Every country has their own scenario of running a business and the list of documents and legislation also do differ from country to country as every country has their own legislation and laws which governs the running of business in that particular country. Unlike India the laws are different for the united states of the kingdom and the same is governed by UCC in the USA which is also known as Universal code of conduct. While having a registered business in united states of america, one thing which every business owner need to get apply for at the first place is EIN no which is also known employee identification number which is issued by federal government, this number is further used by IRS to identify the business taxes purposes for the particular business.
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Various Laws Pertaining To Running Of Business In Usa:-
There are several key regulatory bodies in USA such as:-
- US federal trade commission which do compliance and make regulations with respect to practice of trade, export and import in the united states of america. They also look forward to fair practices of trade and no scams are being worked in the name of business or trade in the united states of america.
- Internal revenue system is the department in the United States Of America who look forward to the revenue system in the states. They are responsible for making tax laws and collection of taxes from businesses in the country.
- Securities and Exchange Commission (SEC), the function of securities and exchange commission is similar to SEBI in India and they work for all the issue of shares, bringing up of new companies which are being public and so on. The main agenda of the SEC is capital formation and further work towards capital formation.
- The Federal Reserve System is similar to the Reserve bank of India and they work as the mother bank in the country. All the policies pertaining to any business for the purpose of finances are designed by the federal reserve system which thereafter copied and worked by other private and government banks working in the country.
Therefore, if you are planning to establish a business in the United States of America, do learn the basics about these governing institutions.