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Primarily located in the central North America region and bordering Canada at the north while Mexico at the south, the United States of America, also known as the USA or US. The country consists of 50 federal states with several island possessions. The USA is known to be the third largest country of the total area of 9.8 millions kilometres square. The national capital of USA is Washington D.C while the most populous city is New York city
The population of the USA in 2020 is estimated to be 331 million, ranks 3rd populous country after India and China
English is the most common language while Spanish is the second most used language. Other languages are Chinese, Vietnamese, Korean, Russian, Arabic, Tagalog, Polish.
The USA political structure is composed of the Federal Government at the top of the political structure which consists of three distinct branches: legislative, executive and judicial. These 3 branches are given power vested by the US Constitution in the Congress, the President and the Federal courts, respectively.
According to the US Constitution’s Tenth Amendment, all powered are reserved for the States and the people. The State Governments' political structures are shaped after the Federal Government model.
In 2019, the real GDP of the USA was $21.43 trillion. The GDP per capita of the USA was $65,281 in 2019, a 3.63% increase from 2018.
The US's economy is a highly developed country with a diversified economy. The nation has an abundance of natural resources, high productivity and a well-developed infrastructure and is also known to be the largest importer and second largest exporter in the world. The focus of US’s economy is mainly in the technological industry with many of its firms operating in the forefront of technological advances.
United States Dollar (USD)
The corporate laws of the USA are user-friendly and are adopted by 50 states as a standard for testing corporate laws. As a result, the corporate laws of the country are familiar to many lawyers both in the US and internationally. The USA has a common law system.
One IBC supply incorporation in Wisconsin service with the common type Limited Liability Company (LLC) and C-Corp or S-Corp.
The use of the bank, trust, insurance, or reinsurance within the name of the LLC is generally prohibited as limited liability companies in most states are not allowed to engage in a banking or insurance business.
The name of each limited liability company as set forth in its certificate of formation: Shall contain the words "Limited Liability Company" or the abbreviation "L.L.C." or the designation "LLC";
No public register of company officers.
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How to start a business in United States of America
Share Capital:
There is no minimum or a maximum number of authorized shares since USA incorporation fees are not based on the share structure.
Director:
Only one director required
Shareholder:
Minimum number of shareholders is one
USA company taxation:
Companies of primary interest to offshore investors are the corporation and the limited liability company (LLC). LLCs are a hybrid of a corporation and a partnership: they share the legal features of a corporation but may choose to be taxed as a corporation, partnership, or trust.
Local Agent:
The USA law requires that every business have Registered Agent in the US State the company is incorporated, the Registered Agent may be either an individual resident or business that is authorised to do business in the US States
Double Taxation Agreements:
The USA has participated in many free trade agreements with several nations and organizations, such as the NAFTA, South Korea, Israel, Australia and other countries that are in effect or under negotiation
In the case of corporate taxpayers, double taxation is minimised through allocation and appointment rules related to the income of corporations engaged in multi-state business.
To form a corporation, the Articles of Incorporation need to be filed with the State Department of Financial Institutions. The filing fee is varied among different states.
To form a LLC, the Articles of Organization needs to be filed with the State Department of Financial Institutions. The filing fee is varied among different states.
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USA Filing Due Date: Business tax returns are due by April 15 — or by the 15th day of the 4th month following the end of the taxable year (for fiscal year filers).
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