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Casual Articles - How To Incorporate In The Us
If you have spent some time talking about non profit groups and being involved with fund-raisers. I would like to suggest that you should be take one step further and you should volunteer to be part of the executive. You may be thinking that you do not have enough time to do this. In reality, being on the executive helps you to steer the organization and make it better. These positions are often hard to fill because of the perceived time commitment. Make this an opportunity to step up to the plate and help give some direction. Every organization I have joined, I have managed to be on the executive. I even have become the President. These positions should not be taken lightly as they are a lot of work but what you get out of the responsibility is far more rewarding. Everyone in the organization will know who you are and how you operate. You will be part of the face the group puts forward. This type of notoriety is very difficult to obtain going through normal business channels.I thoroughly enjoy sitting on the executive with others that have a great deal to offer. I get to work closely with these individuals to learn more about who they are. I learn from every meeting I attend even if some of them seem like the same old thing. I would not suggest being on too many executives at the same time as you will run out of personal time (unless your family is also involved). I am lucky that my husband is also a member of the organizations I belong to and we do many things together.If you are not as fortunate to have your family in the organization, make sure they are included
Shareholders / members Shareholders: Owners of the issued stock of a corporation. Shareholders do not own specific corporate property; they merely own an interest in the corporation. Shareholder appoint the entity's board of directors which oversight the entity's management (officers)
Members: The owners of an LLC. A member can be active in the management of the LLC and he / she will be a member-manager or just an owner and then he / she will be a member.
Tax id number
Tax ID Number - For The Entity
Federal Tax ID Number also known as Employer Identification Number (EIN) is a number given to your entity by the federal government for taxation purposes. You can not hire employees or open a bank account in your company's name without obtaining an Employer Identification Number.
Tax ID Number - For The Owners
By the IRS
What is an ITIN? An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service. It is a nine-digit number that always begins with the number 9 and has a 7 or 8 in the fourth digit, example 9XX-7X-XXXX. IRS issues ITINs to individuals who are required to have a U.S. taxpayer i
A metal detector is an electronic device employed to detect traces of metal, generally from the ground, a person, or cargo. Metal detectors can effectively penetrate through soil, wood and other non-metallic materials.How does it work?Metal detectors use the principal of electromagnetism. Typically, a metal detector comprises an electronic box, transmitter, a receiver antenna and a battery case. By battery power, the transmitter generates a magnetic field. If a metal item passes through the metal detector, it becomes magnetized due to the effect of the magnetic field. On receiving the electromagnetic signature, the receiver sends a signal to the electronic box. There is a speaker to amplify this signal. This produces a beep sound, indicating that there is metal contamination.What are the different types of metal detectors?Depending on specific situations, different types of metal detectors are available. For example, there are metal detectors exclusively for prospecting gold. Likewise, special metal detectors are available for relic hunting. Underwater metal detectors, coin detectors, and walk through metal detectors are other prominent types. Multi-purpose metal detectors are also popular nowadays.What is product effect?When passing through the metal detector, some food stuffs tend to generate a signal although no metal is present in them. This is known as product effect. It is mainly due to factors including acidity, fat content, moisture content, salinity and temperature.What are the factors that affect the sensitivity of metal d
Incorporation state
The best advice may be to form a corporation in the state where you plan to conduct business. It will be far less complicated and more cost-effective in the long run. Listed below are some of the reasons why Delaware attracts both large and small businesses:
Delaware maintains a separate court system for business, called the "Court of Chancery." If legal matters arise involving a trial in Delaware, there is an established record of business decisions. No minimum capital is required to organize the corporation and there is no need to have a bank account in Delaware. Just one person can hold all the offices of the corporation: President, Vice President, Secretary and Treasurer. There is no state corporate income tax on Delaware corporations that do not operate within the state. Shares of stock owned by persons outside of Delaware are not subject to Delaware personal income tax. There is no Delaware inheritance tax levied on stock held by non-residents.
ENTITY TYPE
Corporations
The most important benefit of a Corporation is that, legally, it's a separate entity from the individuals who own or operate it and thus limits your personal liability. If a court judgment is entered against the Corporation, you stand to lose only the money that you have invested in the Corporation. Generally, as long as you have acted in your corporate capacity (as an employee, officer or director) and without the intent to defraud creditors, your assets can not be used creditor to satisfy a judgment against your Corporation.
As the Corporation is separate from its owners, the Corporation pays taxes on any net income (profits) that is left after all business expenses have been paid or accrued. Corporations file IRS Form 1120 to report their income, expenses and taxes.
