Frequently Asked Questions
All your questions answered
Frequently Asked Questions
General
We are a legal services provider based in St. Louis, MO, U.S. we specialize in services related to e-commerce and entrepreneurship.
Yes we are completely safe and trusted business operational since 2020 trusted y over 13k+ customers from over 162+ countries.
You may checkout the badges at the bottom of our website.
We have high trust score you can check on the bottom of website.
We striver hard to make our platform as safe as possible for our clients.
As per company policy as of yet we cannot offer refund for any digital service unless otherwise stated in terms. If you face any problem with your order or service contact support@moneymakersco.com for immediate resolution.
At present we provide services for following platforms
- Amazon
- Shopify
- Etsy
- Walmart
- Ebay
- Woocommerce
- Facebook (Meta).
To get started, all you need to do is fill out our online form, submit your payment, upload your documents and we will handle the rest.You will need Passport copy.
We accept followings.
- WISE Transfer
- Credit/Debit Card
- Crypto Payments
- Stripe
- Bank Transfer Local and International
Incorporation & LLC
No, but you might want one. Forming an LLC helps protect your personal assets. It also unlocks the ability for you to open bank accounts, enter into contracts, hire employees, and get business licenses and permits.
Both protect owners so they’re not personally on the hook for business liabilities or debts. But, key differences include how they’re owned (LLCs have one or more individual members, and corporations have shareholders) and maintained (corporations generally have more formal record-keeping and reporting requirements).
You choose. Single-member LLCs can file as a sole proprietor. Multi-member LLCs can file as a partnership. Any LLC can file as a C or S corporation.
Tell us what you’d like to call your business, and we’ll see if that name is up for grabs. You can do this at the end if you don’t have a name picked out yet.) Answer a few more questions. Pick a price plan that fits your needs, and we’ll complete and file your paperwork with the state.
Yes sure, we have partnered up with many banks virtual Novel, Mercury, Airwallex, Wise, Brex and physical banks *Hight street banks) also like Bank of America, Capital One,Chase and many more to come
To get started, all you need to do is fill out our online form, submit your payment, upload your documents and we will handle the rest.You will need Passport copy.
Not ncessary but it will depend on the state you choose if you are unsure then please contact us before placing order to get exact information on renewal of company
There are 3 types of filing periods each year.
- Monthly
- Quarterly
- Yearly
There are two types of taxes.
- Sales Tax
- Income Tax
Sales Tax is filed with state where you have incorporated and Income tax is filed with Federal Government as in with IRS.
Yes, if you want to make 2 or more accounts on same platform you will need separate LLCs for eg you already have an account and LLC kinked to it and you wish to open anothe account then you will need to have separate LLC to have another account.
Yes it’s tax free and doesn’t require any renewal fee or taxation.
The Failure to File Penalty is 5% of the unpaid taxes for each month or part of a month that a tax return is late. The penalty won’t exceed 25% of your unpaid taxes.
Renewal fees for Texas,Florida,Wyoming,Delaware & California are as follows.
Texas 0$ + processing fees but you will pay franchise tax of 100$ each year.
Florida 140$ + processing fees each year.
California doesn’t have renewal fee but you will pay franchise tax of 800$ each year.
Wyoming + processing fees 100$ each year.
Delaware + processing fees 300$ each year.
*All these fees are payable to state.
California
- Sales tax 7.25% to 10.5%
- Income tax 1% to 12.3%
Florida
- Sales tax 3% to 6%
- Income tax 5.51%
Texas
- Sales tax 6.25%
- Income tax 0%
Wyoming
- Sales tax 4%
- Income tax 0%
Delaware
- Sales tax 0%
- Income tax 2.2% to 5.55% for income under $60,000, and 6.60% for income of $60,000 or over
California
- Sales tax 7.25% to 10.75%
- Income tax 1% to 12.3%
Michigan
- Sales tax 6%
- Income tax 4.5% to 6%
Amendment
The filing time for Articles of Amendment typically takes four to six weeks, depending on the governing state agency. For example, in California, the process takes over eight weeks. In Texas, it may take just three to five business days. Many states offer expedited service for an additional fee.
