If you are a business owner in a country like Australia, New Zealand, United Kingdom, or Hong Kong and are looking to expand to the United States (U.S.), you may be wondering how you will be able to open a U.S. business bank account to run your U.S. operations. Banks in the U.S. have very strict policies and require certain forms of documentation when an entity that has foreign ownership opens a bank account.
Brennan info and HeadShot
Our E-Commerce Client
Newaya LLC is an online company that pays money for used cell phones. Their mission is to become the best platform for distributing used cell phones in the US with a focus on wholesale distribution and awesome web software.
The company started over 6 years ago doing just tens of thousands of dollars in gross revenue, and now is doing well over $1,000,000 per year. Like many expanding e-commerce based businesses, focusing on new channels, marketing opportunities, and accompanying operation and growth complexities were where the owner, Brennan, knew he should be spending his time. That is when he found HPC.
The best way to prevent future compliance risk is to have detailed documentation. However, there’s nothing worse than having to sort through paper or prohibiting productivity by constantly hounding your staff for receipts or time sheets. Adopting tools and standardized best practices can automate these pesky tasks, and can actually help promote efficiency in terms of invoicing customers faster, paying bills from your mobile phone, and paying and tracking your people.
Last month at our HPC retreat, we had four of our valued partners join us and share the latest best practices for automating documentation and back office tasks for the entire firm.
There are various documents associated with entity formation, depending on the type of entity you are forming. We will address the three main types of entities: Corporation, Limited Liability Company, and Partnership, the differences between them, what formation documents are, and which document are associated with which type of entity.
Source: Corpnet Article
The best way to prevent future compliance risk is to have detailed documentation. However, there’s nothing worse than having to sort through paper or prohibiting productivity by constantly hounding your staff for receipts or time sheets. Adopting tools and standardized best practices can automate these pesky tasks, and can actually help promote efficiency in terms of invoicing customers faster, paying bills from your mobile phone, and paying and tracking your people.
Last month at our HPC retreat, we had four of our valued partners join us and share the latest best practices for automating documentation and back office tasks for the entire firm.
How Did This Self Funded Aussie Tech Startup Find It’s Way Into The U.S.?
There is a huge difference between a Xero Accountant Advisor and a Xero Bookkeeping Advisor company. Most of the business owners I speak with don’t realize there is a difference, and/or understand what a Xero Advisor can do for them as a whole. So let’s break this down.
Professional service companies have the opportunity to leverage the best talent today and expand their presence and offerings all over the country and world. They can leverage cloud based tools to standardize the way their business works, and allow them to run their business from anywhere. However, what they often don't realize is that while they are expanding their opportunities, they are also expanding their footprint (aka Nexus) in regards to state, local, and in some cases global compliance. Hiring someone in a new state could mean multiple things, including registering as an employer in that new state to obtain proper ID numbers, and tracking revenue in that state for income tax allocation purposes.
Doing this the right way from the beginning makes life a lot easier than attempting to retroactively properly allocate revenue by state or trying to clear things up with the state or local payroll departments. There are also other benefits to tracking these details while trying to grow and scale your service based company.