Corporate Income Tax Rates--2005
Taxable income over Not over Tax rate
0 50,000 15%
50,000 75,000 25%
75,000 100,000 34%
100,000 335,000 39%
335,000 10,000,000 34%
10,000,000 15,000,000 35%
15,000,000 18,333,333 38%
18,333,333 .......... 35%
In addition, if the income is distributed to shareholders in the form of dividends, the shareholders pay taxes on the dividends they receive, currently 15%.
--------------------------------------------------------------------------------
Limited Liability Company (LLC)
LLC is the newest form of a business entity. As with a Corporation, the owners of a LLC benefit from limited liability. This means that being a member of a LLC doesn't normally expose you to legal liability for business debts and court judgments against the business. Generally, if you become a LLC member, you risk only your share of capitol paid into the business. A LLC member may be an individual or a separate entity such as a Partnership or Corporation that has invested in the LLC. Operating agreement should be created (when forming the LLC) to detail how the business will operate.
If the LLC has one member it is treated like a sole proprietor or for tax purposes, otherwise it is treated as a partnership with each member reporting and paying income tax on their share of income.
Single Taxpayers—2005
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 7,300 $ 0.00 10 $ 0
7,300 29,700 730.00 15 7,300
29,700 71,950 4,090.00 25 29,700
71,950 150,150 14,652.50 28 71,950
150,150 326,450 36,548.50 33 150,150
326,450 ....... 94,727.50 35 326,450
--------------------------------------------------------------------------------
Non-Profits
The main benefit of forming a Non-Profit Corporation is to get a tax-exempt status under the IRC (Internal Revenue Code), usually Section 501(c)(3). If a Non-Profit is tax-exempt, not only is it exempt from paying income tax on its income, but donors who contribute to the Non-Profit can take a tax deduction for their contributions. To apply for 501(c)(3) status, the Non-Profit must file IRS Form 1023. The legal standard for tax-exempt status is that the Corporation has been formed for religious, charitable, literary, scientific or educational purposes. Non-Profits are usually managed by a board of directors or trustees who are involved in the operation of the Non-Profit. Officers and employees are in charge of the day-to-day business of the Non-Profit.
ENTITY name Your entity's name should contain a valid corporate indicator for the state in which you are incorporating (most state accept one of the following identifiers or a suitable abbreviation: Incorporated, Corporation, Company, or Limited), and must not match or be too similar to the name of an existing company registered in your desired state.
Officer Officer is appointed by the board of directors and responsible for the daily operation of the corporation. The titles and duties of each officer are usually listed in the company’s bylaws. Common officer titles are president, vice president, secretary, and treasurer. An officer can be one of the shareholders, owners or employees of the entity. Officer is part of the entity's management.
Shareholders / members Shareholders: Owners of the issued stock of a corporation. Shareholders do not own specific corporate property; they merely own an interest in the corporation. Shareholder appoint the entity's board of directors which oversight the entity's management (officers)
Members: The owners of an LLC. A member can be active in the management of the LLC and he / she will be a member-manager or just an owner and then he / she will be a member.
Tax id number
Tax ID Number - For The Entity
Federal Tax ID Number also known as Employer Identification Number (EIN) is a number given to your entity by the federal government for taxation purposes. You can not hire employees or open a bank account in your company's name without obtaining an Employer Identification Number.
Tax ID Number - For The Owners
By the IRS
What is an ITIN? An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service. It is a nine-digit number that always begins with the number 9 and has a 7 or 8 in the fourth digit, example 9XX-7X-XXXX. IRS issues ITINs to individuals who are required to have a U.S. taxpayer id
Most manufacturing professionals have read them at some point or another: those articles in business magazines relating the stories of how executives at big companies help saved their company millions by making strategic changes here and there. And if you are like most professionals, you have probably wondered how you could translate those seemingly too-good-to-be-true stories into something that could truly impact your business.There are plenty of opportunities out there that could help save your company money. The trouble is learning how to recognize those opportunities when they present themselves. For example, most manufacturers spend the majority of their time developing and creating new products, so cost-saving ideas in behind-the-scenes areas, like packaging, are often overlooked.However, in recent years the packaging industry has made great technological advances, and today there are products available that are specifically designed to save manufacturers significant resources. One such product is plastic corrugated, a durable material designed to replace the conventional paper, or cardboard, corrugated products which once dominated the packaging industry. Corrugated plastic is formed when two plastic liners are fused together on either side of a sheet of wavy plastic known as fluting. Together, these three layers create a weather- and chemical-resistant material whose properties offer a much more economically-friendly alternative to traditional packaging methods.Plastic corrugated is significantly stronger than its predecessors, which are usually const
As the Corporation is separate from its owners, the Corporation pays taxes on any net income (profits) that is left after all business expenses have been paid or accrued. Corporations file IRS Form 1120 to report their income, expenses and taxes.
