Are you interested in setting up a green company? Do you have a great business idea or desire to offer the best service in town?
If so you need to know how to set up your green company. Fortunately it can be achieved in several easy steps. It is possible to handle all of these matters yourself but you may find it beneficial to enlist the help of a professional who knows all about starting a company.
Here’s all you need to know:
Anyone Can Do It
You don’t need to be a US citizen to start a company in the US. You just need to know if you want to create a corporation or a limited liability company.
In general a LLC is the better option for tax purposes, simpler regulations and even income splitting.
Choose Your State
You need to register your US Company in a specific state. You can choose the one you live in, the one where your target audience is or the one which is friendliest for non-US citizens. The choice is entirely yours!
Create A Name
Your LLC needs a name and you need to verify that it is not already in use. Choose one which is easy to remember and fairly short.
Next you will need to file all the relevant information concerning your new company and its directors with the state you have chosen.
This is not a particularly difficult process you just need to make sure that you fill all the boxes in properly and give them any supporting documents they require.
The operating agreement lists the company structure, key personnel, owner’s working relationships and the capital you have available. It is important to draw this up properly and you may want to get professional help with this stage.
An EIN is an employee identification number and it will allow you to get a US bank account. This will allow you to receive payments in the US and make payments to the authorities for your tax, etc.
You must register for state tax. You will be taxed on your income. If you are a US resident then you are taxed n worldwide income but if you are a non-US citizen you are only taxed on your US income.
You should already have verified if you need any specific licenses or permits to operate your business. If you do it is essential to apply and get them before you start trading.
This will ensure you are legitimate.
It is essential to obtain insurance protecting you and your assets from any claims against the business. The company also needs insurance to protect it from libelous or other claims and incidents.
Finally you are ready to start trading. This is the point where you can start selling your products or services. You will also be able to hire employees; if required. However, you should ensure you are familiar with basic employee law before you start hiring anyone.
Our staff writers come from all over the world, but one thing unites them - their passion for sustainability.