Expanding Your Business to the United States? Always ask for a contract!
By: Genilde Guerra •
The United States has always been a paradise for capitalism and those with innovative business ideas. The flourishing US economy has continuously attracted numerous foreigners willing to expand their local business in the United States. Such expansion can be very challenging for new business or an immigrant.
In fact, one of the first steps you should undertake when expanding into the US is to hire an experienced Immigration and Business Transaction lawyer who will facilitate your transition. In the USA, commercial business law is very clear: the foreign national must be aware of all legal issues related to the business. The law does not protect businessmen who do not protect themselves.
In the USA, business deals must be conducted under a contract. Every business must have a well-written contract with all vendors and suppliers and in detail, before initiating any business venture.
A contract is a guideline for good business practices and shows that one is serious about their business and they are willing to commit. In the USA a well-defined, well-written contract, with clear conditions, signed by all parties, is a sign of professionalism.
Moreover, the contract protects all the parties; they might have a completely different understanding of the negotiations and expectations, and that is why all conditions of the contract must be well defined, in writing, to clarify intentions and expectations.
Introduce your attorney during negotiations!
The most effective deals take place when all parties have their own independent attorneys. Then business negotiations flow much easier. Bringing your attorney to the negotiation table is a good, common sense business practice in the U.S. Lawyers for both parties can find the common denominator of the deal, and resolve it efficiently.
Even before the start of business negotiations, it is prudent to consult your lawyer about business ideas to consider the feasibility of such business. Sometimes the business owner is confident in his/her product or service, but rules, procedures or regulations make the business difficult or impractical. Often, there is more than one option to achieve your goal. Your lawyer will guide to the most practical way to success.
What are your immigration options?
A foreign person must be fully aware of the restrictions imposed by U.S. Immigration Law. There are more than 40 different types of visas. Each has a purpose; therefore, every business person should apply for the visa according to his/her needs. Robert Kravitz, an Immigration law specialist at the Law Office of Kravitz and Guerra, PA, in Miami, agrees that while there may be multiple visa options, choosing the correct visa is crucial for the success of the business and the Immigration objective to be accomplished.
For the success of your business it is very important to choose the best business tax structure favorable for the particular product or service. It is a must to consult a lawyer to choose the best taxation option for the business. Accountants are not well suited for this: it is their job to recount the result, not choose or advise on tax law. Considering that a foreigner is taxed much differently than a U.S. resident or citizen, it is very important to make the right choice of tax structure at the beginning to maximize the benefits offered by the country, and to avoid being penalized for a bad choice.
Moreover, small, mid-size and “start-up” companies are especially impacted by choice of tax structures. In many cases, it is the difference between success and failure.
An objective evaluation of your situation by a qualified attorney is very important in the investment and expansion process. Plan every step in advance, to reach the desired results in a timely manner.
investment, live in the US, taxation, money matters, real estate, business