Why Limited Liability Company (LLC) is most preferred form of company in United States
Today, entrepreneurship is turning out to be the most promised and preferred mode for earning along with the safest merchant accounts as compared to a few decades ago when people used to get a job with a vision that it will be safe for them and their family’s future.
But, where aspiring entrepreneurs lack behind is the basic knowledge that how to form a company, what are the pros and cons of the different types of companies like Sole proprietorship, corporation, Limited Liability Company, and Non-profit organization, and
the most is after forming the company.
How they can get the merchant account and get paid from national/International Customers
One pattern that is being observed and said to be the safest type for the formation of the company in the United States is “Limited Liability Company”, the reason behind this type is preferred over the others is its business structure and there is no need to have a permanent resident to register for this company type and getting a payment gateway integrated with it to accept Credit Card payments.
A Limited Liability Company structure combines the feature of Sole Proprietorship and corporation that is, the income of the company is treated as the income of owner(s) and the limited liability of corporation means the owners or investors are responsible for the amount that is being invested by them in the company.
The business owners preferring LLC, get one of the legal advantages that every business owner prefers to have is this type creates a bar between the owner’s personal assets are kept away from the business assets.
That is, it offers the protection to owner’s personal assets from the business assets at the time of legal decisions about the business.
There is a different and decent type of taxation method that is implied while registering a company under this type. The company doesn’t need to file for a corporate tax that is owners and investors report their profit and loss at the time of paying tax.
To form a company in United States under the banner of Limited Liability Company and get Merchant Account, the business owner needs to provide these documents to register:1, 2, 3, 4, 5, 6>
The company needs to decide a name for registration:The Company can use their own name to register with the local government body. But, if the name is not available, the business owner needs to find any other name for registration.
A registered agent in the United States:
The should have a registered agent with a physical address in United States that will act as the representative of the company during the business hours of the company that is been specified by them.
- Name and address of the members:
Even if the members of the company are not the residents of the United States and the company has its office in any other country. While applying for the formation of the company they need to provide the exact detail of the company members and the physical address of the company in any country they have.
- Apostille or certificate of Authentication:
If the business wants or might need for cross country paperwork, the company should accept or ask for this certificate. Apostille acts as an agreement between countries for legally working or using the LLC’s name in other countries. An apostille is only applicable if the company’s home country is a member of the Hague Convention. If your country is NOT a member, then your home country may require a “Certificate of Authentication”.
Now to get the access for a MERCHANT ACCOUNT and payment gateway for the acceptance of any electronic payment method the company needs to provide these documentations:
- The name that is registered under the name of Limited Liability Company should be used as “Doing Business As “name.
- There is need of U.S. bank account, for this the person who is the registered agent of the company in the United States can use its account as the transactions made by the sales in the United States needs to be cleared in any bank of United States and must have Merchant Account to get paid from customers.
- Physical or virtual presence of the business in the United States will be required to show the company. For which the company needs to provide an address and a telephone number that will help a company.
The above document will help a merchant to show their legal presence of the company in the United States to get the merchant account. This enables a company to start their business process in the United States by applying for a merchant account and getting the access of the merchant services for doing business.
If you are looking to start your business process in United States, and facing problems about the details you can contact USA Corporate Services, They will help you to the core of settling the business.
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