Connecticut (United States of America)

The Government of Connecticut is the governmental structure as established by the Constitution of the State of Connecticut. It is composed of three branches:

• The Legislative branch consisting of the General Assembly, it is a bicameral legislature;
• The Executive branch headed by the Governor;
• The Judicial branch consists of the Supreme Court and lower courts.

The state's economy is highly diversified and is notable for its concentration of manufacturing industry. Connecticut has advantages in production of transportation equipment with Jet aircraft engines, helicopters, and nuclear submarines. The state also is a leader of highly skilled and technical fields such as metalworking, electronics and plastics. This sort of creativity has made a significant contribution to Connecticut's economy and standard of life. Connecticut is home of many worldwide organizations as Xerox, G.E., Uniroyal, G.T.E., Olin, Champion International, and Union Carbide.

Currency:

United States Dollar (USD)

Exchange Control:

Connecticut does not separately impose exchange control or currency regulations.

Financial services industry:

The financial services industry has become a key component of Connecticut's economic strength and growth. The state has been home to many banks and financial services companies for years due to tax regulation on interest rates.

The business laws of Connecticut are user-friendly and often adopted by other states as a standard for testing business laws. As a result, the business laws of Connecticut are familiar to many lawyers both in the US and internationally. Connecticut has a common law system.

Type of Company/Corporation:

One IBC supply incorporation in Connecticut service with the common type Limited Liability Company (LLC) and C-Corp or S-Corp.

Business Restriction:

The use of the bank, trust, insurance, or reinsurance within the name of the LLC is generally prohibited as limited liability companies in most states are not allowed to engage in a banking or insurance business.

Company Name Restriction:

The name of each limited liability company as set forth in its certificate of formation: Shall contain the words "Limited Liability Company" or the abbreviation "L.L.C." or the designation "LLC";

• May contain the name of a member or manager;
• Must be such as to distinguish it upon the records in the office of the Secretary of State from the name on such records of any corporation, partnership, limited partnership, statutory trust or limited liability company reserved, registered, formed or organized under the laws of the State of Connecticut or qualified to do business.
• May contain the following words: "Company," "Association," "Club," "Foundation," "Fund," "Institute," "Society," "Union," "Syndicate," "Limited" or "Trust" (or abbreviations of like import)

Company Information privacy:

Public record of all business entities transacting business in the state as well as financial statements are kept at The Business Services Division.

Just 4 simple steps are given to start a business in Connecticut:

• Step 1: Select basic Resident/Founder nationality information and other additional services that you want (if any).
• Step 2: Register or log in and fill in the company names and director/ shareholder(s) and fill in the billing address and special request (if any).
• Step 3: Choose your payment method (We accept payment by Credit/Debit Card, PayPal, or Wire Transfer).
• Step 4: You will receive soft copies of necessary documents including Certificate of Incorporation, Business Registration, Memorandum and Articles of Association, etc. Then, your new company in Connecticut is ready to do business. You can bring the documents in the company kit to open a corporate bank account or we can help you with our long experience of Banking support service.

* These documents required to incorporate a company in Connecticut:

• Passport of each shareholder/beneficial owner and director;
• Proof of residential address of each director and shareholder (Must be in English or certified translation version);
• The proposed company names;
• The issued share capital and par value of shares.

Read more:

How to start a business in Connecticut, USA

Share Capital:

There is no provision regarding authorized shares or minimum paid in capital.

Director:

Only one director required

Shareholder:

Minimum number of shareholders is one

Connecticut company taxation:

Companies of primary interest to offshore investors are the corporation and the limited liability company (LLC). LLCs are a hybrid of a corporation and a partnership: they share the legal features of a corporation but may choose to be taxed as a corporation, partnership, or trust.

• Us Federal Taxation: US Limited Liability companies structured for partnership tax treatment with non-resident members and which conduct no business in the US and which have no US-source income are not subject to US federal income tax and are not required to file a US income tax return.
• State Taxation: US limited liability companies that conduct no business in the recommended states of formation with non-resident members are generally not subject to state income tax and are not required to file a state income tax return.

Financial statement

There is generally no requirement to file financial statements with the state of formation unless the corporation owns assets within that state or has conducted business within that state.

Local Agent:

Connecticut law requires that every business have Registered Agent in the State of Connecticut who may be either an individual resident or business that is authorised to do business in the State of Connecticut

Double Taxation Agreements:

Connecticut, as the state-level jurisdiction within the US, has no tax treaties with non-US jurisdictions or double tax treaties with other states in the US. Rather, in the case of individual taxpayers, double taxation is minimised by providing credits against Connecticut taxation for taxes paid in other states.

In the case of corporate taxpayers, double taxation is minimised through allocation and appointment rules related to the income of corporations engaged in multi-state business.

License Fee & Levy:

Under Connecticut Law, domestic corporations have to pay franchise tax to The Connecticut Secretary of the State at the time of incorporation and at the time of any increase in the number of shares of authorized capital stock.

Foreign corporations may be required to obtain a certificate of authority to transact business in Connecticut and to appoint an agent to accept service of process. Foreign corporations also need to file annual reports to the Secretary of the State.

Read more:

• Connecticut trademark
• Connecticut business license

Payment, Company return due date:

All LLC companies, corporations are required to update their records, either annually or biannually.

Your Connecticut return is due on the fifteenth day of the month following the due date of the federal return. The due date generally will be the fifteenth day of the fifth month after the end of your corporation's year. For example, if your corporation has a December 31st year end, the return is due on May 15th.