centaurtrust.com

General information 

Located in almost entirely in the western hemisphere, the US stretches from the Pacific on the west to the Atlantic on the east, with the Gulf of Mexico to the southeast. It is bordered by Canada on the north and Mexico on the south. Its population is approximately 305,191,000. The USA does not have an official language, however, the most commonly used is English and the second most common language is Spanish. The currency used is the US$. The law of the United States was originally largely derived from the common law system of English law.  The supreme law of the land is the United States Constitution, and forms the basis for federal laws under the federal constitution in the United States.The US is the world’s oldest surviving federation. It is a constitutional republic comprising of 50 states and a federal district. 

Types of company 

The United States LLC is a distinct business entity that offers an alternative to partnerships and corporations. It combines corporate advantages of limited liability and the partnership advantage of pass-through taxation. US LLCs with non-resident members, which do not conduct business in the US and which do not have US-sourced income are not subject to US federal income tax and as such, are not required to file a US income tax return.  

Company names 

The name can be in any language, but some states may require an English translation. Company names must end in Limited Liability Company or Limited Company or their abbreviations LLC or LC. Names identical or similar to an existing company within the state of formation are not allowed. The use of bank, trust, insurance or reinsurance within the name of the LLC is usually not allowed in all 50 states.  

Restriction on activities 

Most states do not allow LLCs to engage in banking or insurance activities. 

Approval of names & time required to incorporate a company 

The approval of names takes 24 hours, with a further 2 days required for the incorporation of the company.  

Share capital & government license fee 

There are no restrictions in relation to the standard authorised share capital and the minimum paid up capital. A government license fee is payable, depending on the state of incorporation, ranging from US$ 65 to US$ 220.  

Company officers 

Shareholders: normally one. 

Directors: normally one. 

Company Secretary: not applicable. 

Registered Office & Registered Agent 

A registered agent must be appointed and a registered office must be maintained within the state of incorporation.  

Corporate records & public filings 

There is generally no requirement to file financial statements with the state of formation, but if the corporation owns assets within that state or has conducted business within that state, then this may be required. 

Corporate taxation 

US Federal Taxation. Companies which are structured for partnership tax treatment, which have no resident members, which do not conduct business in the US and which do not have US-sourced income are, not subject to US federal income tax and are not required to file a US income tax return. State Taxation. Companies that do not conduct business in the states of incorporation and have non-resident members are generally not subject to state income tax so are not required to file a state income tax return.