Hey, welcome to my new video. My name is Vova
and I’m an active seller on Amazon. Today I have a very special guest for you, today,
I’m joined by Sam Mollaei. Sam is a business lawyer for entrepreneurs and Sam helps entrepreneurs
in the United States and outside of the United States to open their business in the United
States without all the hassle with the legal stuff. Now, Sam is also backed by over a thousand
reviews on Google, which is pretty crazy, and that makes him the top-rated lawyer according
to Google in the United States, which I think is pretty crazy. And aside from all this cool
stuff, he’s also the winner of the 2 Comma Club award by ClickFunnels, meaning that his
virtual law firm did over $1 million in sales and that’s pretty awesome. And today we’re
going to be speaking about how to open a US business with Sam Mollaei.
So, Sam, I’m pretty excited to have you here. Please introduce yourself to us. Tell us your
story, man. Very excited to have you here. Thank you. Thank you, Vova. Thanks for having
me. Hey guys, I’m Sam. I’m a business lawyer for entrepreneurs. I’ve served 3000 entrepreneurs
start their US business. I mostly work with non-US residents and non-US citizens, all
pretty much all the legal documents, everything that they need to be able to start a US business.
So if you’re one of those people, I’m your man.
Yeah, Sam, I wanted also to mention that I’m also one of your clients and I’ve used your
services of EIN, getting an EIN in the United States and an ITIN in the United States. Thanks
to your help and Sina’s, Sina Bonabi, which is your partner, I now have my ITIN and EIN
in the States, which helps me do more business with the States. And this is one of the topics
we want to cover today because my audience here is Amazon FBA sellers mostly, people
who are already selling on Amazon or people who are about to start selling on Amazon.
I just wanted to ask you, how do we as Amazon sellers, if you want to start selling on Amazon,
how do we go and start all this journey in the United States of opening the US business?
Please tell this to us so we can further understand it, man.
Sure. So let me just say, out of all the types of different businesses that I help with,
Amazon is by far the hottest one. There’s so many people that are jumping on and that’s
for good reasons, because it’s working out great, I see a lot of success with it. So,
if you’re in this niche, great for you, good for you. I think you’re definitely in front
of that where it’s going. Essentially you have to figure out exactly
what Amazon requires. So every country is different. Every country has their own requirements.
There are some countries where it’s much easier for you to set up a US business and there
are some that are not. So first thing I would do is contact Amazon support, their seller
program, and see exactly what they require. Tell them exactly who you are and what you’re
trying to do and they’ll tell you exactly when you need. Typically it comes down to
these three things: one is a US registered business. The most common one is an LLC, a
limited liability company, that’s the one that’s the most common, it’s the most popular,
it’s the simplest one to form and also the easiest one to continue maintaining.
The reason why you want to have a US LLC is that it makes you essentially a US company.
So, let’s just say if you’re working with vendors, wholesalers, or anybody else, or
if you’re signing contracts, they usually want to work with a US company. And most of
these companies that you’d be working with online are US companies themselves. So if
they see that you’re just Bob Joe from whatever country, they’re going to be like, “Who are
you? We don’t trust you.” So that’s one of the main practical reasons to have a US business
to pretty much have that front, have that face of a US business.
And then once you have that you want to make sure to get a tax ID. The tax ID for a business
is called an EIN and that’s exactly what Vova mentioned. EIN is a business tax ID, so anytime
you set up a US business or even if you have a foreign company and you’re working with
a US company, they usually require your EIN. That’s one of the services that I offer, it’s
just a number that designates who your business is basically to the US government. You need
to get that. The third one is an ITIN. An ITIN is a personal
tax ID only for non-US citizens. So if you’re a non-US citizen and if you need to open up
a US bank account or if you need to file taxes or sometimes Stripe and PayPal also require
it, that’s what an ITIN is. And those are the services that pretty much I offer. Again,
these are all things that entrepreneurs who are looking to start a US business or start
an Amazon business, those are the commons they need to look for.
I understand, man. That’s pretty cool. And I had another question because I was asked
about this because some sellers that are about to start selling usually, or even those who
are selling right now, they’re not sure about their insurance. For example, they’re asking
like, “What happens if somebody sues me? Or what happens if somebody gets hurt by my product?
Is there a way for us to protect ourselves?” And if, so to say, opening a specific kind
of US business will help us to protect ourselves as Amazon sellers from these claims of customers
who might be not happy and might even go to court or something like that.
Exactly. Yeah, so that’s one of the main reasons to form a business entity. What a business
entity means, when you create a business entity, it’s an entity. It’s something that you create
that separates away from you personally. So if somebody were to sue you or to file a complaint
against you, you don’t want them to come after you and file a complaint against you. Why?
Because if they sue you, then anything that you personally own, let’s just say if you
have a home or if you have money in your checking account or any money that you owe, they could
legally come after that money. But by having a US entity, they will only
be able to sue and go after your business. So let’s just say if you have a business bank
account that has about a couple of thousand dollars in there, but you have your own personal
stuff. You want to be able to separate yourself from that business so that only your business
would be responsible should there be a lawsuit or a complaint or anything against you.
