Are you thinking about opening companies in the United States, but feel lost in the process? Do not worry! In this interview, we are going to delve into the business context of the United States with the help of the renowned lawyer Patricio Gutiérrez, who will provide guidance and fundamental advice for any foreigner who wishes to establish a business in this Texas or another state in the country.
Best practices for opening companies in the United States
Get advice from a team of specialists
The first thing you should do when considering starting a business in the United States is to form a team of specialists who will provide you with guidance and advice. This equipment should include:
- Corporate Attorney: A lawyer specializing in business and corporate law will guide you through the legal aspects of setting up your company, such as the proper legal structure and registration requirements.
- Accountant: An accountant will help you understand the tax implications of your business, including tax deductions and tax obligations.
- Business Consultant: A business consultant will assist you in strategic planning, market analysis, and other operational aspects of your company.
- Migration Advisor: If you are a foreign national who wants to work in the United States, an immigration advisor will guide you on visa requirements and other immigration-related aspects.
Define your business strategy
Once you have formed your team of specialists, it is important to analyze your situation and define your business strategy. Some things to consider include:
- Business Intent: What is the purpose of your company? What products or services do you plan to offer? Clearly define your business goals.
- Legal Structure: Decide on the most appropriate legal structure for your business, such as an LLC (Limited Liability Company) or a corporation, based on your specific needs and circumstances.
- Tax Aspects: Understand the tax implications of your business and make sure you comply with all tax obligations in both the United States and your home country.
Protect your assets with the right structure
One of the most important aspects of starting a business is protecting your personal assets. A proper legal structure, such as an LLC, will provide you with a separation between your personal finances and those of your business, which will protect you in the event of lawsuits or business debts.
Draw up an operating agreement
An operating agreement (or partner agreement) is an internal document that sets out your company’s internal rules and procedures. Define how decisions will be made, how conflicts will be resolved, and other key aspects of your business operation.
Process the incorporation of your company
Once you have defined your business strategy and prepared all the necessary documents, you can proceed with the incorporation of your company. In Texas, this process usually takes 5-10 business days, and then you’ll be able to get the tax number needed to open a business bank account.
Operate your business in the United States
Once your company is properly incorporated and registered, you are ready to start operating. Make sure you’re complying with all local and state regulations, and consider getting business insurance to protect your business against potential risks and contingencies.
Remember, although opening a company in Texas can be complex for foreigners, with the right advice and careful planning, it is possible to make it happen. Contact us for personalized guidance and to make your investment in the United States a reality.