Corporate Income Tax Rates--2005
Taxable income over Not over Tax rate
0 50,000 15%
50,000 75,000 25%
75,000 100,000 34%
100,000 335,000 39%
335,000 10,000,000 34%
10,000,000 15,000,000 35%
15,000,000 18,333,333 38%
18,333,333 .......... 35%
In addition, if the income is distributed to shareholders in the form of dividends, the shareholders pay taxes on the dividends they receive, currently 15%.
--------------------------------------------------------------------------------
Limited Liability Company (LLC)
LLC is the newest form of a business entity. As with a Corporation, the owners of a LLC benefit from limited liability. This means that being a member of a LLC doesn't normally expose you to legal liability for business debts and court judgments against the business. Generally, if you become a LLC member, you risk only your share of capitol paid into the business. A LLC member may be an individual or a separate entity such as a Partnership or Corporation that has invested in the LLC. Operating agreement should be created (when forming the LLC) to detail how the business will operate.
If the LLC has one member it is treated like a sole proprietor or for tax purposes, otherwise it is treated as a partnership with each member reporting and paying income tax on their share of income.
Single Taxpayers—2005
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 7,300 $ 0.00 10 $ 0
7,300 29,700 730.00 15 7,300
29,700 71,950 4,090.00 25 29,700
71,950 150,150 14,652.50 28 71,950
150,150 326,450 36,548.50 33 150,150
326,450 ....... 94,727.50 35 326,450
--------------------------------------------------------------------------------
Non-Profits
The main benefit of forming a Non-Profit Corporation is to get a tax-exempt status under the IRC (Internal Revenue Code), usually Section 501(c)(3). If a Non-Profit is tax-exempt, not only is it exempt from paying income tax on its income, but donors who contribute to the Non-Profit can take a tax deduction for their contributions. To apply for 501(c)(3) status, the Non-Profit must file IRS Form 1023. The legal standard for tax-exempt status is that the Corporation has been formed for religious, charitable, literary, scientific or educational purposes. Non-Profits are usually managed by a board of directors or trustees who are involved in the operation of the Non-Profit. Officers and employees are in charge of the day-to-day business of the Non-Profit.
ENTITY name Your entity's name should contain a valid corporate indicator for the state in which you are incorporating (most state accept one of the following identifiers or a suitable abbreviation: Incorporated, Corporation, Company, or Limited), and must not match or be too similar to the name of an existing company registered in your desired state.
Officer Officer is appointed by the board of directors and responsible for the daily operation of the corporation. The titles and duties of each officer are usually listed in the company’s bylaws. Common officer titles are president, vice president, secretary, and treasurer. An officer can be one of the shareholders, owners or employees of the entity. Officer is part of the entity's management.
Shareholders / members Shareholders: Owners of the issued stock of a corporation. Shareholders do not own specific corporate property; they merely own an interest in the corporation. Shareholder appoint the entity's board of directors which oversight the entity's management (officers)
Members: The owners of an LLC. A member can be active in the management of the LLC and he / she will be a member-manager or just an owner and then he / she will be a member.
Tax id number
Tax ID Number - For The Entity
Federal Tax ID Number also known as Employer Identification Number (EIN) is a number given to your entity by the federal government for taxation purposes. You can not hire employees or open a bank account in your company's name without obtaining an Employer Identification Number.
