Miscellaneous
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I used to work in the US on an H1 B visa and have a Social Security number. Now I am in India for the last 3 years. Can I use my SS number to open a company in the US?
It all depends if the SSN is active or not, as long as the SSN is active, it wouldn't matter, as we don't need to know where you stay as of now, although you need to provide a valid US Address. As the Business start-up service requires the name, address, SSN, and most importantly an ID, as long as the SSN is still valid we should be able to start the business.
We can start the business under your SSN number and hypothetically if our SSN is not Valid/active in that case, we have to register the business as a foreign entity or as a Foreign-Owned entity which may take some time. You can also call the SSN administration to find out if the SSN is Active or not. You can also send us the details for a business start-up, and we will, as part of the due diligence process, use the SSN to start the business and also determine if the SSN is active or not. -
I was a student in the US on an F1 Visa. Now I am back in India. Can I use my SS number to form my company in the US?
It's the same situation with L1, H1 or F1. If you have a social security number you can try to use that SSN as long as it is active in the IRS Federal System. If it is not active we let the client know and in that case, they have to either register as a foreign entity or find somebody who has a social security number and can be their partner.
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I opened up a company in the State of California but it is coming out to be expensive for me. May I change my business State from CA to NJ which will be my new headquarters?
Yes, you can easily do that.
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Is a Statutory audit required in the US?
The audit is not a mandatory requirement in the US for privately held companies.
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Which software is popularly used in the US to maintain inventory, bookkeeping, prepare sales invoices etc.?
You can use any software. QuickBooks is typically used by a lot of US companies.
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What is the cost involved when we want to close an entity in the US? How long does it take?
The cost is somewhere within the range of $500-$900 depending on the structure of the company - LLC or C Corp - and the state in which the company is registered.
For LLC it will take 1-3 days and for C Corp it can take up to 4 weeks.
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Can I invest my profit in the U.S., and if yes, what are my options?
Yes, you can reinvest your profits in the U.S. Options include reinvesting in your business, or exploring other opportunities like the stock market, real estate, or mutual funds, depending on your investment goals. You have flexibility in deciding where to invest based on your risk tolerance and financial strategy.