2/22/2014 Roundcube Webmail :: Some FAQs

http://www.townce.com:2095/cpsess8710059126/3rdparty/roundcube/?_task=mail&_action=print&_uid=8&_mbox=INBOX 1/2
Subject
Some FAQs
From Bala Apparao <bala@jwforsyth.com>
To <sureshbhaskar@hotmail.com>
Cc
<shoaib@townce.com>, Gladston Gomez
<gladston@trikode.com>, Vipin <vipin@trikode.com>
Date 2014-02-22 02:08
1) What all are the documents that we need to collect from the customer to setup a LLC
Starting an LLC in Georgia can be quick and easy.
Firstly select a name for your organisation. It should end with an LLC.
Your entity name must contain the words Limited Liability Company or the abbreviation L.L.C. or LLC.
Make sure the name isn't already taken by doing a name search at http://sos.ga.gov/index.php/?section=corporations
The name cannot already be used by any registered business entity in the state.
Secondly, Select a registered Agent. A registered agent is a person or business nominated by your company to officially
receive and send papers on your behalf. Such papers include service of process of legal action, and state filings.
Third, File the articles of organization and Transmittal 231 forms online or diectly with
Office of Secretary of State
Corporations Division
315 West Tower, #2 Martin Luther King, Jr. Drive
Atlanta, Georgia 30034-1530
A nonrefundable fee of $100 is required upon submission of Articles of Organization and Transmittal Form 231, payable to
Secretary of State.
Lastly an Operating Agreement has to be formed. An operating agreement is a legal document outlining the ownership
and operating procedures of your LLC. This agreement allows you to form financial/working relationships with co-owners
into an established system suitable to your business. Operating agreements are mandatory for single member LLCs in
Georgia. Though an operating agreement is not required for multimember LLCs in Georgia, it is good practice to have one.
Townce will organise the setting up of an LLC for a fee of USD 825.
The service includes end to end set-up and Organising of Paperwork and submission and follow up with State of Georgia.
It normally takes 4-5 business days for the setup.
2) Documents required to starting up a bank account in the USA
Documents required include:
1) Proof of Identity - passport copy
2) LLC Setup documentation
3) Valid reason for opening bank account - whether or not you are a citizen of the United States and need a Bank
Account the bank will open the account for your new company as long as you have a "valid" reason for needing a bank
account in the US, e.g. you need to collect credit card payments over the internet, you own rental property in the US
and collect rent that needs to be deposited in a US Bank Account, etc.
3) Is Atlanta a tax exempted state in usa if yes what are the tax exemption categories
Yes there are Tax exemptions. Atlanta is the capital of Georgia state and the State of Georgia has exempt Taxes on:
a) Sales Tax exemptions
b) Use Tax exemptions
c) Inventory Tax exemptions
Please see the office of Georgia State revenue http://www.georgia.org/competitive-advantages/tax-exemptions/
2/22/2014 Roundcube Webmail :: Some FAQs
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4) What are the documents required to produce the bank lone (50% of the property loan ) and interest rate for the home
loans in usa. for example if a customer has 50 lakhs as loan amount .what would be the least monthly installments
which he has to pay .
Documents required are typically:
1) Identity proof (such as Indian Passport)
2) Bank A/C details
3) Assets and Liability statement
4) Overseas Income proof
5) If under LLC, LLC setup documents (Articles of Incorporation)
6) Completed Loan application along with NDA
7) Copy of 3 months bank statement
8) Copy of all the original closing documents of the property - Title deed
9) Current lease agreement (if already leased)
10) Home owner Insurance
Loans are typically 50-75% of Property Value.
Interest rates can range from 7% to 11% based on lender, property area, type of property and also history of the
borrower/Income proof.
For example these are the Loan terms received for the most recent Loan application where the Lender has given 4
options to the borrower:
1- 8.25% (PITI), 50% LTV, 3/1 arm, amortization of 30 years, no closing
costs as long as the cash out proceeds are held with the lender in their
off-set account paying you 10% p/a for a minimum of one year or the funds
can be used immediately to purchase other properties with the lenders
financing.
2- 8.50% (PITI), 50% LTV, closing costs approx 7%-9%, 3/1 arm,
amortization of 30 years
3- 9.99% (PITI) 65% LTV, 30 year fixed term fully amortizing with no
pre-payment penalty, 5% closing costs,
4- 9.5% (PITI) 70% LTV, 10 year fixed rate, amortization of 30 years, 4%
closing costs
For a 50 Lacs loan (85,000 USD in today's rate) at say 9.5% the EMI would approximately be $714.73 per month on a 30
Year loan.
Regards,
Bala.