For the purpose of federal taxes, the IRS typically takes about six to eight weeks to register a change of business name.
If you’re filing an amendment for a business that’s not in your home state, you’ll need to file a Foreign Amendment. These will require additional documentation by your state, including a Certificate of Good Standing.
Our service fee to file Articles of Amendment is $99, so your cost will be $99 + the fee in your state. State feels typically are around $100-$200, but if you’re a nonprofit, the fee is often lower.
To review the fee in your state, select the state and entity type above.
Some states also offer expedited filing, which is an additional fee.
An attorney isn’t necessary to file an amendment. That said, if you’re ever faced with a confusing business situation, it’s never a bad idea to consult a trusted legal professional to ensure you’re making the most educated decision you can.
You’ll receive a copy of the articles once they’re filed. If you file with us, the governing state agency will return a copy to us. Then we’ll mail it to you for your records.
BOIR
One report is required for each business entity that has formed with the Secretary of State. The report provides identifying information about the individuals who own or control a business with the federal government, satisfying legal requirements.
With MONEYMAKERSCO, you’ll be notified when it’s time to file your report based on your business and your formation date. We’ll request the information needed to file, and we’ll create an accurate report that includes the identifying information about the individuals who own or control your business, or beneficial owners, satisfying the federal reporting requirement.
Then, we’ll file the report for you before your deadline with the Financial Crimes Enforcement Network (FinCEN). You’ll receive confirmation that your report was submitted, so you can rest easy knowing you’ve satisfied the compliance requirement.
Your deadline varies depending on your date of formation, which we can help you determine. We can also help you stay on top of the process with notifications leading up to your filing deadline.
Generally, existing companies, or business entities formed before Jan. 1, 2024, will have until Jan. 1, 2025 to file. Newly created business entities formed on or after Jan. 1, 2024 will have 90 calendar days after the date they receive actual or public notice that their formation is official. If any of the information on the report changes, the entity will have 30 days to submit a new report.
Taking care of this requirement will help you avoid criminal and civil penalties for failing to comply, including imprisonment for up to two years, a fine of up to $10,000, and/or a fine of up to $500 per day.
No, however, in the future if you file a UA beneficial owner is an individual who directly or indirectly: (1) owns or controls at least 25% of your company’s ownership interests, or (2) exercises substantial control over your business. If you’re not sure, you can always talk to an attorney from our legal network..S. tax return or claim for refund, the ITIN (including for a dependent) will need to be renewed at that time.
Examples of beneficial ownership and beneficial owners with substantial control include:
- An important decision-maker for the reporting company
- A senior officer (president, chief executive officer, chief financial officer, general counsel, chief operating officer, or any other officer with a similar function)
- An individual with the authority to appoint or remove officers or directors (or similar body) of the company
Additionally, if you officially formed your business on or after Jan. 1, 2024, you must submit information about the individuals who formed the business (known as “company applicants”), even if they don’t qualify as a beneficial owner.
Corporations and limited liability companies (LLC) who qualify as reporting companies will be required to file a BOIR. This means reporting identifying information about the individuals who own or control a business with the U.S. government. Failure to comply could mean serious civil and criminal penalties.
This new requirement applies to most business entities, known as reporting companies, unless an exception applies.
This rule, under the Corporate Transparency Act, mandates the identification of individuals who benefit from a legal entity.
The goal of this legislation is to provide transparency around business ownership structures. It helps the federal government crack down on financial crimes and fraud, such as money laundering, corruption, human trafficking, drug trafficking, tax fraud, and fraud against employees, customers, and other businesses.
The Corporate Transparency Act is legislation that changes the reporting requirements for beneficial ownership information of business owners operating in the United States. It requires businesses to identify and document any person who holds a 25% or greater ownership interest or exercises substantial control over the company.
Under the new rule, most reporting companies must file information on each beneficial owner with the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN). FinCEN has developed a database that holds information about each beneficial owner documented by a reporting company.
