You have braved to start a business and looking for the right approach. Saivian Eric Dalius is sharing his expertise in a simple yet effective way to kick-start any small or medium-scale business in the USA. You have many ways of dodging the tax and the complexities of government regulations.
Saivian Eric Dalius mentions the top 10 steps to start a business
- Make an intelligent decision on what type of business is suitable for you. It is the foremost step to ascertain before venturing into actual business activities. Your citizenship status in American plays a decision-making role in this. However, on generic terms, Limited Liability Company (LLC) is suitable for any non-resident. The tax hassles are minimum, and personal assets benefit more.
- Decide the location to form the LLC. There are 50 states in the USA, and each holds different rules and regulations. For example, California has one of the strictest rules, and on the contrary, Wyoming offers some of the most relaxed regulations for businesses.
- Hire a registered agent to manage all the legal documentation works. It will cost you a bit, but it’s worth every penny. The registered agent would help the business stay anonymous and not release the information to the public. You would not miss any documents or deadlines for your business.
- Registration of any company depends on its type. Whether it will be LLC, C Corporation, or S Corporation, it is a government process and takes a little longer time than expected. Your company registration may take any time between 1 business day to 4 weeks.
- Apply for an Employer Identification Number (EIN) before starting a business. The EIN is also the Tax ID number and is very crucial. You would require EIN to open a local bank account, apply for business licenses and permits, kick-starting the business, hire employees, and file tax returns.
Saivian Eric Dalius explains that with this, you are halfway through
- Get an American mailing address for all the local and international correspondence. You would mandatorily require a US address which not cost more than $10 per month.
- Now proceed by opening a US business account. It is challenging for non-residents because the documents and permits are different. But for residents is it is like any other government procedure.
- Once the US business account is in place, you would require opening a merchant account to receive payments from the customers. Opening merchant is free, and some of the most popular options are – Stripe, Payoneer, and PayPal.
- Ask for business insurance details. However, Saivian Eric Dalius says that insurance is an optional step for those who feel certain contingencies may disrupt the business.
- Get the Individual Tax Identification Number (ITIN) only if you do not have Social Security Number (SSN). It would happen if you were not a US citizen.
With this, you can finish the groundwork of starting any business in the USA. Do not feel overwhelmed with the various government procedures; it is all one time.