So essentially it’s possible to create a business entity, as you’ve mentioned, right? Which
is essentially opening a legal business and the States. And in this way, the Amazon seller
will be protected from any legal things that might come over him because then he is not
the one in charge. He’s not the person who’s getting this, it’s his business getting attacked
or bashed. Right? And then it protects him as an individual? Right?
That’s correct. Ideally for Amazon sellers, you want to scale out to over time. Obviously
you start off making a certain number of products, but over time you’re going to be selling hundreds
and thousands, right? That’s the goal, Vova, right?
Yeah. So what if all of a sudden your product is
in hands of thousands of people and one of those products, something goes wrong. And
then all it takes is one product, one lawsuit to pretty much put your entire company at
risk. Everything you built for in years and years, all of a sudden one person sues you
and then you’re like, “Wait, what I’m going to do?” So, yeah, it’s very important to take
those precautions upfront. You set it up correctly from the very beginning so that you don’t
have to come back and be like, “Oh damn, I forgot to set it up, what do I do now?”
At that point it would be too late. So just make sure you set it up early on in your career.
All right, man. That makes sense. That protects you and you want to stay protected. And yeah,
with time your sales grow and your sales really grow on Amazon if you do it right and then
it actually gets in the hands of thousands of people. Some products are more dangerous,
some are not. But anyway, I mean just one person can pretty much ruin it for you, right?
And one more thing that I think that really comes to mind, Vova, it’s that for foreigners
it’s very valuable to also get your hands on a US credit card and having a US entity
like an LLC sets you up for that. You first got the LLC, then get the EIN, get the ITIN,
then ideally get a US bank account and then get a US credit card. There’s a lot of good
perks that come to having a US credit card, you’ll be able to build points, be able to
build credit. It’s just LLC and all these steps are those first steps for you to eventually
get that US credit card. That’s funny, man, because that was my question,
actually. I mean I wanted to ask how do we form a bank account in United States and is
it any good for us? So I guess you’ve mentioned that then you can get the US credit card.
Right? And as far as I know, on Amazon, right, we have pay-per-click, PPC, ads that we invest
in. We invest in advertising on Amazon. And I believe you can get points on your credit
cards where you can use for flights and some other stuff, right? Because for example, I
have a bank account which is a virtual bank account, I would say. It’s called Payoneer,
you’ve heard about this, right? And there’s stuff like Currency Direct I know and some
others. I use Payoneer. You can tell us more about this.
Yeah, so Payoneer and TransferWise work okay for accepting payments. However, it doesn’t
really set you up for longterm success. Ideally you want to have a US business checking account.
Typically for US banks, you have to come to the US to open up an account in person. But
however, the last two years me and Sina, me and my partner, have been able to figure how
we can help non-US residents be able to open up a US business checking account remotely
from anywhere in the world. That’s one of the things we’ll try to put in the link below
about how we could do that or if you can book a time with our team, we could explain it.
But yeah, there’s a lot of benefits once you have a business checking account, and the
biggest one is, again, getting access to that business credit card. You will not be able
to get a credit card with Payoneer and TransferWise. Again, the perks are huge. The biggest one
I would say is building a credit score. It gives you a lot of access to credit if you
need it for your business or you’ll be able to use it for a lot of different investments
and things like that. And second, as you explained, is getting credit card points. As you said,
there are some cards like Chase Business Preferred or American Express Gold, those are the two
best credit cards for business that give you a three or sometimes four, 4.5 points per
marketing spend. So that means you spend $100 in Facebook ads or Google ads and you get
4% back. That’s a lot. 4% adds up a lot, especially with hundreds of thousands of dollars on marketing.
So yeah, a lot of good perks that come out of it.
All right. I understand. So essentially, I believe that the goal for us is to be, for
those who are selling on Amazon US, I’m currently addressing Amazon US, is to actually be doing
all this legally and avoiding any problems in the future. And so this is the way we’re
getting essentially an EIN number, right? And then ITIN number, this gives us the gate
to get a US bank account, which then gives us the option to get the credit cards where
we can actually get some cash back, so to say, on our PPC spent, because we do spend
pretty good amounts of money on PPC on Amazon. And yeah, that makes sense, right, to go through
all this process. Yeah. And if you guys are already on this
path of being an entrepreneur, there’s a lot of benefits to setting these things up early.
I’m sure Vova is an entrepreneur. By blood. If I come back to him in 10 years I’ll be 100% sure
that he’ll still be being an entrepreneur. So all of these things again have a lot of
benefits longterm. So if you care about your future, which I’m sure you do, all of us are
entrepreneurs that are understanding things, learning things as we go, this is one of the
most important things that you could do early on.
That’s pretty cool, man. Thank you for this input. And I mean you’re an entrepreneur as
well, man, and I’ve read about you as well and I know you for a while because I’ve used
your services. We got connected I think over a year ago, man.
