Business Formation Services
Are you looking to start a new business, but feeling overwhelmed by the complex legal requirements involved?
Don’t let paperwork and bureaucracy hold you back from pursuing your entrepreneurial dreams! With our business formation services, you can streamline the process of setting up your new business entity, while ensuring that all legal requirements are met.
Our experienced team will guide you through every step of the process, from registering your business name to obtaining necessary licenses and permits. Plus, we provide ongoing support and guidance to help ensure your ongoing compliance with relevant regulations and requirements.
So why wait? Let us help you turn your business dreams into reality with our comprehensive business formation services. Contact us today to get started!
7901 4th St N STE 7506 St. Petersburg, FL 33702
786-893-2498
robert@youraccountantusa.com
Sole Proprietorships
A sole proprietor is someone who owns an unincorporated business by himself or herself and is by far the easiest and most common legal business entity. A sole proprietorship can only have one owner, a married couple doing business together are a partnership instead. For the reluctant entrepreneur or gig business, the individual may not even know that they are a sole proprietor until filling their last year’s tax return.
Affiliated Partners
Partnerships
A partnership is the relationship between two or more to do trade or business. Each person or entity contributes money, property, labor or skill, and shares in the profits and losses of the business. Partnerships are the simplest structure for two or more people to own a business together. There are three common kinds of partnerships: general partnership (GPs) and limited partnerships (LPs).
Corporations
In forming a corporation, prospective shareholders exchange money, property, or both, for the corporation’s capital stock. A corporation is incorporated under the laws of a state and is a legal business entity that is separate from its owners. Corporations can make a profit, be taxed, and can be held legally liable.
Limited Liability Companies (LLC)
A Limited Liability Company (LLC) is a business structure allowed by state statute. Each state may use different regulations, you should check with your state if you are interested in starting a Limited Liability Company. Owners of an LLC are called members. Most states do not restrict ownership, so members may include individuals, corporations, other LLCs and foreign entities. There is no maximum number of members. Most states also permit “single-member” LLCs, those having only one owner.
Doing Business As (DBA) name or Fictitious Name
You might need to register your Doing Business As (DBA) — also known as a trade name, fictitious name, or assumed name with the state, county, or city your business is located in. Registering your DBA name does not provide legal protection by itself, but most states require you to register your DBA if you use one. Some business structures require you to use a DBA.
Registered Agent
Several of the legal entities above require a Registered Agent, with a business address, in the State where your entity is formed. The duties of a registered agent are to forward to the entity at the address most recently supplied to the registered agent by the entity, a process, notice, or demand pertaining to the entity which is served on or received by the registered agent.
Federal Employer Identification Number (FEIN/EIN)
What is an EIN?
An Employer Identification Number (EIN), also known as a Federal Tax ID Number, is a 9-digit number issued to businesses by the Internal Revenue Service (IRS) for tax purposes. Your business’s EIN identifies your company when filing business tax returns—the same way your social security number (SSN) identifies you. Businesses that hire employees or that are taxed as a corporation or partnerships will need to get an EIN.
Individual Taxpayer Identification Number (ITIN)
Foreigners who earn income from a US source, such as rental income, investments, or employment, may need to obtain an Individual Taxpayer Identification Number (ITIN). An ITIN is a tax processing number issued by the IRS to individuals who are not eligible to obtain a Social Security Number (SSN) but have a US tax reporting obligation.
Without an ITIN, foreigners may not be able to file US tax returns or claim certain tax benefits, such as the foreign tax credit or exemptions for dependents. Additionally, failure to obtain an ITIN when required can result in penalties and interest on taxes owed.
Overall, obtaining an ITIN is important for foreigners who have US tax obligations to ensure compliance with US tax laws and to avoid potential penalties and interest.