US INCORPORATION FOR FOREIGN OWNERS

There are no U.S or state laws which restrict a non-U.S. resident from opening a business in the United States. The procedure for incorporating a business in the United States for a non-U.S. resident is similar to the procedure required for a U.S. resident, thus it is not necessary to be a U.S citizen or to have a green card to own a company here.

HOW TO INCORPORATE

Incorporating a business means forming a company entity recognized by the state of your incorporation. The process of incorporating in Florida or any other state is easy. Below is what you should know about forming a company, including information about opening bank account for your business, obtaining a local business license, and other details. For any query, contact us by phone (1-800-982-1372), email or live chat.
  • What should I do before I incorporate?

Step 1– There are different types of entities such as General Corporation, Closed Corporation, Non-Stock Corporation, Limited Liability Company or Limited Partnership. So, the first step includes choosing the type of business entity suitable for your business.

Step 2– The second step is to choose the business formation package that’s most suitable to your business needs. The package includes all state filing fees, registered agent fees and shipping costs. In addition, please note there are no hidden fe

Step 3– After choosing the package, the next step is to select the name and the suffix that describes the type of business entity. The common suffixes include Incorporated (Inc.), Corporation (Corp.), or Company (Co.). For LLCs, the only allowable endings are LLC, L.L.C., or Limited Liability Company. You should avoid words such as “bank,” insurance,” “trust,” “university,” or “college” in the name of your company.

  • Where should I incorporate?

You can incorporate your business anywhere. It is not required that you initiate your business in the state where your business is physically located or from where you conduct most or all of your business.

  • How do I get help with incorporating a business in Florida or other states?
TritanPay Inc. is always there to help you with incorporation. Get live help in real time by our experts or connect with our incorporation specialists directly. You can even email with your questions, and our experts will offer prompt advice and solutions tailored for your unique situation.
  • Who should I contact to apply for a federal tax ID number?

An Employer Identification Number (EIN) is also known as Federal Tax identification Number. We will help you obtain an EIN number [as part of our package price / at a reasonable price]. You can order it at the same time as the new formation package.

  • How do I become an S-corporation?
An S-corporation is a pass-through entity created through an IRS tax election. We assist you to form an S-corporation at a reasonable price. This can also be done when you form a new company. The IRS does not charge you to elect S-Corporation tax status.
  • Where should I open my bank account?
Among the many advantages of forming your business, one is that there is no requirement to have a company bank account in any particular state. Most of our clients simply open a bank account in a location that is convenient for them (near where they live, work or do business).

BEFORE FORMING YOUR COMPANY

Find helpful information below on how to choose a company name and business entity type. Also, understand the role a registered agent plays in your new business entity. You should be aware of how to form a company before starting a business.

>>CHOOSE A COMPANY NAME-

Choosing a company name is easy, however, there are critical factors in your choice. Not only do you have to choose a suitable name for your business, but also follow name guidelines that will improve the odds of you having a successful, growing, easy-to-recognize and easy-to-remember name. The name should reflect your brand identity. You can consider the below points to select a name for your business.
  • Factors to Consider When Naming Your Business

Many businesses start out as freelancers, solo operations, or partnerships. In such cases, sometimes the name of the business doesn’t support building brand awareness or presenting a professional image.

Here are some points to consider as you choose a name:

  • How will your name look?
  • Brainstorm a list of names.
  • Which words describe your business?
  • What connotations does it evoke?
  • Does it reflect your business philosophy and culture?
  • Is the name unique?

At this point, you probably already have few in mind. Highlight the words that are most accurate to your vision. Choose a name that is meaningful and broad. Coined names are more interesting than generic words. Your goal is to end up with an interesting word or combination of words encompassing entire image.

Test your name

After narrowing down three or four names that are expressive and reflect your business, you should consider checking the uniqueness of the name. You can arrive at a final decision by doing consumer research. Choosing a name is the first step towards building a strong company identity that will last as long as you are in business.

>> CHOOSE A BUSINESS ENTITY TYPE-

There are different types of business entities such as sole proprietorship, partnerships, Limited Liability Company (LLC), corporation and small business corporation (S- Corporation). With TritanPay, choosing a business entity type is easy. By eliminating the formalities that come along with the processes such as board meetings, drafting bylaws, corporate resolutions, etc., we help in choosing business entity for your company. We are the best choice when clients look to raise capital by selling shares of stock.

>> UNDERSTANDING REGISTERED AGENTS-

All LLCs, S Corporations and C Corporations are required to appoint a registered agent, who is a liaison between your company and the state in which it is incorporated.
  • Why do you need registered agent?
The primary role of an agent is to receive service of legal papers, tax forms, annual corporate and other legal notices. The agent critically handles state documents and keeps the company in full compliance. The agent must have a physical address in the state where you do business.
  • What happens if there is no registered agent?
If there is no registered agent, you will forfeit your company’s legal right to do business. Once you lose that, restrictions are serious. Regaining your good standing can be a time consuming and costly affair.

