Which route fits me: part of a corporate group or not?
If a company invests as limited partner, such as your own company, your Limited Partnership belongs to a corporate group. It then also needs resolutions from your parent company. If you invest yourselves, alone or with partners, it is not part of a group. On both paths, the general partner is the general partner LLC from the package.
Who can be general partner and limited partner?
Any individual or company, of any nationality and living anywhere in the world. A Limited Partnership always has at least two partners: at least one General Partner and at least one Limited Partner. The General Partner runs the business; with us, that's a separate LLC, the general partner LLC, which we form alongside it. The Limited Partners invest but don't take part in management. The public Certificate of Limited Partnership names the General Partner with its name and address; if it's a company, it must be registered in Florida. That's why we form the general partner LLC there first.
How much capital is required?
Florida sets no minimum capital. What the General Partner and the Limited Partners contribute is set out in your Partnership Agreement.
Do I have to travel to the USA?
Not for the formation; everything is done remotely. You only travel to Austin for the optional introduction at a traditional US bank. With Credit Builder, you travel to the USA once for the bank appointment.
Here's how it works.
How long does it take?
Florida processes formations in the order received and gives no fixed timeframe. Once the corporation is formed, the EIN, BE-13 and account application follow step by step.
What do we need for identity verification (KYC)?
For the formation: details of the limited partners and of the general partner LLC and its members; in a group, also details of your parent company and its representatives. For Mercury: the formation documents, the IRS EIN letter and your passport; Mercury may also request proof of address. For euro account details, Wise requires photo ID of the owners and proof of the company's address.
What does it cost from the second year?
The annual package: $3,050 a year without a group, $3,550 a year within a group, for the Limited Partnership and its general partner LLC together. Plus state fees at cost: in Florida, these are the annual reports of the LP ($500) and the general partner LLC ($138.75), due between January 1 and May 1. Bookkeeping and tax returns are only added if you book them.
Do I really need resolutions and minutes?
Yes. They are your Limited Partnership's memory, and anyone who does business with you, lends to you or buys from you will want to see them. We keep them from day one, for the LP and for the general partner LLC.
Why they matter.
Can your Limited Partnership get a US bank account even if you live in Europe?
According to Mercury, it accepts applications from founders without US citizenship or US residence if the company is formed in the US, operates or plans to operate there and provides a real business address (no Registered Agent address, no P.O. box). We file the application with you once the documents and EIN are in place; Mercury decides on the account. On top of that, euro account details through Wise and, if you travel to Austin, an introduction at a traditional US bank. More under
US banking.
Can my company send employees to its US company?
That is what the L-1 is for, and it is the preferred route: your company at home sends someone who, in the three years before the application, worked for it full time for at least one continuous year, in a managerial role or with specialized knowledge. For a new office in the US, business premises must be secured, and the first approval is valid for no more than one year. The L-1 requires your company and the US company to be legally related; whether a Limited Partnership with your company as Limited Partner meets that depends on the individual case. Which route suits whom is set out in writing in the visa roadmap for $2,000, prepared with the immigration attorney on the firm's team, who also files the petitions.
What does the Limited Partnership mean for my taxes and my company's?
That depends on your situation, and that's exactly what the $2,000 tax plan is for: in writing and coordinated with your accountant at home. The Limited Partnership pays no tax of its own in Florida, and Florida's constitution prohibits a personal income tax. US federal taxes also apply, as do the taxes in your home country for you or your company.
How do I build a credit history in the USA?
With two connected histories: yours and your company's. The strongest business cards also check your personal credit history. That's why we build both. For you:
ITIN Express included, a US bank account, a US residential address with a phone line and our guidance to your first credit card; on-time payments on cards that report to the credit bureaus can help build a credit history. For your company: the D-U-N-S number, the Mercury IO card, whose payments Mercury says it reports to Experian, Equifax and Dun & Bradstreet (Mercury decides on the card), and a second business card that reports to the bureaus. We stay with you until your company has its own credit.
All about Credit Builder.
