How to Start a Business in the USA – A Step by Step Guide for the Beginners
Ø Planning to start your own business
Ø Looking for some good business ideas
Ø Want to know how you can get funding for your Startup
We will show you how you can start your own
business in USA if you have any business idea. What are the legalities and the
funding options for your business?
Starting
a New Business
First of all you need to decide on which business
would be right for you. You do a survey around your region and see what is high
on demand now.
Make sure that you have understood the
business that you are choosing, and it suits your business goals
What
Type of Company you are looking start
Once you have the business plan ready then
you need to decide which type of company you would like to start. In USA you
have many options with you. Some of the popular choices are:
LLC -
Limited Liability Corporation
LLC is the most common business type in the
USA. The US laws protects your assets in case you face business debts and
lawsuits. No big hassles as far as taxation structure are concerned. If you
expect that revenue of your business will be small then you can go for LLC.
Both residents and non-residents can start an LLC.
C-Corporation
If you are a non-resident and want to start
your Business in USA then C-Corporation is recommended for you. Moreover if you
want investors to fund your venture and you wish to have shares of your company
then you can start a C-Corporation. If you are US residents then you can go for
S-Corporation
S-Corporation
With S-Corporation you will have certain
advantages as it is only meant for US Residents. Here you are exempt from
double taxation. If you think you will make a good revenue then this is the
best choice for you as you can save more taxes.
Sole
Proprietorship
In a Sole Proprietorship, no formal filings
are required and it is simplest of all the forms of businesses. However the
disadvantage is that in a sole proprietorship, you will have to take personal
liability for all business matters. Your business assets and liabilities are
not separate from your personal assets and liabilities. If you face debt
situation or a loss then you have to compensate that with your personal assets.
Financing
your Business
In the USA there are numerous government
backed loans and funding programmes for your business. There are government
guaranteed loans, financial assistance and grants to start your business.
Some of the options are:
Small Busines Loans – There are many types
of loans that you can apply for starting your company or business in USA.
Government Funding Options - There are
funding programmes like Small Business Investment Company Programme, Small
Business Innovation Research Programme etc. for funding of new Businesses.
Look for the genuine crowd funding sites
where you can request to raise funds for your start-up project.
Laws
& Tax Requirements for your Business
When you are in a business it is very
important that your business is complying with federal, state, and local tax
laws.
You need to ensure that all the federal tax
requirements for starting a business are met. For more details you can get the
information from this official link of US Government
Apart from complying with all the US laws
you also need to ensure that you also follow the consumer protection laws marketing.
While hiring the employees for your business keep in mind that here also you
need to comply with federal and state regulations.
You can hire only those Foreigners who have
permission from the Government to work in USA. It is better to register your
company with online E-Verify system. Here is the link where you can register
Above all you need to secure your new
Business by taking a right insurance coverage
Setting up your own business is a
challenging but an exciting task. Get set go now and start preparing a business
plan.
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