Frequently Asked Questions

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In USA Business Law, a registered agent is a business or individual designated to receive Service Of Process (SOP). A registered agent will also have a registered agent address where the state sends the paperwork for the periodic renewal of the business entity. The registered agent for a business entity may be an officer or employee of the company, or a third party, such as the organization's lawyer or a service company. Failure to properly maintain a registered agent can affect a company negatively

An individual is allowed to act as his own Registered Agent, however the individual must possess a physical street address in the state where the LLC or corporation will be formed. The actual corporation or LLC being formed however would not be allowed to name itself as its own Registered Agent

registered agent is a responsible third-party who is registered in the same state in which a business entity was established and who is designated to receive service of process notices, correspondence from the Secretary of State, and other official government notifications, usually tax forms and notice of lawsuits

Registered Agent Address is not the same as a physical or mailing address of the company. Most states require a business to have a physical address, regardless of where the company is actually conducting business. This is not the address of the Registered Agent.

Simply put, an LLC is a “Limited Liability Company", which has some features of both partnerships and traditional corporations. It provides greater liability protection than individual ownership and may have perpetual existence. However, an LLC is also somewhat simpler to manage than a traditional corporation

In an LLC the owners are called members. The LLC can be controlled either by its members or by managers who are selected by the members.

The rules and regulations of an LLC are set forth in the LLC’s Operating Agreement. The operating agreement can be as basic or as detailed as the members wish. At a minimum, when created for restaurant ownership, the operating agreement should discuss the potential sale or transfer of the restaurant, management responsibilities, contributions for expenses, scheduling of time, liability of the owners, and an exit strategy if one owner wants to end the relationship. The primary goal of the LLC – as addressed by the operating agreement – is to provide clear rules, rights and obligations for all of the members.

Many Business owners need an entity that does not require a lot of time to maintain. And, most importantly, because business owners want to be able to tailor the operating agreement to fit their lifestyles, they need an entity that is flexible. The LLC has all of these attributes, making it a great match for business owners. And once an LLC is established, business owners will be able to focus on the fun part of their ownership, spending carefree and conflict-free time for their business.

An S corporation, also called an S corp. It is a special type of corporation that's designed to avoid the double taxation drawback of regular C corps. S corps allow profits, and some losses, to be passed through directly to owner’s personal income without ever being subject to corporate tax rates.

Not all states tax S corps equally, but most recognize them the same way the federal government does and taxes the shareholders accordingly. Some states tax S corps on profits above a specified limit and other states don't recognize the S corp election at all, simply treating the business as a C corp.

There are special limits on S corps. S corps can't have more than 100 shareholders, and all shareholders must be U.S. citizens. You'll still have to follow strict filing and operational processes of a C corp.

S corps also have an independent life, just like C corps. If a shareholder leaves the company or sells his or her shares, the S corp can continue doing business relatively undisturbed.

A corporation, also called a C corp, is a legal entity that's separate from its owners. Corporations can make a profit, be taxed, and can be held legally liable.

Corporations offer protection to its owners from personal liability, but the cost to form a corporation is higher than other structures. Corporations also require more extensive record-keeping, operational processes, and reporting.

Unlike sole proprietors, partnerships, and LLCs, corporations pay income tax on their profits. In some cases, corporate profits are taxed twice — first, when the company makes a profit, and again when dividends are paid to shareholders on their personal tax returns.

Corporations have a completely independent life separate from its shareholders. If a shareholder leaves the company or sells his or her shares, the C corp can continue doing business relatively undisturbed.

Corporations have an advantage when it comes to raising capital because they can raise funds through the sale of stock, which can also be a benefit in attracting employees. Corporations can be a good choice for medium- or higher-risk businesses, businesses that need to raise money, and businesses that plan to "go public" or eventually be sold. This is the common business entity formed by non-residnets apart from LLC.

A benefit corporation, also called a B corp, is a for-profit corporation recognized a majority of U.S. states. B corps are different from C corps in purpose, accountability, and transparency, but aren't different in how they're taxed. B Corp has to be certified by the nonprofit B Lab as voluntarily meeting higher standards of transparency, accountability, and performance.

B corps are driven by both mission and profit. Shareholders hold the company accountable to produce some sort of public benefit in addition to a financial profit. Some states require B corps to submit annual benefit reports that demonstrate their contribution to the public good.

If a company is going to do business outside of its state of formation, then it must register to do so. This process is known as foreign qualification. It is usually straightforward, but nearly always requires filing documents and paying fees.

Foreign qualifying a company means that you are registering it to do business in a state other than your state of formation. Corporations and LLCs are considered domestic only in their state of formation. For example, if you formed your LLC in Delaware, it is only domestic in the state of Delaware. If your LLC is transacting business outside the state of Delaware, it would be considered a foreign LLC in those other states.

When you foreign qualify a business, you register for a certificate of authority in the state or states where your company will be transacting business, and pay the necessary state fees. By doing this, the state knows that a foreign corporation or LLC is conducting business within its borders.

Generally entities owned by non-residents, as they do the business remotely, foreign qualification not required. However, if the business involved any warehouse or third party warehouse in a different US state than the one registered with, Foreign qualification is required.

The Employer Identification Number, also known as the Federal Employer Identification Number or the Federal Tax Identification Number, is a unique nine-digit number assigned by the Internal Revenue Service to business entities operating in the United States for the purposes of identification. It is also referred to as Taxpayer Identification Number (TIN).

Similar in purpose to the Social Security number assigned to individuals, EINs are used by employers, sole proprietors, corporations, partnerships, non-profit organizations, trusts and estates, government agencies, certain individuals and other business entities. The IRS uses this number to identify taxpayers that are required to file various business tax returns.

SS4 is the form used to apply for an Employer Identification Number (EIN). An EIN is a nine-digit number (for example, 12-3456789) assigned to employers, sole proprietors, corporations, partnerships, estates, trusts, certain individuals, and other entities for tax filing and reporting purposes. Once Internal Revenue Service(IRS) department approves the EIN, they will fax or email you the SS4 Form with EIN stamped on it.

The information on a 147C letter documents how an individual or business entity is filed with the Internal Revenue Service (IRS), and should match the information on business tax returns and 1099-K forms. This can also be used as proof of EIN.

Form W-9 is used in the United States income tax system by a third party who must file an information return with the Internal Revenue Service. It requests the name, address, and taxpayer identification information of a taxpayer

Companies use your W-9 for accounting purposes but doesn't send the form to the IRS. The information is used to prepare 1099-MISC forms at the end of the year. If you have your own business or work as an independent contractor, a client may request that you provide a W-9 so they can accurately report the payments they make to you.

You can download the W9 form from IRS Website

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