Starting a business in the United States is an excellent way to earn money online. The first step in establishing your business is to consider whether you want to create a general or niche store. Once you have decided, the following are specific steps you can take to legally begin your journey.
Step 1: Choose an available domain name
The first step in starting your business is to find an available domain name. This is the name that your business will be known by online. Choosing a name that is short, easy to spell, and easy to remember is essential. It’s also important to make sure that the domain name is not already taken. You can use sites like GoDaddy.com or Namecheap.com to search for available domain names.
Step 2: Protect yourself with an LLC
To protect yourself legally, you should sign up for an LLC through Delawareinc.com. This will help you avoid personal liability in case of any issues or challenges in your business. It’s a simple process to sign up for an LLC, and Delawareinc.com has a lot of resources and information available to help you with the process. By establishing an LLC, you can minimize your personal risk of being sued, protect your assets, and benefit from tax advantages.
Step 3: Obtain a US phone number, physical address, and US bank account
Having a US phone number, physical address, and US bank account is essential for accepting global payments. You can get a US phone number and address for your business through services like Address.com. It’s also important to have a US bank account to accept payments from customers internationally. You can set up a US bank account online through a service like Payoneer or TransferWise.
Step 4: Obtain a Federal Tax ID (EIN)
Obtaining a Federal Tax ID (EIN) is crucial for establishing your bank account and payment gateway. You can follow the instructions in an Ebook to help you through the process, which includes filling out the SS4 form and confirming details for the EIN submission. This information is required by the IRS to identify your business and process your taxes. You can stay informed on tax laws and changes by subscribing to a blog for updates.
Step 5: Set up a payment gateway
Setting up a payment gateway is necessary for accepting payments from customers. Stripe is generally considered the payment gateway of choice for new business owners since most people have their bank information readily available. Once connected, you can start managing balances and payments. However, it’s worth noting that in case of returns, there may be retention of payment for a few days, but typically, the payments are transferred within five business days.
Step 6: Withdrawing your funds
When it comes to withdrawals, it’s recommended that you withdraw more substantial amounts since it will cost you less in fees. It’s worth noting that withdrawals with a minimum limit of $50 incur charges. Adding a bank account to Payoneer is recommended so you may transfer money to a personal bank account.
Step 7: Get help with taxes
Navigating taxes as a business owner can be complicated, and it is advisable to get the help of legal or financial experts in understanding taxes and other business-related concerns. This can help you avoid any legal trouble in the future and ensure that you are operating your business within the law.
Conclusion
By following these steps, you can successfully register a business in the USA and obtain an official business bank account and payment gateway, complete with an address and phone number, and start accepting global payments. It’s essential to make sure that all your legal paperwork is processed, and you have an understanding of how taxes work. By doing so, you can protect yourself legally and operate your business efficiently.
