For anyone outside the US who is considering doing business in America, the first step is learning more about how to start a company.
Starting a business in the USA as a foreigner is challenging. There are many complex laws that apply.
Here is an overview of how to open a company in the US.
1. Choose Your Business Structure
The first step in starting any kind of business in the US is to choose the business structure that is best suited to your needs.
The U.S. Small Business Administration (SBA) explains that there are numerous types of business structures, and each has its benefits and limitations.
At the same time, not all business structures are right for—or even available—to everyone. Here is information about some of the business structures that you may be considering:
Partnership
This is the simplest type of business structure for two or more people who want to form a business together. You can form a limited partnership (LP) in which one general partner has unlimited liability while the rest have limited liability, or a limited liability partnership (LLP) in which all partners have limited liability. In this type of business, profits pass through personal tax returns.
Limited liability company (LLC)
This type of business has some elements of a partnership, but it also protects the business owners from personal liability in most situations. Unlike other states in the US, LLCs do not have a limited life span in Florida.
Corporation
There are different types of corporations, and this type of business structure provides owners with the most protection from personal liability. However, corporations cost more to form, and they have many more requirements than the other types of businesses listed above.
2. Choose Your Business Name and Location
Once you determine the appropriate business structure for your business or company, the next step is choosing a name for your business and deciding where to open it.
3. Develop All Necessary Legal Documents and Filings for Your Business
If you plan to start a corporation, for example, you will need to file articles of incorporation. Then, if you are starting a corporation, you will need to develop the corporation’s bylaws and maybe a shareholder agreement.
If you are starting an LLC, you will have to file articles of organization and maybe need to develop an operating agreement. Shareholder and operating agreements are similar to one another, but they are specific to the type of business structure you choose.
Depending upon the type of business, there may be other important local documents or filings that a business law attorney can discuss with you.
Contact a Business Formation Lawyer in America
There are other important steps in starting a company in the USA. An experienced business formation attorney can discuss your options with you and can help you to begin the process of opening a new business.
Contact me today to get started.
Timo Becker
Timo Becker works with U.S. business owners throughout America and overseas, and he also assists people from German-speaking countries looking to invest or start a business in the United States.
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