Legal Question in Business Law in New York

import/ export business

I am starting an export business. I will be exporting new & used apparel, beauty aides to honduras. I am already registered as a corporation here in New York. My plans are to buy enough bulk and live in Honduras for several months selling my products. I also plan on hiring indivduals in the country to work for me. I have several questions. First, was it a wise choice to register as a corporation or should I had chosen to register as sole proprietorship?.

Second, If I plan on staying in Honduras for several months during the year, would it had been better to just register an import business in that country, avoid registering a business in the United States, and have someone ship the merchandise to me or is it more beneficial to have a business registered in both places? By the way, sorry, in advance, for the confusing questions.


Asked on 6/15/07, 9:32 am

2 Answers from Attorneys
Johm Smith tom's

Re: import/ export business

We would need to know more about your business model and circumstances to give you a good answer. I prefer LLCs to corps. But you can usually do something useful once you have a company set up. You probably need a comparative financial and tax analysis of the process to know which country is better as a base. We can assist you with this if you wish. We'll need to pull in a firm in Honduras, but you will need a lawyer there anyway.

NanceGroup.com

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Answered on 6/15/07, 10:21 am
Christopher Hoyt The Law Offices of Christopher W. Hoyt

Re: import/ export business

Choosing the correct business entity to use depends on a number of factors and would I require more information from you. Of course, a corporation is clearly better than a sole proprietorship, since it will help to protect you assets and you from some legal liability. My firm has extensive experience dealing with international business transactions of this nature. Please feel free to contact my office if we can be of any assistance.

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Answered on 6/15/07, 11:13 am


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