Tax ID Number - For The Owners
By the IRS
What is an ITIN? An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service. It is a nine-digit number that always begins with the number 9 and has a 7 or 8 in the fourth digit, example 9XX-7X-XXXX. IRS issues ITINs to individuals who are required to have a U.S. taxpayer i
I have discussed before the importance of properly packaging your item for shipping. When it comes to fragile items, it is even more critical that the proper packaging material is used to protect the item.1. At a minimum, proper packaging material means a new corrugated box on the outside, bubble wrap around the fragile item, and packing peanuts to fill any void space within the box. You should use a box larger than the size of the item after bubble wrapping it. For example, if the object measures 10"x4"x4" after bubble wrapping it, look for a box at least 14"x8"x8" to allow for 2" of peanuts on all sides to protect the object from anything that might strike the outside of the box.2. For items such as dishes, use either small bubble wrap or rolled foam to separate each piece. Lay the foam roll or bubble down with the bubbles facing the dish, place the dish on the wrap, use another layer of wrap above the dish, lay down the next dish, and continue for up to about 8 dishes. Once you have protected the dishes in this manner, use large bubble wrap once around the whole stack.3. Stemware, cups, and serving pieces should be individually wrapped with large bubble wrap. This helps to protect the larger pieces from breaking in transit.4. On very fragile items, double boxing is recommended. Follow the guidance in number 1 above. Then find the next biggest box that will fit the first box in it and leave room for you to add 2 more inches of peanuts. Build the bottom of the large box, add 2" of peanuts, insert the smaller box, fill the remaining void space with pean
In addition, if the income is distributed to shareholders in the form of dividends, the shareholders pay taxes on the dividends they receive, currently 15%.
--------------------------------------------------------------------------------
Limited Liability Company (LLC)
LLC is the newest form of a business entity. As with a Corporation, the owners of a LLC benefit from limited liability. This means that being a member of a LLC doesn't normally expose you to legal liability for business debts and court judgments against the business. Generally, if you become a LLC member, you risk only your share of capitol paid into the business. A LLC member may be an individual or a separate entity such as a Partnership or Corporation that has invested in the LLC. Operating agreement should be created (when forming the LLC) to detail how the business will operate.
If the LLC has one member it is treated like a sole proprietor or for tax purposes, otherwise it is treated as a partnership with each member reporting and paying income tax on their share of income.
Single Taxpayers—2005
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 7,300 $ 0.00 10 $ 0
7,300 29,700 730.00 15 7,300
29,700 71,950 4,090.00 25 29,700
71,950 150,150 14,652.50 28 71,950
150,150 326,450 36,548.50 33 150,150
326,450 ....... 94,727.50 35 326,450
--------------------------------------------------------------------------------
Non-Profits
The main benefit of forming a Non-Profit Corporation is to get a tax-exempt status under the IRC (Internal Revenue Code), usually Section 501(c)(3). If a Non-Profit is tax-exempt, not only is it exempt from paying income tax on its income, but donors who contribute to the Non-Profit can take a tax deduction for their contributions. To apply for 501(c)(3) status, the Non-Profit must file IRS Form 1023. The legal standard for tax-exempt status is that the Corporation has been formed for religious, charitable, literary, scientific or educational purposes. Non-Profits are usually managed by a board of directors or trustees who are involved in the operation of the Non-Profit. Officers and employees are in charge of the day-to-day business of the Non-Profit.
ENTITY name Your entity's name should contain a valid corporate indicator for the state in which you are incorporating (most state accept one of the following identifiers or a suitable abbreviation: Incorporated, Corporation, Company, or Limited), and must not match or be too similar to the name of an existing company registered in your desired state.
Officer Officer is appointed by the board of directors and responsible for the daily operation of the corporation. The titles and duties of each officer are usually listed in the company’s bylaws. Common officer titles are president, vice president, secretary, and treasurer. An officer can be one of the shareholders, owners or employees of the entity. Officer is part of the entity's management.
Shareholders / members Shareholders: Owners of the issued stock of a corporation. Shareholders do not own specific corporate property; they merely own an interest in the corporation. Shareholder appoint the entity's board of directors which oversight the entity's management (officers)
Members: The owners of an LLC. A member can be active in the management of the LLC and he / she will be a member-manager or just an owner and then he / she will be a member.
Tax id number
Tax ID Number - For The Entity
Federal Tax ID Number also known as Employer Identification Number (EIN) is a number given to your entity by the federal government for taxation purposes. You can not hire employees or open a bank account in your company's name without obtaining an Employer Identification Number.