FinCEN lists 23 types of exempt business entities that do not qualify as reporting companies under the reporting requirement.
- Securities reporting issuer
- Governmental authority
- Bank
- Credit union
- Depository institution holding company
- Money services business
- Broker or dealer in securities
- Securities exchange or clearing agency
- Other Exchange Act registered entity
- Investment company or investment adviser
- Venture capital fund adviser
- Insurance company
- State-licensed insurance producer
- Commodity Exchange Act registered entity
- Accounting firm
- Public utility
- Financial market utility
- Pooled investment vehicle
- Tax-exempt entities
- Entity assisting a tax-exempt entity
- Large operating company
- Subsidiary of certain exempt entities
- Inactive entity
Companies qualify as tax-exempt entities if they meet any of the following criteria:
- The IRS considers them exempt entities under section 501(c) of the Internal Revenue Code (this will include many entities with nonprofit organization status).
- They lost tax-exempt status under the code less than 180 days prior.
- They are political organizations as defined under section 527(a) of the code.
- They are trusts as defined under section 4947(a) of the code.
The agency defines a large operating company as meeting all of the following criteria:
- It is otherwise subject to a federal regulatory regime.
- It has over 20 people with full-time employment status in the U.S.
- It has more than $5 million in gross receipts or sales on a prior year’s tax return filed with the IRS, excluding foreign receipts.
- It has a physical operating presence in the U.S.
- It is owned by an entity already exempt under the Corporate Transparency Act.
- It is otherwise designated as exempt by the Secretary of the Treasury and the U.S. Attorney General.
Amazon
There are many ways to increase sales in Amazon’s store. Appeal to Prime members by using Fulfillment by Amazon (FBA) to offer customers Prime shipping. You can also:
Up your advertising game by offering promotions, coupons, or lightning deals.
Register as a Brand Owner and build your own brand experience using Amazon Stores.
Create A+ content to drive sales.
Manage customer engagement to market directly to customers who follow your brand.
Learn how Amazon Advertising helps grow businesses and brands of all sizes
- Register on Amazon for the flexibility to sell one item or thousands.
- Choose a selling plan based on your needs—you can change plans at any time.
- Use Seller Central to create a product listing.
- Create a great product detail page by following this Quick-Start Style Guide.
- Promote products through Amazon advertising or other marketing channels.
- Fulfill orders quickly when customers make a purchase.
- The possibilities are virtually limitless. What you can sell depends on the product, the product category, and the brand. Some categories are open to all sellers, some require a Professional seller account, some require approval to sell, and some include products that cannot be sold by third-party sellers.
- Choose a selling plan based on your needs—you can change plans at any time.
- Use Seller Central to create a product listing.
- Create a great product detail page by following this Quick-Start Style Guide.
- Promote products through Amazon advertising or other marketing channels.
- Fulfill orders quickly when customers make a purchase.
- Some products may not be listed as a matter of compliance with legal or regulatory restrictions (for example, prescription drugs) or Amazon policy (for example, crime scene photos). For detailed information, visit Seller Central Help to learn more about restrictions, and how to request approval for new products in certain categories.
If you plan to ship orders with Fulfillment by Amazon (FBA), be sure to review the list of FBA product restrictions. - Choose a selling plan based on your needs—you can change plans at any time.
- Use Seller Central to create a product listing.
- Create a great product detail page by following this Quick-Start Style Guide.
- Promote products through Amazon advertising or other marketing channels.
- Fulfill orders quickly when customers make a purchase.
- Getting started is as simple as choosing a selling plan and setting up an Amazon seller account. In order to complete your registration, make sure you have access to your bank account number and bank routing number, chargeable credit card, government-issued ID, tax information, and phone number.
What products should you start with? What niches are most profitable? For ideas, check out this list of 38 online business ideas. You’ll hear from sellers who started in Amazon’s store and grew to reach global audiences.If you plan to ship orders with Fulfillment by Amazon (FBA), be sure to review the list of FBA product restrictions.
- Choose a selling plan based on your needs—you can change plans at any time.
