According to the latest economic indicators, the United States economy is looking pretty healthy. Last month the job market reported it added a strong amount of 225,000 jobs. That’s good news because a healthy economy will create 150,000 jobs on average. A new report shows that South Florida’s economy is one of the best in the world. The report comes from the U.S. Conference of Mayors. It states that South Florida has a $340 billion economy, ranking in as one of the 50 largest in the world. Compared to just the territories in the United States, together Miami-Dade, Broward and Palm Beach are ranked number 12th. So if you ever wanted to start your own business right now is the best time to do so.
There are three common ways to start a business. The first one is a corporation. It is usually reserved for companies that have a large organization that includes shareholders, directors, and officers. The first step to starting a corporation is the articles of incorporation. It is a set of legal documents that contain the company’s name, street address, the name and the tile of the people who are involved and the amount and type of stock to be issued.
The second type of business is consists of a partnership, which is a formal arrangement by two or more parties to manage and operate a business and share the profits. There are three common types of partnerships: general partnership (GP), limited partnership (LP) and limited liability partnership (LLP). A fourth, the limited liability limited partnership (LLLP), is not recognized in all states. All partners usually equally share liabilities and profits but others may choose to divide profits and liabilities differently.
The third type of business is LLC. A limited liability company combines the characteristics of both a corporation and a partnership. The main difference between an LLC and a corporation is that an LLC is owned by one or more individuals, and a corporation is owned by its shareholders. A second difference between corporations and LLCs is the way they are taxed. For owners of an LLC, any losses or operating costs of the business can be deducted on personal tax returns. They can also be required to pay an additional self-employment tax based by state. Corporations are taxed as a separate legal entity. They pay tax on profits and tax on dividends distributed to shareholders.
Another way one can start a business in the United States but is not widely known about is the EB-5 investor visa program. This program is reserved for foreign investors wishing to obtain a visa to operate a business in the U.S. The EB-5 visa program is operated by the United States Citizenship and Immigration Services (USCIS).
To meet requirements, a foreign investor must be ready to make a capital investment in a U.S. company at the amount of $900,000 or $1.8 million. The $900,000 is for investors who would like to invest in a targeted employment area (TEA). These areas are where the U.S. government designates as detriment need areas. Investing elsewhere would require $1.8 million. Also, EB-5 investments must lead to the creation of 10 full-time U.S. jobs for at least two years.
The process of starting any business in the United States is complex and takes a certain set of skills that are obtained throughout years of experience. We a Brickell 21 have been catering to every form of business for many years. Our expertise is in US investment, legal advice, tax, opening and operating a corporation and knowledge of how to obtain business capital. Please join our affluent community of professionals at our state-of-the-art luxury shared office space that is equal to none in Miami.