OverviewApplicationOur ServicesU.S. Bank AccountEIN ServiceRegistered AgentProblem Free GuaranteeGuidesOngoing ComplianceTax ServicesU.S. Taxation for Foreign EntrepreneursUpdate - COVID-19

U.S. Bank Account

We proudly bank with Mercury Bank.

MERCURY


Why Do I Need a US Bank Account?

One of the first tasks you should take after forming a business is to open a business bank account. This separates your personal and business banking and limits your personal liability. It also helps your business organize its taxes, simplify its accounting, and establish credibility with your customers and suppliers.

For our Plus and Pro plan customers, we file for their Employer ID Number (EIN) and obtain a banking resolution. Once your EIN has been filed with the state, we create a U.S business bank account under your newly filed company and send the banking information and cards to the address given to us during the plan selection phase. We do this immediately after receiving your EIN so you can hit the ground running with your new company!


What Are The Benefits of Banking With Mercury

Simplifies your accounting

  • A separate bank account allows you to easily automate the bookkeeping of your business by importing all transactions into accounting software systems like Xero, Quickbooks, and Quicken.

Allows you to receive payments

  • A business bank account is required for you to accept credit card or debit card payments from your customers.

Positions your business for growth

  • As you scale it becomes difficult for you to handle every aspect of the business. Having a bank account will allow you to delegate bank-related tasks like bookkeeping, payroll, and payments to other employees or consultants.

Common sense pricing

  • Mercury accounts are free. They don’t have minimum balances, account opening fees, or monthly fees. The only things that cost money are wire transfers, which are $5 domestically and $20 internationally. With Mercury, you can use your brain for something other than banking fees.

Can't I Create a Bank Account Myself?

You certainly can! Some clients choose to go this route but since many of our clients are foreign founders, navigating US banking regulations can be a big hassle. We recommend smaller companies to let us handle the banking aspect so you can focus on doing what you do best!




EIN Service


What Are The Benefits of Obtaining an Employer ID Number (EIN)?

Separates Your Finances

  • An EIN allows the IRS, banks, credit card companies and other entities to track your business and personal finances separately.

Allows You To Open a Bank Account

  • Banks require an EIN to open a bank account and it is also helpful when trying to obtain financing for your business.

Hiring New Employees

  • You need an EIN to hire employees or offer retirement plans since the IRS uses it for payroll and federal taxes.

Preserves Your Limited Liability

  • An EIN establishes your business as a separate entity which preserves the limited liability should your company ever be sued. Reduces the potential for identity theft: An EIN keeps you from having to give your SSN to suppliers or lenders, which significantly reduces your identity theft risk.

Why Do I Need an Employer ID Number (EIN)?

An Employer Identification Number (EIN), also called a Tax ID Number, is a 9-digit code assigned by the IRS to identify your business. You can think of it as the social security number for your company. An EIN is required for a partnership, corporation or LLC to open a business bank account, gain financing, hire employees, and more. Without an EIN, you are forced to combine your business and personal funds which opens you up to increased liability and puts your personal assets at a much higher risk. It is highly encouraged that you obtain a federal EIN number and open a separate business bank account so you can keep your business and personal transactions separate.




Registered Agent

Every state requires a corporation or an LLC to have a Registered Agent (sometimes called a resident agent, statutory agent, or agent for service of process). The Registered Agent address is the address that will be used by the state for any official legal and tax correspondence. The Registered Agent address must be a physical, in-state street address; P.O. Boxes are not acceptable. If needed, Jumpstart can provide you with a Registered Agent as a part of all plans, and any official legal and tax correspondence from the state will be digitized and available for access in your dashboard.


Do You Need a Registered, Resident, or Statutory Agent for Your Business?

Your business is required to have an official “registered agent” in the state (or states) where you do business, in order to have an officially designated place of operations and permanent physical presence where the state government can contact you with correspondence related to legal and tax documents such as franchise tax forms, service of process (notice of litigation in case you become party to a lawsuit) or just the annual report forms that your business must file each year to maintain your good standing as a legal entity.

Your registered agent can be an individual person (such as you, the business owner) or you can hire a registered agent service (such as the one offered by Jumpstart) to give you an added degree of convenience, reassurance and accountability to help manage your vital legal documents and avoid complications or errors.