- Use Seller Central to create a product listing.
- Create a great product detail page by following this Quick-Start Style Guide.
- Promote products through Amazon advertising or other marketing channels.
- Fulfill orders quickly when customers make a purchase.
- There are many opportunities for new sellers in Amazon’s store. What you can sell depends on the product, the category, and the brand. Some categories are open to all sellers while others require a Professional seller account. Certain products require approval to sell and other categories include products that cannot be sold by third-party sellers.
What products should you start with? What niches are most profitable? For ideas, check out this list of 38 online business ideas. You’ll hear from sellers who started in Amazon’s store and grew to reach global audiences.If you plan to ship orders with Fulfillment by Amazon (FBA), be sure to review the list of FBA product restrictions.
- Choose a selling plan based on your needs—you can change plans at any time.
- Use Seller Central to create a product listing.
- Create a great product detail page by following this Quick-Start Style Guide.
- Promote products through Amazon advertising or other marketing channels.
- Fulfill orders quickly when customers make a purchase.
- To get started as an Amazon seller, begin by choosing a selling plan and setting up an Amazon selling account. Make sure you have access to your bank account number and bank routing number, chargeable credit card, government-issued national ID, tax information, and phone number to complete your registration.
- Selling in Amazon’s store can be very profitable. On average, American small- and medium-sized businesses (SMBs) sell more than 6,500 products per minute. In 2019, nearly 225,000 entrepreneurs worldwide eclipsed $100,000 in sales, and 15,000 U.S. businesses broke $1 million.
- Top selling items on any given day may include books, baby items, electronics, kitchen supplies, outdoor gear—the list goes on. Check out Amazon Best Sellers for an hourly update with the most popular products based on sales.
- To sell books:
- Decide what type of books you want to sell
- Create an Amazon seller account
- Choose between a pay-as-you-sell Individual selling plan or a Professional selling plan, where you pay a flat monthly fee
- Figure out your order fulfillment method
- Set book pricing
- List books
- Promote the books online
- Pack and ship books as they sell
Selling books online can be a lucrative side gig or a profitable business venture. Here are a few benefits of selling books online:- No sales constraints—sell as much or as little as you want.
- Convenience for you and the buyer—no traffic, no lines, and you’re always open.
- Offer a wide variety of titles, authors, and genres.
- Once you create a selling account, submit an application to join Amazon Handmade. If you are approved, you will have the ability to create a store and list products through the Professional selling plan. You will also be able to create your own custom URL, so customers can find your brand easily. For each sale, Handmade will deduct a 15% referral fee.
Join artisans from over 80 countries who are selling their craft in Amazon’s store.
Fulfillment is the process of storing, packing, and shipping orders as well as handling returns and exchanges. Effective, reliable order fulfillment can help earn customer trust.
- Shipping fees depend on whether you plan to fulfill orders yourself, use a combination of shipping options, or use Fulfillment by Amazon (FBA) to handle logistics and customer service.
- FBA stands for Fulfillment by Amazon (FBA). With FBA, you send products to Amazon’s fulfillment centers, and we pick, pack, ship, and provide customer service for those products.
Specialty FBA programs like FBA Small and Light, FBA Subscribe & Save, the FBA Dangerous Goods program, Multi-Channel Fulfillment, and FBA Export help you stay competitive and pay only for the services you use. The options are flexible, so you can find a combo to serve your business.
FBA can help you scale your business and reach more customers.
An Amazon FBA business is a seller that uses Fulfillment by Amazon to handle logistics. Store products in Amazon’s Fulfillment Centers and we will pick, pack, ship, and provide customer service for each product.
Need help deciding which fulfillment option is right for your business? Check out our Ecommerce Fulfillment Guide.
- FBA is a pay-as-you-go fulfillment service. You pay for storage space and fulfillment of each sale. The cost of shipping is included in your fees, with no extra charge for Amazon Prime FREE Two-Day Shipping and free shipping on eligible orders. Selling fees and optional services may apply.