Tax ID Number - For The Owners
By the IRS
What is an ITIN? An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service. It is a nine-digit number that always begins with the number 9 and has a 7 or 8 in the fourth digit, example 9XX-7X-XXXX. IRS issues ITINs to individuals who are required to have a U.S. taxpayer i
In 2003, I moved to Little Rock, AR, and I was amazed with how helpful my new property manager was. If you haven't moved recently, you may have forgotten all the joy associated with having to arrange to shut off your utilities, phone, cable, etc. and arrange to have them hooked up at your new location. Then, you have to deal with mail forwarding, finding new service providers for all aspects of your life, and then deal with the move itself. When I made a cross-country move in 1998 from MA to TX, I had the luxury of being able to quit my job and focus solely on the move and on selling unwanted items. Now, as a solo business owner, I no longer have that luxury, and the processed caused a meltdown or two.However, my saving grace was my property manager.. The information and resources that she had available has greatly decreased the amount of time I'd need to find this info on my own, and in some cases, she had her own contacts with some of the companies. For example, upon my decision to rent from her company and completing the paperwork, she handed me a packet of info to help with my move. Within that I found contacts for the electric, gas, telephone and water companies, along with the deposit fees required and installation charges I could expect to pay. There was a brochure from the cable company with all the options available from them, along with the pricing of their services. All of this info was in a great folder from a moving company with moving tips, in addition to having mail forwarding cards that I could complete and return to my local post office. I was talking
150,150 326,450 36,548.50 33 150,150
326,450 ....... 94,727.50 35 326,450
--------------------------------------------------------------------------------
Non-Profits
The main benefit of forming a Non-Profit Corporation is to get a tax-exempt status under the IRC (Internal Revenue Code), usually Section 501(c)(3). If a Non-Profit is tax-exempt, not only is it exempt from paying income tax on its income, but donors who contribute to the Non-Profit can take a tax deduction for their contributions. To apply for 501(c)(3) status, the Non-Profit must file IRS Form 1023. The legal standard for tax-exempt status is that the Corporation has been formed for religious, charitable, literary, scientific or educational purposes. Non-Profits are usually managed by a board of directors or trustees who are involved in the operation of the Non-Profit. Officers and employees are in charge of the day-to-day business of the Non-Profit.
ENTITY name Your entity's name should contain a valid corporate indicator for the state in which you are incorporating (most state accept one of the following identifiers or a suitable abbreviation: Incorporated, Corporation, Company, or Limited), and must not match or be too similar to the name of an existing company registered in your desired state.
Officer Officer is appointed by the board of directors and responsible for the daily operation of the corporation. The titles and duties of each officer are usually listed in the company’s bylaws. Common officer titles are president, vice president, secretary, and treasurer. An officer can be one of the shareholders, owners or employees of the entity. Officer is part of the entity's management.
Shareholders / members Shareholders: Owners of the issued stock of a corporation. Shareholders do not own specific corporate property; they merely own an interest in the corporation. Shareholder appoint the entity's board of directors which oversight the entity's management (officers)
Members: The owners of an LLC. A member can be active in the management of the LLC and he / she will be a member-manager or just an owner and then he / she will be a member.
Tax id number
Tax ID Number - For The Entity
Federal Tax ID Number also known as Employer Identification Number (EIN) is a number given to your entity by the federal government for taxation purposes. You can not hire employees or open a bank account in your company's name without obtaining an Employer Identification Number.
Tax ID Number - For The Owners
By the IRS
What is an ITIN? An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service. It is a nine-digit number that always begins with the number 9 and has a 7 or 8 in the fourth digit, example 9XX-7X-XXXX. IRS issues ITINs to individuals who are required to have a U.S. taxpayer i
Excavation and trenching are known as the most unsafe construction operations. Excavation is defined as any man-made cut, cavity, land clearing or trench in the earth’s surface formed by earth removal. A trench is defined as a narrow alternative excavation, which is deeper than it is wide, and is not wider than 15 feet (4.5 meters).Dangers involved in Excavation and TrenchingCave-ins have the maximum risk and are much more probable than other types of excavation associated accidents to result in worker fatalities. Other possible dangers include falls, falling loads, harmful atmospheres, and other incidents concerning mobile equipment. Trench gives way cause dozens of losses and hundreds of harms each year.Common Excavation and Trenching RulesHeavy equipment tools should be kept away from trench edges.Surcharge loads needs to be at least 2 feet from trench edges.One should not work under raised loads. Test for low oxygen, dangerous fumes and other toxic gases. Inspect the trenches that follow a rainstorm. You should know the location of underground utilitiesSelf protectionYou should not enter an unprotected trench! Trenches 5 feet (1.5 meters) deep or superior need a protective system unless the excavation is made totally in stable rock. Trenches 20 feet deep or better require, which the protective system be designed by an expert engineer or be based on tabulated data prepared and/ or approved by a registered expert engineer.
Shareholders / members Shareholders: Owners of the issued stock of a corporation. Shareholders do not own specific corporate property; they merely own an interest in the corporation. Shareholder appoint the entity's board of directors which oversight the entity's management (officers)
Members: The owners of an LLC. A member can be active in the management of the LLC and he / she will be a member-manager or just an owner and then he / she will be a member.