At least, yeah. And if I’m not mistaken, I’ve found you through
Google because I was in need of getting those numbers: ITIN, EIN. And I found you by Google
reviews. I think you had to less than a thousand back then, but then I left my review for you,
man, because I got to say that you were as… How to say? … as a service provider, very
kind to me and you gave me whatever I was looking for. I needed the EIN. I contacted
you. You explained me A, B, C, D. I was like, “All right, I understand.” You explained me
everything. You told me how much it’ll take. It took that time. I’ve got my number. Then
we continued, because you remember with Sina Bonabi, your partner, to get the ITIN, man,
which I got as well. And I guess the next step for us is going to be doing the US bank
account, which will obviously help me. I still haven’t been in the United States as well,
which is one of next destinations, and hopefully meet you there as well, man.
Definitely. And Sam, I wanted to ask you one more question,
man, because I also got asked this by fellow sellers. They’re not sure about the taxes
and they have questions about nexus. Have you heard about this? Maybe you can give us
some input on that. It’s a very common question about, “How do
I deal with taxes? What’s my tax situation?” The answer is there is no one answer for everybody.
It really depends on where you’re located and your business structure and your business.
For that, I would recommend connecting with an accountant. We have a in-house accountant
in our team. So if that’s the case, just book a time with our team and we could connect
you to an accountant who can get on a 30-minute call to better understand your business and
explain to you exactly how to deal with that and how to deal with nexus. But yeah, it’s
not a simple answer. I wish it was- I understand. Yeah, I understand, man. That’s
awesome. We’re going to have all the links to Sam’s services linked in the description.
By the way, this is going to be an affiliate link because I’m affiliated with Sam. I truly
believe in his services. I’ve used his services so I can say that they are real. He’s a real
person as you can see, he’s here with us. He’s speaking. He is a genuine guy. He does
his job and his team is professional. That’s what I can say. I’ve gotten everything from
him as he promised to me. So that’s it. And Sam, as we come to wrap this interview
up, I wanted to ask you something not on the legal questions. Because many of the people
who are watching us are Amazon sellers, they’re also entrepreneurs and they have dreams, they
have desires, hopes. They’re a special breed of people, I would say. And maybe you could
share something from you to our dear viewers that I can help them with their journeys, be that
Amazon or life, as an entrepreneur who’s been in the game for quite a while. Yeah, man.
Yeah. I would say the biggest, the driving force of a lot of my success is understanding
this principle called the 80/20 Pareto principle. What 80/20 Pareto principle says is that 80%
of your results comes from 20% of your effort. Okay? So again, 80% of your results come from
20% of your effort. So what do you do? But how do you apply it? Go figure out exactly
what those top tasks are that bring you the most results and double down on it and just
focus on those and just do those tasks and then ignore the bottom 80%. Okay?
So let’s just say when it comes to Amazon, do some calculation about which of your products
are bringing most of your revenue. And if it was me, I mean you could just still leave
your other products on, but really go focus on this product and be like, “How can I bring
similar products to those products? What can I do to double down on this? Can I go marketing
more? What other marketing channels can I put it through?” Do an 80/20 analysis of your
current campaigns and everything that you’re doing. And again, double down on your strengths
and avoid the bottom 80%. Thanks, man. That makes sense. Just to wrap
it up, that’s the Pareto principle, so you can make sure you Google it or read more about
this. I think it’s pretty powerful and I do believe in this. I’m pretty sure if people
are reading all the entrepreneurial books and everything they are aware of, maybe they’re
not aware of this, but this is one of those principles that should be, so to say, taken
into consideration. One other thing, Vova, I want to say how amazing
you are at being such a giver to your community. I see you grinding for the past year, year
and a half that I’ve been following you. You’re so selfless and you really do care about people
and putting so much effort into these videos and everything that you do. So amazing job
to you and that lifestyle that you’ve been able to build for yourself is a dream come
true for so many people. Most people just dream about it. You’ve actually done it and
you do it well and you do it the way that you want to. So it’s very inspiring and I
hope your community grows and people continue following your footsteps and learn from you
and grow with you. Thanks man. That’s really nice to hear. I
believe in giving, man. And yeah, for those who follow me and are in contact with me,
they know that I give and I just love it. That’s just my way of life, I guess. And thanks
for sharing your stuff with us, man. And I believe people are inspired right now and
hopefully are motivated as well. And again, how should they best contact you, man, to
know more about you? Tell us, man- Sure. So we’ll put all the links below in
the description. As Vova explained, the first one will be an affiliate link for the main
service that we offer. The second will be a booking link. If you still have some questions,
you could just book a time with my team. Again, my team, what we do is we specialize in working
with non-US residents and non-US citizens. So we have that specialty. And then yeah,
you could just search me, look me up, look at my reviews. It’s all real. We help, at
this point, hundreds of clients a month, so we look forward to helping you as well.
Sam, thank you a lot, man, and hopefully, we’re going to see you again on this channel,
man. And I just wish you the best, brother. I wish you the best.
Thank you so much, Vova.
Hey, welcome to my new video. My name is Vova