- FBA is a pay-as-you-go fulfillment service. You pay for storage space and fulfillment of each sale. The cost of shipping is included in your fees, with no extra charge for Amazon Prime FREE Two-Day Shipping and free shipping on eligible orders. Selling fees and optional services may apply.
Hi all, this morning I received an email from apuk-seller-verification-enquiry@amazon.co.uk, which had the above heading. The message read as follows:
Hello,
We are contacting you as we need some additional documents to continue with your account verification. The document you provided was unacceptable for review, due to the reasons listed below.
What happens if I do not send the required documents?
You have a total of 60 days from the day we first contacted you to provide all documentation or information requested to complete the verification. The time that Amazon takes in reviewing and validating the information or documentation provided will not be counted against the 60 days threshold you are given. Failure to provide this on time will lead to your disbursements being disallowed until verification has been completed.
If it has been more than 60 days since we first contacted you, your disbursements may have already been disallowed and will remain temporarily deactivated until the requested information or documentation has been provided and your account has been verified.
Why is this happening?
The UTR HMRC document you provided has expired.
What type of document do I need to provide?
Business verification documents:
– One of the following documents issued by HM Revenue & Customs (HMRC) within the last year:
Class 2 National Insurance Contributions (NICs) Bill
Online VAT Certificate
Self-Assessment notice to complete a tax return
Letter confirming your Unique Taxpayer Reference (UTR) number
Self Assessment Statement
Short Tax Return.
We can also accept the following documents issued by HMRC:
Certificate of Registration for Value Added Tax (VAT)
“Welcome to Self-Assessment” letter confirming your UTR number
Letter confirming your VAT number, following a VAT1 application.
If you are unable to provide any of these documents, you can request a Confirmation of Unique Taxpayer Reference letter by calling HMRC and asking for the “Self-Assessment Department”. The letter may take two weeks to arrive by mail.
How do I resolve this situation?
Ensure that the document meets the following criteria:
– The document must be dated within 12 months.
– The document must not be a screenshot.
The document must be in one of our supported languages. The supported languages are English, Chinese, Dutch, German, Italian, Spanish, Swedish, French, Turkish, Polish, Portuguese, Arabic, Hindi, Tamil, Vietnamese, Thai, and Japanese. If the original document is not in a supported language, please provide a copy of both the original document and a certified translation.
How do I submit the required documents?
To continue with your account verification, follow the below instructions to provide the requested document.
- Go to the “Identity information” section of Seller Central.
https://sellercentral-europe.amazon.com/sw/SSR/BusinessKYCInfo/spaDashboard
Follow the prompts to upload the required document.
Click “Save” and “Submit for verification”.
Once we have received the required documents, we will continue with your verification.
We’re here to help
If you have any questions, you can contact us at any time:
https://sellercentral-europe.amazon.com/help/hub/support
The Amazon Payments team
I clicked on the link provided and followed the steps to upload one on the suggested documents, namely my last ‘Self Assessment Statement’ dated November 2021. This was accepted and the message ‘Successfully submitted all the mandatory information’. Then approximately ten minutes later I received the following email, headed Know Your Customer (KYC) verification process support, from Amazon Seller Central Notifications(Do Not Reply) donotreply@amazon.com:
Dear Seller
Greetings from Amazon,
To sell on [Amazon.co.uk], you must complete an account verification process. You must complete this verification before reaching €15,000 (or GBP equivalent) in disbursements, or your account will be suspended.
A dedicated team of associates are available to help you with this. If you wish to avail of this assistance, please follow the steps below:
- Click on this link: [https://sellercentral-europe.amazon.com/cu/contact-us?ref_=ag_contactus_shel_xx
- Click on the “Selling on Amazon” option
- On the right side of the screen, click on ‘My issue isn’t listed here: contact support’
- The left side of the screen should now activate, please click on ‘Your Account’
- Click on ‘Account Verification’ and choose the contact option that best reflects your issue.
Once your case is created, you will receive prompt communication via phone or email in order to ensure you receive the support required to resolve your query.
