US

A Permanent Representative office of a foreign enterprise is a non-legal entity operating in China representing its parent company. A representative office is not allowed to engage itself in business activities, issue invoices on its own, remitting outward, signing sales or purchase contracts, or receiving income from services performed but may act as a liaison and promotion office for its parent company.   1.Legal status of a China Representative Office The Representative Office is a non-legal entity operating representing its parent company. A representative office is not allowed to engage itself in business activities, issue invoices on its own, remitting outward, signing sales or purchase contracts, or receiving income from services performed but may act as a liaison and promotion office for its parent company.   2.Life Span of a China Permanent Representative Office The validity of duration of the residence for the Permanent Representative Office (RO) is 1 year, […]

  General Information Company Law Delaware Limited Liability Company Act Type of Company Limited Liability Company (LLC) Language of Legislation and Corporate Documents English Taxation of Foreign Profits Nil (for single member LLC with no U.S. shareholders) Exchange Controls None Length of Time to Form a LLC 3 weeks (expedite service is available) Shelf Companies Available Yes   Corporate Names Name Restrictions Names identical or similar, offensive words Endings and Abbreviations Required Limited Liability Company or its abbreviation LLC Length of Time to Verify Name Availability few minutes Reservation of Names Permitted Yes Language of Name Any language Name of Banks, Insurance, Investment Fund, Trust Company or their equivalents requiring consent or license Yes, especially those   Capital and Members Minimum Number of Members One Local Members Required No Corporate Members Permitted Yes Disclosure of Members No Minimum Authorised Capital Required No minimum Bearer Shares Permitted N/A Registered Shares Permitted […]

THE LLC CONCEPT The Limited Liability Company (LLC) has special features that distinguish it from ordinary companies. Like a corporation, an LLC has a legal existence separate and distinct from its owners. Like the shareholders and directors of an ordinary company, the members and managers of an LLC are not personally liable for the LLC’s debts and obligations. The principal attractions of the LLC for advisors and their clients are its operation and tax treatment: Operationally the management of the LLC functions similarly to a partnership and is governed by a written agreement among the members of the LLC; this is different from the traditional corporate governance of companies where management is outlined in the Articles of Association (also known as Bylaws). A properly structured LLC will be treated by many tax regimes as a pass-through entity with tax being paid by the members and not at the LLC level. […]

The prestige enjoyed by Delaware as a corporate domicile is in part due to the emphasis which the state has placed in making its corporate laws, court system and infrastructure attractive to businesses. The success achieved by the state is reflected in the almost one third contribution to the income of the state government from registration and franchise taxes. Other frequently cited reasons for Delaware’s popularity as a company domicile include: 1. Delaware is the only state within the U.S. to have a separate Court of Chancery whose judges are highly experienced in company law. The decisions of that court have established a body of law relevant to corporations which are frequently followed by other courts in the U.S. The Delaware General Corporation Law is used as a standard by which the corporate laws of other states are tested; it is the corporate code that is used in most U.S. […]

When a taxpayer who files a return, a statement or other document with the Internal Revenue Service (IRS) of the United States of America or is subject to US withholding requirements by a third party must include a taxpayer identification number (TIN) for securing proper identification. A TIN can be either a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN). An ITIN is issued to individuals who have US tax reporting or filing requirements and are ineligible to obtain an SSN. An ITIN is arranged the same as a SSN, begins with a 9, is issued by the Internal Revenue Service and is used for tax processing. ITINs are used by the IRS for processing your tax returns and payments. The number does not qualify you to work in the U.S. or provide eligibility for Social Security benefits; it is only for federal tax reporting purposes. ITINs […]