According to the World Bank, the United States - with its reputation of tech innovation and entrepreneurship - ranks only eighth in the world for ease of registering for a new business. Australia, New Zealand and Singapore all surpassed the U.S. in this category.
It may suggest the U.S. business registration process is not ideally efficient, however, it does provide some perspective, especially compared to countries like China or Brazil - nations with an average filing process that spans 37 and 120 days, respectively.
But perhaps a bigger challenge to entrepreneurs is deciding which business entity to file for. Small partnerships that are growing and looking to incorporate in California, New York or any other state may become overwhelmed by state regulations, procedures and entity classifications.
Although entity status is important, they all serve the most basic function of protecting an individual proprietor from legal or financial debts.
"The decision is more complicated than it may seem: What the government leaves in one pocket, it takes from another," writes Inc. magazine. "So sit down with a lawyer and accountant to weigh the options in light of your individual tax situation."
Tags : business licenses & permits, incorporation news, qualification
Posted: Nov 23rd, 2010