For more information on what is required to sell on Amazon, refer [https://sellercentral.amazon.co.uk/gp/help/help.html/ref=ag_201200780_cont_521?ie=UTF8&itemID=201200780&language=en_GB
We look forward to speaking with you.Amazon Payments
I didn’t and still don’t know what this means. If I go to seller central now, I have a red alert box which states: Additional information required
Additional information is required for the verification of your Selling on Amazon payment account. Your selling privileges may be temporarily suspended if you do not provide the required information.
[Provide the required information]
When I click on this box, I am taken back to the screen I was shown immediately after successfully uploading my most recent ‘Self Assessment Statement’. However, now I look at it more closely, it is divided into three secrions
- Before you sign up, make sure you’re ready with the following:
- Business email address or Amazon customer account.
- Internationally chargeable credit card.
- Government ID (identity verification protects sellers and customers)
- Tax information.
- Phone number.
- A bank account where Amazon can send you proceeds from your sales.
Trademark
- If you file a trademark application through an IP Accelerator law firm, you will be able to enroll in Brand Registry and have access to the following benefits:
- Proactive brand protections: Amazon will use information that you provide about your brand to implement protections that attempt to proactively identify and remove potentially bad listings that could harm your brand and our customers.
- Powerful search and report tools: You will have access to the Report a Violation tool that provides text and image based searching capabilities and simplifies the process of reporting potential infringement (e.g., common law trademark infringement) with multiple features designed specifically for brands.
- Other brand-building benefits: You will be able to further build and grow your business on Amazon by taking advantage of powerful tools designed for brands such as Enhanced Brand Content product detail pages, Brand Stores, Sponsored Brands, and the Brand Dashboard.
- Amazon has pre-negotiated rates for the below services covering a single brand for a single class of goods or services. Additional fees will apply for other services including searching for multiple brands and filing for additional types of intellectual property (e.g., design patents).Maximum service feesA high-level brand search of Trademark Office records for relevant pending applications or registrations.$500A comprehensive brand review including Trademark Office records and unregistered uses.$1,800Filing a US trademark application.$600 (plus government fees)
- Yes. Amazon has pre-negotiated rates for filing trademark applications, but you may also engage law firms participating in IP Accelerator for other IP-related services such as filing design patent applications, copyright applications or developing holistic brand protection strategies. The services and fees for these services are to be determined between you and the law firm.
- We regularly monitor the status of trademark applications filed through IP Accelerator. If your application is denied, then you will no longer have access to the brand protection features for that trademark application.
- Once Amazon becomes aware that you have filed a trademark application through an IP Accelerator law firm, then we will email you an invitation to enroll in Brand Registry. Once you complete that enrollment, we will automatically enroll you in our automated brand protections, provide you with access to the Report a Violation tool, and you will receive access to other brand-building features.
- No. The most direct way to use IP Accelerator is through the IP Accelerator page under the Service Provider Network found in Seller Central. To access Seller Central, you will need a Seller Central account which you can create here. However, if you don’t have an Amazon Seller Central account and would like to work with an IP Accelerator law firm, please contact us here.
German Services
You must have a Germany company registered.
No, you cannot work as this type of contract is specially for the support of chancenkarte visa which will help you in increasing your success rate to 99%.
No, but once you are in germany on chancenkarte visa and have availed our service we will assist you in finding a job where you can work part-time.
Yes absolutely you will have to apply and send an application to our department of processing and then we will let you know about success of your application we will send you an application form after your payment has been confirmed.
Yes you need to pay a fee to get the approved job offer letter which is mentioned above.
No once you have chosen to pay the service fee for job contract you will be given a 100% contract.
Yes, you need to mention in the application form you will receive after order is confirmed.
No once your order has been processed and approved there will be no refunds.
Absolutely yes, we are in business since 2020 and we have earned trust of our customers from more than 172+ countries offering a wide range of services we stand by our promise and commitment in delivering authentic and genuine services.
If the services are not delivered due to our negligence or have not been approved you will be refunded and informed dully.
