It’s an exciting time to be a small business owner doing business overseas.
According to Small Business Trends publications, nearly 60% of small businesses are doing business overseas with international clients.
At the same time, the Remote-Nomadic-Hustle trend is on the rise, creating a new culture with abundant lifestyle possibilities.
We Practice What We Preach
- We ARE an international digital small business.
- We provide legal services to clients around the globe. They may be U.S. citizens who are moving from place to place and doing business overseas (whichever ‘seas’ we are talking about!). Or they may be citizens of other countries who are doing business internationally, and particularly in the U.S.
- And WE ourselves are digital, remote, nomadic, location independent, workers! It’s not unusual for our team to be working from 3 continents.
Business Overseas Can Be Tricky, but EPW Can Guide You!
Now, while the world quickly moves forward on a digital path, making doing business overseas easier in many ways, it doesn’t mean that archaic legal structures have kept up and sailed swiftly into this new world!
Creating a legally sound business is location dependent, in an increasingly location independent world.
You need to pick a place to form your business and there are different factors to consider. Are you nomadic, but do you still consider one location to be your home base?
Do you intend to dock back at that one place when you are not cruising around?
Then, that is probably the best place to form your business, though there may be other factors to consider.
If you don’t have one place you keep coming back to, you can consider other factors to decide which state is the best ‘home’ for your business.
Many people are interested in forming an LLC in Nevada, for example, because it’s less expensive and there are no state taxes. This may make sense… or not depending on your circumstances. Check out Elizabeth’s video Should You Form Your LLC in Nevada?
Are you a U.S. citizen, living abroad and doing business with clients in other countries?
If your business requires contracts, you may want to consider picking New York for your “choice of law” clause in your contracts, because contract law is very established there.
Listen & Watch: Elizabeth on the Nomadtopia podcast & Facebook Live
Like many business legal questions, the solutions are often highly customized.
They depend on each person’s unique circumstances.
Try an EPW Quick Call to get underway when doing business overseas. Or to find out if you may need to adjust your course!