Attorney In Immigration
Posts tagged State Laws
VisaPro.com: Types of Business Entities
Jul 22nd
The United States has no federal business law and, therefore, corporations are exclusively regulated by state laws. There are four main types of business entities in the U.S. i.e. Sole Proprietorship, Partnership, Limited Liability Company (LLC), and Corporation. For establishing a new office in the U.S. usually the LLC or the corporate structure is recommended.
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| II. | Incorporations | ||||||||||||||||||||||||||||||||||||||||||||
| Incorporations (also called corporations) are more complex than partnerships or sole proprietorships, in that a new legal entity is created. A corporation is an entity that is separate from its owners, so that regardless of what happens to shareholders, the corporation continues until it is legally dissolved. Depending on state law, a corporation can be owned by just one person and have just one director and officer. The owner(s) of a corporation are known as shareholders. The shareholders elect directors to set the policies of the corporation and represent their interests. The directors appoint the officers of the corporation to manage day to day operations. Corporations are legally required to follow more formalities than any of the other entities, including annual meetings of the shareholders and directors, as well as board approval of most significant acts by the corporation. Because a corporation is separate from its shareholders, for example, even if one person is the sole shareholder/director/officer, that person cannot just take company funds for him/herself without documenting the reason and entering a board resolution into the corporate records.
Taxation of corporations is much more complex than sole proprietorships or partnerships: depending on the number of, residency of and type of shareholders, a corporation can elect to be treated for tax purposes as a if it were a partnership (an S corporation) and therefore not pay taxes itself, or it can be treated as a taxable entity (a C corporation). |
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Incorporation FAQs
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| III. | Strategic considerations in selecting appropriate structure |
| Selecting the most suitable legal business structure is the first and foremost step in starting a business entity. The decision depends upon various factors such as the capital involved, the nature of business, the nature of ownership, legal formalities involved, tax issues, management and control etc. The following points highlight the distinction between the major types of business structures: | |
| Formation Sole Proprietorship and Partnerships may not require filing in some States; however for establishing a LLC or a Corporation, State filing is required.
Management In Sole Proprietorship full control of management and operations rests with the proprietor, whereas in Partnership generally each partner has equal control, unless there is an agreement to the contrary. The management and control of an LLC is outlined by the operating agreement between the members. A Corporation is managed by directors, who are elected by the owners i.e. the shareholders of the corporation. Raising Capital Raising of capital from external sources is often difficult for a sole proprietor and he has to depend on his own contributions. In a Partnership, contributions can be invited from the partners or a new partner may be added who may bring his share of the contribution. LLC members can raise capital by selling interests, however it is subject to the operating agreement. A Corporation has the option of raising external capital through issue of shares. Liability Sole proprietor and partners have unlimited liability, whereas members of an LLC may not be liable for the debts of the LLC. In a Corporation, the liability of shareholders is generally limited to the extent of value of shares purchased. They may not be held personally liable for the debts of the corporation. A Sole Proprietorship dissolves if the sole proprietor dies or discontinues with his business. A partnership dissolves with the death or withdrawal of a partner, unless partnership agreement contains contrary provisions. The duration of an LLC depends upon the requirements imposed by the state where it has been formed. The major advantage of a Corporation lies in its perpetual existence. Tax Issues There are different tax rules that apply to each different type of entity. Generally sole proprietorships, partnerships, and LLCs are taxed at the individual level, while the corporation is taxed at the corporate level with dividends being taxed a second time at the individual level. There are several taxes you have to account for when establishing a business in the U.S. The taxes could be at the city, county, state and federal levels. |
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Conclusion
Launching a new business can be quite exciting. But there are also many challenges. In-depth market research and planning can minimize the risks. You must weigh all your options, analyze all the possible situations and select a reliable service-provider who will guide you through the entire process.
VisaPro handles the formation requirements of your new business in the U.S., and also helps you obtain new office space and file your visa petition to enable you to enter the U.S. to take care of your newly established business. Our team of professionals, strong service culture, quality service and timely response ensure that everything related to your new office is handled professionally, completely and in a timely fashion. Any Questions? Contact VisaPro to learn more about how we can help you.
Source: http://www.visapro.com/Immigration-Articles/?a=304&z=48
[Opinion] Jessica Colotl is not a hero
By Bob Barr
Jul 21st
Illegal immigrant student is not a hero
I was in New York City the other day (being photographed no doubt dozens of times by Mayor Bloomberg’s mass of surveilllance cameras), and while walking by Time Square, noticed a scrolling headline billboard for CNN blaring to the world that the case of Jessica Colotl, the illegal alien student at Kennesaw State Universtiy in Georgia, was being labeled a “civil rights disaster.â€Â Say what? A “civil rights disaster?â€Â In what sense? Because a case is pending regarding the legal status of one single person unquestionably in this country unlawfully, and who apparently violated at least a few state laws while she was at it (driving without a license, driving illegally, and giving false information to the police)? Where are the “civil rights†here and what is the crisis?
Even more troubling than these ridiculous headlines building this case into an international incident of epic proportions, is the fact that many people are intent on making this young woman into a martyr of the civil rights movement. For what — driving without a license? That’s all it takes to be a hero nowadays? In so doing, civil rights advocates are cheapening the currency of true civil rights problems in this country (and there are very real civil rights and civil liberties problems in the country). They lose credibility for their real battles in making this non-issue into a major test of principles and laws.
Sillier still is the notion that this college student – labeled one of the “best and brightest†by one pundit, yet who was not even bright enough to realize that when you’re in the country illegally it’s probably not a good idea to drive on public streets without a drivers license – is now being quoted as an expert on immigration laws. In one of her news conferences, Colotl labeled the currrent immigration system in this country a “mess†(it may very well be; if for no reason other than it allowed her to remain here for years and to benefit from taxpayer-subsidized tuition at a state university). Colotl also called for “reform†of the system. I will not be surprised if she is brought before a congressional committee and applauded as a “victim†and an “expert.â€Â Perhaps the next immigration “reform†act will be named â€Jessica Colotl’s Law†in her honor.
There are a number of legitimate questions surrounding the case of illegal alien Jessica Colotl – including whether or not the charges pending against her are legitimate, and whether the federal government and the university acted properly in deferring her deportation for a year — and they need to be resolved. But let’s not get carried away; Jessica Colotl is no hero.
Source: http://blogs.ajc.com/bob-barr-blog/2010/05/19/illegal-immigrant-student-is-not-a-hero/