Shopify & Dropshipping
Dropshipping is when you sell products to customers but use a third party to hold your inventory and ship your orders. Dropshipping business owners focus on the branding, marketing, and customer management part of their business while a third party handles their logistics for them. Discover our what is dropshipping article on the ecommerce blog.
Dropshipping has the potential to be profitable. For starters, online shopping continues on an upward trajectory. Further, merchants don’t need to make inventory investments upfront, so this keeps more capital at the ready for other purposes.
You have items on your shopping list that are more expensive. For example, let’s say you sell a $30 goods and Aliexpress Supplier gives you $15. You perform advertising and make a sale in 3$ marketing. Allow $3 to be subtracted from the remaining $12 profit. As a consequence, you were able to earn $9.
The best products for dropshipping have high demand and low market competition. For example, some dropshippers chose to sell trendy products like colored LED lights. Dropshippers might also chose more industrial products like heat lamps or car parts. Finding a great dropshipping niche usually includes market research and some experimentation.
Anyone can do it from anywhere in the world.
• Easy setup.
• Minimal investment.
• A large portion of the inventory is automated.
Yes, you will need a legal entity in the country you are going to sell dropshipped products in.
For eg if you are selling products in U.S. and you are based in France then you will need a legal entity formation first in U.S.
Yes, you can update any information if you migaret or move out of your country of operating business from at anytme.
Taxation
A single-member LLC that has chosen to be recognized as a disregarded entity will pay tax based on the tax status of the owner of the LLC. Because the LLC is providing services remotely, there’s no income connected to the US as the owner of the LLC is not physically present in the US. This means that the LLC would owe no US tax, except for the annual registration fee in the state of LLC registration, and there is no requirement to file income tax either. But keep in mind, though you might not be producing your income in the U.S., you still could be liable to income tax on this income in your home country.
If you are selling goods in the US, you are required to report your business’s income to the IRS. If you are a non-resident, you report your US income on the 1040NR form which is then sent to the IRS. This form can be difficult to understand so we recommend hiring a CPA to manage your tax issues. You will also need to obtain ITIN, something Jumpstart can assist you with.
Any LLC that has more than one owner (partnership or S or C Corporation), must file a federal tax return, even if it has zero income.
A corporation files its tax return and pays its tax liability because it is a separate tax entity from its owners. One cannot freely transfer money between the owners or shareholders and the corporation. The corporation can pay the owners for expenses they pay on behalf of the business, and the corporation can pay owners for services they provide to the corporation. The only way for the shareholders to gain funds from the business is if the corporation pays them dividends. Dividends are not a tax deduction and are taxable income to shareholders.
Most businesses have both revenues and expenses. The IRS keeps a list of eligible business expenses, and expenses that can be clearly related to maintaining and running the business are considered deductible expenses. Often it is best to have your CPA handle the question of which of your expenses are deductible.
To reduce your tax obligation you would want to report as many eligible expenses as possible, however, you should make sure you can prove these expenses were legitimate, so keeping receipts, bank statements, and credit card statements is a must.
If you are a non-resident you might not have a work permit, which means you cannot receive a salary as a resident alien or U.S. citizen would.
If we spend a majority of the income of the U.S. company on services provided by our other company, registered in our country?
You can do that, just make sure you can prove services were indeed provided and properly documented. You also want to make sure these services are provided outside of the U.S., in order not to be classified as U.S. sourced, and as such subject to the 30% withholding requirement.
Whether you need to obtain an ITIN will depend on if you have US tax reporting obligations due to your US business interests. You may need an ITIN if you have membership interest in an LLC, but most probably you won’t need one as a shareholder of a corporation.
Remember, Individuals must have a filing requirement and file a valid federal income tax return to receive an ITIN, unless they meet an exception.
You can get your ITIN for Paypal Stripe Bank
This tax is only applicable to C Corporations, not LLCs. It applies to income earned by the corporation in the state, unlike federal income that applies to all U.S. sourced income.
Though LLCs don’t pay income tax, it is always smart to check with your CPA if there are any filing requirements for the LLC in the state of registration.
