Questions of the Week: February 9, 2013

IncPlan.net works with Start-Ups from all over the globe. We find it exciting to work with people who are pursuing their dreams with energy and success. So to encourage Start-Ups to succeed we started Start-Up Questions of the Week which features questions asked by real Entrepreneurs answered by our Start-Up Experts. Do you have a question about your business or Start-Up idea? Post your questions to IncPlan’s Facebook Wall or Email us. If we answer your question we will send you $20 via paypal. Yes, It really is that simple. Get paid to get your question answered!

Dhiran’s Question is: Can a nonresident own a corporation in the US?

The answer to Dhiran’s question is that yes, It is possible for a non-resident to own a corporation. Non-residents may own C corps and LCCs but are not allowed to own S Corps. C corps are eligible to own property/assets and start bank accounts. If you are interested in owning your own USA corporation click here!

Jon’s Question is: What is the best entity to own real estate?

Different legal entities have different advantages and drawbacks. LLCs are very popular for investing in real estate because LLCs are eligible to be taxed in variety of capacities. LLCs can be taxed as C corps, S corps, or as sole proprietorships. LCCs have the advantage of of having no limit on the amount of revenue that can come from passive investments (i.e. real estate.)

Alexandra’s Question is: What steps do I need to take to start an ecommerce business?

1. Select a URL. Websites like godaddy.com and domain.com let customers buy URLs for a set period of time.

2. Find hosting service. There are a variety of considerations that need to be taken into account. Your decision will be based on the size of and traffic to your website. Many websites start on shared servers then move to dedicate servers as the website grows.

3. Register a company. Corporations registered (including LLCs) in the US benefit their owners because customers and suppliers are more inclined to trust the American legal system to resolve commercial disputes.

4. Open a business bank account. Businesses need bank accounts in order to pay suppliers and receive payments from customers.

5. Find a merchant service company. This company will process your credit card charges. The most famous merchant service company is PayPal but there are many other companies that offer the same service, often for much less money.

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February 9, 2013 / Blog, Business Startup, Questions of the Week, Strategy / Tags: bank account, business, c corp, ecommerce, question, questions, questions of the week, Real Estate, s corp, Small Business, sole proprietorship, startup questions

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About the Author

Teddy Luben

Teddy Luben is a web entrepreneur who has founded and co-founded several music Web sites and related blogs. He is an editorial contributor to Inc Plan Start Up blogs. Teddy is a recent graduate of Franklin & Marshall College in Lancaster, PA.