The most significant decision an entrepreneur has to make while starting a business in the United States is choosing the right legal business structure and your choice of business structure will not only have a direct impact on taxes, liquidity, liabilities & flexibility in operations but also on the diversification and scalability of your business.
Building your own business from the ground up is an exciting opportunity, but it can also be challenging. You will need adequate funding, time, personal support, and professional support in order to move forward successfully with entrepreneurial dreams.
We at USAIndiaCFO critically analyze your business and then propose to you the most feasible and tailor-made solution for your business, all under one roof. We provide a complete guide on how to start a new business in the US including company incorporation in the US, providing you a range of related services, and performing role as your Virtual CFO Partner.
Following key factors, one should evaluate in considering your new Business in the US?
- Tax implications (global business tax cost, foreign tax credits, transfer pricing);
- Cost Structure (Incorporation, Post Formation, Administrative, operational, etc)
- Legal liability(the extent to which owners can be held liable for the company’s liabilities);
- Flexibility (owners goals and business requirements are needed to be synced);
- Access to a US Bank Account and payment gateway (getting access to US financial institutions is critical to starting a new business in the US)
We have provided below step-by-step process on How to start your new business in the US?
Step 1: Choose the right Business Idea
Step 2: Plan your Business
- Choose your Business Name and a Logo
- Choose your Location
- Conduct Market Research
- Write a Business Plan
Step 3: Identify Funding Plan
Step 4: Design and Choose your Business Structure
- Sole Proprietorship
- General Partnership (GP)
- Limited Liability Partnership (LLP)
- C Corporation
- S Corporation
- Limited Liability Corporation (LLC)
Step 5: Form your Business
- Name your Business
- Choosing a Registered Agent
- Getting an Employer Identification Number
- Filling Formation Documents
Step 6: Setting up your Bank and Credit Card
Gaining financial access to US starts with obtaining a bank account for your business.
1. Opening a business bank account:
- Separates your personal assets from your company’s assets, which is necessary for personal asset protection.
- Makes accounting and tax filing easier.
2. Getting a business credit card:
- Helps you separate personal and business expenses.
- Builds your company’s credit history, which can be useful to raise capital (e.g., small business loans and small business grants) later on.
Step 7: Setting up business accounting
An accounting system helps you track the performance of your business and simplifies annual
tax filings. Quality accounting software lets you download your bank and credit card transactions, making accounting fast and easy. Learn more about the importance of accounting and how to get started with accounting today. Or, hire a business accountant to help you navigate all your business accounting and tax needs from payroll to sales tax.
We have assisted 3,500+ organizations from various industries and of various sizes to structure their business in such a manner that it’s not only optimal but also resonates with the ultimate vision and mission of the founders.
Our Expert CA Naman Gangwal, CPA is a certified acceptance agent in the IRS, who has successfully incorporated more than 1000 companies in the US and has been dealing with complex business structuring in India and the United States for over a decade now as a one-stop solution to all your Business Needs.