It doesn’t matter if you choose LLC.
For corporations, it matters, but only if you will have lots of income in the state of registration. For example, if you have a Delaware Corporation and your business has no income coming from Delaware then you will have no corporate tax to pay to the state of Delaware, only the federal corporate tax.
It depends on the situation. It is called NRA (non-resident alien) withholding, meaning your payer keeps 30% of the amount they are paying you, and sends this sum to the IRS.
According to IRS rules “in order for a payment to be subject to NRA withholding, it must be a payment of FDAP income. FDAP is an acronym for Fixed or Determinable, Annual or Periodic. Some of the more common expenses paid by US withholding agents which would result in FDAP income to their vendors and other service providers are interest, royalties, compensation for personal services, rents, pensions or annuities and gains from the sale or exchange of the patents, copyrights, and similar intangibles…”
For FDAP income paid to a foreign person to be subject to NRA reporting and withholding, the payment must be U.S. sourced.
Interest: If the debtor is a U.S. resident, the interest is generally U.S. sourced.
Royalties: If the property is used in the U.S., the royalty payment is U.S. sourced.
Payments made with the sale of certain intangible assets, like copyrights and patents, are generally sourced similar to royalties when the payments are contingent on the productivity, use, or disposition of the intangible.
Rent: If the rental property is in the U.S., the payment is U.S. sourced.
Personal Services: If the services are performed in the U.S., the payment for those services is most often U.S. sourced.
Banking
Currently we have 8 banks available :
- Capital One (Discontinued)
- Lloyds Bank (coming soon)
- Huntington (US) (coming soon)
- Chase (US,UK)
- BOA
- Wells Fargo
- Bank of Texas
- HSBC (US,UK)
If bank decised to terminate your account because of your own negligence and against the guideleines which we will provide you then you will be liable to pay the agent to get the account re-opened and if the account is terminated due to banking policy change we will handle it fro you free of cost and a new account will be provided to you.
You can keep the signatory for the first 6 months after your account is delivered to you but after 6 months you will be responsible and retiring the signatory is highly recommended to avoid any further interruptions in your banking service operations you will be informed 1 month before the 6 month period deadline to retire the signatory at will and introduce your onw US signatory and take full control of the account.
In that case our agent will handle it for you and visit the branch free of cost if such request is made by the bank.
A credit line, also known as a “line of credit” (LOC), is a type of standing loan that allows individuals, businesses, or other organizations to borrow cash when they need it, repay what they have borrowed, and continue borrowing without applying for a new loan.
A secured credit card is a type of credit card that is backed by a cash deposit from the cardholder.
An unsecured credit card is simply a card that doesn’t require a deposit, or collateral, to open an account.
A credit score predicts how likely you are to pay back a loan on time. A scoring model uses information from your credit report to create a credit score.
No you dont need SSN to get physical bank in US, we have partnered up with many banks virtual Novel, Mercury, Airwallex, Wise, Brex and physical banks *Hight street banks) also like Bank of America, Capital One,Chase and many more to come
No you dont need US Bank account for approval but for verification purposes banks require you to have any US bank and deposit first minimum amount to get going with your newly approved bank account.
To get started, all you need to do is fill out our online form, submit your payment, upload your documents and we will handle the rest.You will need Passport copy.
Initial credit limit will be based on the bank you will choose as a general rule the bank will set your limit based on your monthly transactions so check with your bank once you get an account approved.
Once your account is approved you have to maintain an initial balance of 10,000 USD during 6 months then the bank will automatically offer you credit card.
No, you don’t need to visit the bank either for opening an account or running your business/personal account.
Yes, you can access your bank account and all services from anywhere in the world.
Customer Ratings
Order completion rate
Quality
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The following data have been compiled based on customers feedback.
98%
97%
99%
98%
4.9/5.0
Rating : 4.7/5.0 | Reviews: 4322
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Customer Ratings
Order completion
Quality
Order Processing
Reliability
The following data have been compiled based on customers feedback.
The following data have been compiled based on customers feedback.
