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Questions
The ones we are asked before anybody signs anything, answered without a sales angle.
Choosing an entity
An LLC for most owner operated businesses. A corporation when you are raising outside investment, issuing equity to employees, or when an S corporation election saves more than the payroll it requires. See company formation for the full comparison.
Your home state if you live in the US. If you have no US physical presence, the choice is real and usually comes down to Wyoming or New Mexico on cost. Forming in Wyoming while living in California means paying both.
Federally if you trade across provinces or need the name protected nationally. Provincially if your business sits in one province. Either way you register in every province where you carry on business.
Yes, and it costs something. An LLC can elect corporate taxation with a form. Converting to an actual corporation is a state filing and can be a taxable event. Worth deciding properly at the start.
Founders outside the US
None of the three. Owning a US company and being permitted to work in the US are separate questions.
By prepared Form SS-4 submitted to the IRS by fax or mail. The online tool is closed to applicants whose principal place of business is outside the US. Expect four to eight weeks.
An annual information return required when a foreign person owns twenty five percent or more of a US entity. Due whether or not the company traded. The penalty for missing it starts at twenty five thousand dollars.
Sometimes, and it depends heavily on your country of residence. We prepare the document set and tell you what we currently see working. We take no commission from any bank.
Cost and timing
Our fee from $349 for a US LLC, plus the government filing fee which varies by jurisdiction. Both are shown to you before you pay either. Full detail on the pricing page.
Same day to about two weeks for the filing depending on jurisdiction. The EIN is same day with an SSN and four to eight weeks without one.
We charge for preparing and following up the application. The number itself is free from the IRS and we say so on the EIN page.
No. Monthly services end at the end of any month.
Running the company
A physical address in the state of formation where the state and the courts can serve documents. Every US entity needs one. It can be you if you have such an address in that state and do not mind it being public.
A penalty, then loss of good standing, then eventually administrative dissolution. Reinstatement is usually possible and costs more than the report would have.
Often yes. State annual reports are due regardless. A foreign owned single member LLC files Form 5472 regardless. A multi member LLC files a partnership return regardless.
If your company was formed in the United States, no. FinCEN made that exemption permanent. Only entities formed under foreign law and registered to do business in a US state are reporting companies, and they never report US persons.
Working with us
Yes, about half of our accounting clients. Catch up and reinstatement work is ordinary for us.
No. We do not give legal advice and we will tell you when you need a lawyer.
Whatever you already use, usually QuickBooks Online or Xero, with the subscription in your name.
Tell us. Monthly services stop at the end of the month, your files are yours, and we will hand over to whoever comes next without making it difficult.
Question not answered?
Ask it directly. We answer questions from people who never become clients, which is fine.