What is Included in Registered Agent Services?

Registered Agent services, such as the one offered by Jumpstart, help you avoid hassles and inconvenience of managing all of your own documentation from the state. It also helps preserve your privacy by setting up a public-facing "registered agent" address for your business that is separate from your home. When you use a Registered Agent service, any official legal or tax correspondence will be forwarded to your personal, private contact address. As your Registered Agent service, we also help you stay on top of deadlines such as filing annual reports and other essential documents to keep your business in good standing.


What Happens if You Don't Get a Registered Agent?

If you do not set up a Registered Agent, whether it’s yourself as the business owner or a designated Registered Agent service, you are putting your business at risk in several ways:

Missing Out on Critical Information

  • If your company gets sued and you have not set up a Registered Agent with the state, you might not even get notified of the court summons and you risk being hit with a default judgment.

Losing Your Good Standing

  • Without a Registered Agent, you might not get notified about filing deadlines for annual reports or other compliance documents that you need to file with the state to keep your business in good legal standing. This could lead to fines and penalties, depending on the policies of your state.

Loss of Your Business Entity

  • Without a Registered Agent, the state has no proof that your business really “exists,” and if you miss your deadlines for annual reports or other essential paperwork, you risk ending up in a situation where the state administratively dissolves your business entity and declares that your business no longer exists. This results in a loss of your limited liability protection and other damages to your business operations and reputation.

Getting a Registered Agent seems like a simple task to protect against unlikely scenarios – after all, you probably won’t get sued, right? But it’s worth doing just to make sure your business is in compliance with the state and to ensure that you get promptly notified of any changes or problems along the way.


How to Choose a Registered Agent for Your LLC or Inc.

When choosing your Registered Agent, you need to choose someone who will be:

  • Available during business hours

  • Able to be served with a legal notice, if necessary

  • Able to promptly relay any legal documents to the appropriate people at your business.

A good Registered Agent service can help you respond quickly in the event of a lawsuit, avoid missed deadlines, fines and penalties for non-compliance, and otherwise manage the details of paperwork so you can focus on running your business.

Jumpstart can provide you with a Registered Agent for free as part of your plan, and any official legal and tax correspondence from the state will be forwarded to your contact address. We even give the first year of Registered Agent service for free — a feature that makes us the best online formation company for small business owners.

Each of our three incorporation packages include a free year of registered agent service, if you do not need us to act as your registered agent you are not obliged to do so and you can name yourself or whomever you wish.

After the first year, your service will automatically renew to keep your company in compliance with state requirements. You will always have the option to cancel the service at any time by assigning a new registered agent with state and notifying us of the change.

We only point this out because there are companies that will offer the registered agent service for a pre specified time lets say 6 weeks or 3 months and then auto charge your payment card for whatever their annual fee is and then keep charging every year thereafter going forward making the assumption that the company is still active or that you have not changed the agent on file with the state.




Problem Free Guarantee


What is the Problem Free Guarantee and Why Do I Need It?

Failing to remain compliant with state-required annual reports and filing deadlines can put you in bad standing with the state and remove your LLC protection which exposes you to personal risk and liability.

We know keeping track of business documents and ongoing compliance requirements can be a big headache for business owners that just want to manage and grow their company.

That’s why we pioneered the compliance guarantee.

Our Problem Free Guarantee sends alerts for important compliance and filing events, covers your annual filing and two yearly amendments to your filing documents, and provides expert support to help you regain your good standing and LLC protection should you ever miss a deadline or filing event.


What Are The Benefits of The Problem Free Guarantee?

Annual Filing and Two Yearly Amendments

  • We will handle your annual filing and up to two changes to your filing documents each year. We’ll make all the changes; you only have to cover the state fees.

Proactive Alerts and Notification For Upcoming Filing Events

  • We’ll send you alerts for important compliance deadlines and monitor your status with the state to ensure you remain in good standing.

Be protected for any costs should you fall out of compliance with the state

  • If you miss a deadline or state requirement, then we will outline a detailed action plan and cover the costs required to regain your good standing.

Can't I File Compliance Myself?

You certainly can! Some clients choose to go this route but since identifying your compliance requirements and any related costs if you do fall out of compliance can be a big burden on small teams so we recommend smaller companies to let us handle the compliance so you can focus on doing what you do best!