recommendations.
It is very straight forward to file Articles of Incorporation and it will offer you more protection than an LLC, although there is more paperwork involved.
A good CPA should be able to help you with all your tax issues and even deal with your accounting which will leave you to run your business.
Regrads
Nigel