Tax id number
Tax ID Number - For The Entity
Federal Tax ID Number also known as Employer Identification Number (EIN) is a number given to your entity by the federal government for taxation purposes. You can not hire employees or open a bank account in your company's name without obtaining an Employer Identification Number.
Tax ID Number - For The Owners
By the IRS
What is an ITIN? An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service. It is a nine-digit number that always begins with the number 9 and has a 7 or 8 in the fourth digit, example 9XX-7X-XXXX. IRS issues ITINs to individuals who are required to have a U.S. taxpayer identification number but who do not have, and are not eligible to obtain a Social Security Number (SSN) from the Social Security Administration (SSA). ITINs are issued regardless of immigration status because both resident and nonresident aliens may have U.S. tax return and payment responsibilities under the Internal Revenue Code. Individuals must have a filing requirement and file a valid federal income tax return to receive an ITIN, unless they meet an exception.
What is an ITIN used for? ITINs are for federal tax reporting only, and are not intended to serve any other purpose. An ITIN does not authorize work in the U.S. or provide eligibility for Social Security benefits or the Earned Income Tax Credit. ITINs are not valid identification outside the tax system. IRS issues ITINs to help individuals comply with the U.S. tax laws, and to provide a means to efficiently process and account for tax returns and payments for those not eligible for Social Security Numbers.
Who needs an ITIN? IRS issues ITINs to foreign nationals and others who have federal tax reporting or filing requirements and do not qualify for SSNs. A non-resident alien individual not eligible for an SSN, who is required to file a U.S. tax return only to claim a refund of tax under the provisions of a U.S. tax treaty, needs an ITIN. Examples of individuals who need ITINs include:
Non-resident alien filing a U.S. tax return and not eligible for an SSN U.S. resident alien (based on days present in the United States) filing a U.S. tax return and not eligible for an SSN Dependent or spouse of a U.S. citizen/resident alien Dependent or spouse of a non-resident alien visa holder.
Bank account Once the incorporation process has been completed the entity can set up a bank account. There are two types of bank accounts in the US:
Checking account: this is an operating account which allows you to deposit funds and then distribute these funds via checks and wire transfers. In most instances checking accounts do not carry interest. Some checking accounts could be designated to a special purpose such as payroll.
Savings account: in this account the entity deposits excessive funds from the checking account. This account normally carries interest.
The information you need to collect from you as part of the federal government's anti-money laundering effort includes:
Proper name of the business and the name of the person opening the account. Physical address of the business - a post office box is not acceptable. Taxpayer identification number of the business or Social Security number of the person opening the account.
As for company information, a copy of your firm's articles of incorporation, articles of partnership or comparable documents from your state government will establish the legitimacy of your business.
Finally, the documents obtained for the company must include the name of the individual opening the account. If they do not, the business must provide a resolution giving the individual opening the account the authority to transact business on behalf of the company.
The following is a sample list of documents you may be asked when opening a bank account:
Corporate Papers (Certificate of formation or incorporation).
Copy of EIN (SS-4) and the number.
Minutes of the most recent board meeting showing the identities of the board members (Should be on Letterhead).
Copies of official identification such as passport or drivers license. Passport should be certified (notarized) by US consulate. Bank reference letter for company (If possible) and all individuals (Required).
Copy of individuals bank statement showing mailing address (This should be from the bank making the referral).
Copy of individuals utility bill at same address.
A letter on company letterhead requesting account opening and specifying authorized signers.
A letter from the company attorney confirming the state of incorporation and authorized individuals who can act on the corporation's behalf (Should indicate ownership of the company as well as listing anyone who is 25% owner or more).
Merchant account
A Merchant Account is simply a relationship between a retailer and a merchant bank that enables retailers to accept web-based credit card payments from their customers. This is the account into which a Merchant Account Provider deposits payments into your business checking account from the transactions made online. To qualify for a merchant account, retailers must meet the bank's requirements.
Plan & file your taxes
Once the incorporation process is complete, your business is ready to start doing business in the US. A major step in strategizing your business is planning to minimize your US and international taxes. To achieve this goal you have to structure transfer price between your US and international entities, set up income and expenses budget and maximize tax deductions and benefits.
To comply with federal and state laws, the entity must file quarterly reports, pay estimated taxes and file annual tax returns to report the entity's income, expenses, profits and taxes as well as the owners income from the entity's profits.
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