BUSINESS ENTITIES

The United States of America offers different types of business entities to choose from. Selecting the right type of company for your new business helps in maximizing the chances of financial and operational success. We provide a detailed comparison about the options available with all the information you need to learn about limited partnerships, LLCs, general and exempt corporations. For more information, check the below points:

  • Limited Liability Company (LLC)
  • Non-Profit Corporation (INC)
  • Delaware Corporation 101
  • General Corporation (INC)
  • Limited Partnership (LP)
  • Close Corporation(INC)
  • S-Corporation (INC)
  • Compare Business Entities(INC)

MAINTAINING A BUSINESS

Each state has its own set of rules to form a corporation. We offer many products and services that will help you grow and manage your business easily. As your needs evolve, we will stand by you and assist you with the following needs.
  • Compliance
  • Annual Reports
Preparing and filing annual reports for your company within deadline is required. Your company’s standing depends on yearly filing, and outsourcing your annual reports to TritanPay can protect you from any filing mishaps.
  • Business Licenses & Permits
There are several filing jurisdictions throughout USA. Depending on the particular industry and location, the right licenses and permits will apply to your business.
  • Bylaws & Operating Agreements
Corporate bylaws are one of your company’s most important legal documents. They are the documents that provide a framework for your business and how it operates. State law requires all corporations to outline their day-to-day operations.
  • Business Coaching
When a company is formed, it is entitled to various benefits. Compliance can be overwhelming as well as complex. We help you to take the appropriate steps to stay in compliance.
  • Compliance Watch
Compliance Watch is an online tool for all your business compliance needs. It will alert you on filing due dates, secure online storage and keep a check on many important tasks. TritanPay provides free unlimited access to Compliance Watch.
  • Registered Agent Service
Corporations and Limited Liability Companies (LLCs) are required to maintain a registered office to receive important legal and tax documents during normal business hours. The person or company receiving the documents is the registered agent. To mitigate your risk, hire us as third party registered agent on your behalf.
  • Corporate & LLC Kits
Our corporate and LLC tool comprises an ideal storage space for your important business documents. Our tool helps you to maintain records for your business.
  • Certificate of Good Standing
Certificate of Good Standing is a document that ensures that your company has met legal requirements and is qualified to do business in that state.
  • Certified Copies
Certified copies are state issued copies of your original business documents. TritanPay can help you get accurate copies of your important business documents.
  • Stock & Membership Certificates
Stock certificates are official documents issued by a company to its shareholders that act an evidence of ownership stake they have in the corporation. Membership certificate is a similar document and it is issued to the members by LLCs.
  • Written Consent
Whenever your corporation or LLC undertakes any vital actions, a written consent is drafted and signed by the board of directors, shareholders or LLC members.
  • IRS Filings
  • Employer Identification Number (EIN)
Employer Identification Number is essential for identifying a business entity. Internet revenue service issues EINs, which are required on all tax filings.
  • S Corporation Election –Form 2553
To get best tax savings for your business, you need to have the right tax classification. Many C corporations and LLCs elect to file for S corporation to enjoy the related benefits.
  • Nonprofit 501(C) Status
By forming a nonprofit corporation, you can enjoy tax-exempt status. Incorporating a nonprofit organization such as 501(C) can help in establishing legal protection.
  • LLC Tax Status Election (Form 8832)
When you form a LLC, it is important to choose the best tax classification to maximize your tax savings. After assessing the options, you can change the default tax status by filing internal revenue service form 8832.
  • Other Filings
  • Register a Business Name
State and local government generally require companies to register a name for their business. Registering a business name helps companies to operate their business under a particular trade name.
  • Register in Additional States
In order to do business legally in different states, you will need to register your company in those states. To open an office in other state outside your company’s home state, you will require a Certificate of Authority.
  • E-Filing
Companies need to pay taxes and file an annual report. TritanPay offers an annual service to help you meet E-filing requirement and keep your company in good standing.
  • Amendments
Article of Amendment (for corporations) and Certification of Amendments require businesses to notify the Secretary of State about any fundamental changes your business makes.
  • Entity Conversion
If you want to change your business entity type, TritanPay can help you. There can be many reasons to change your business from LLC to corporation or vice versa.
  • Dissolution
If you need to close down your business for any reason, it is important to officially dissolve your corporation or LLC with the state. You are liable for annual report filings, tax payments, etc., until the Secretary of State is informed of your business closure.
  • Reinstatement
We can help you to restore your company’s good standing after it has failed to meet annual filing obligation risk. We will help you take the required actions to return it to full status.

About

TritanPay has been a leader in bridging the gap between merchants and merchant account providers. Thus, we understand the unique payment needs of each business. Your business deserves exponential growth that is achievable with secure and end-to-end payment processing. We specialize in powerful payment solutions for all payment types, ensuring that your business, whatever the size, remains well connected. We provide clients with a secure and innovative platform as well as economic stability to sustain the business growth.

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