How much tax does an LLC pay?
Discussing taxes in relation to a Limited Liability Company (LLC) in the United States involves understanding the different structures and tax obligations surrounding such entities.
One of the benefits of creating a company in the United States is being able to contract with the federal government. Public spending in the American giant in 2020 grew by 21.47%, a business opportunity that is not only for large companies.
The dream of many Latin Americans who have a presence in the United States through their companies is to contract with the US government. An aspiration that seems utopian, but that is more viable than it seems.
First let's look at some figures. According to macro data, public spending in the United States in 2020, grew by 21.47%, reaching a total of 8,304,424.3 million euros. That is, a rise of 9.49 points compared to 2019.
This is due to protectionist measures adopted by the US government to face the crisis caused by Covid - 19. And that they continue to execute, since in 2021 President Joe Biden announced that the agencies of the Federal Administration, with an annual expenditure of 600,000 million of dollars, when hiring choose American supplies and suppliers to boost the industry and support employment.
These measures are added to the implementation of 9 federal programs that aim to help small businesses earn at least 23% of the annual federal contracting budget; an initiative that is executed by the federal entity Small Business Administration (SBA).
These are the programs:
Each year the federal government awards about 10% of all federal contracts, approximately $50 billion in contracts, to disadvantaged small businesses.
These are the requirements to register your disadvantaged small business:
The federal government's goal is to give at least 5% of the annual federal contracting budget to women-owned small businesses.
The requirements to access this program are the same as for a disadvantaged small business and additional:
The federal government's goal is to award at least 3% of the annual federal contracting budget to small businesses owned by veterans with disabilities..
In project there are several services:
The benefits of accessing this program is that small, veteran-owned businesses can compete for contracts reserved in the Department of Veterans Affairs (VA), through Your Veterans First Hiring Program.
The department each year grants veterans a myriad of opportunities in reserved contracts. The VA also reserves contracting opportunities for small businesses owned by veterans with disabilities.
The 8(a) program It is a project that has been running for nine years. It was created to help companies that are owned by socially and economically disadvantaged people.
These are the benefits:
The requirements to access this program are:
This program is for small businesses to learn from an experienced government contractor. Benefits range from guidance in internal business management systems, accounting, marketing, manufacturing, and strategic planning, to financial assistance in the form of capital investments, loans and surety bonds, and assistance in the bidding and procurement process for federal contracts. teaching international trade, strategic planning and market research, business development, identification of contracting and partnership opportunities, and general and administrative assistance, such as human resource exchange or security clearance support.
There are two ways to participate in this program, as a mentor and protégé. These are the requirements:
To qualify as a mentor, your company must:
To qualify as protected, your business must:
What this initiative seeks is for certain companies to bid together for public contracts reserved for small companies. The benefit of accessing this program is that the costs and resources will be shared.
Let us remember that to create a joint venture each of the participants must be identified separately with their own name and have a Unique Entity Identifier and a business and government entity code in the System for the Award of Federal Government Contracts.
The SBA provides high-quality assistance to eligible businesses to help them bid on federal, state and local government contracts. Companies participating in this program receive training, executive education and individual consulting in a wide range of activities, and the opportunity to participate in courses in the following areas:
The requirements to join this program are:
To encourage small business growth in historically underused areas, the federal government provides at least 3% of the annual budget for federal contracting to HUBZone-certified small businesses.
By joining the HUBZone program, the company acquires the right to compete for the reserved program contracts, in addition to this, they obtain a 10% preference in the evaluation of prices in full and open tenders for contracts.
The requirements to access the program are:
A thriving business opportunity in the United States is clean energy, the government sells large amounts of natural resources and surplus goods. Many of those federal assets are earmarked for small businesses.
This program covers 5 categories: wood and related forest products, strategic materials, royalty oil, concessions for the exploitation of minerals, coal, oil and gas, movable and immovable property declared surplus.
To participate, you must first identify the resource of your interest and accordingly, meet a series of requirements demanded by the SBA. In the next link you will be able to find each of the requirements.