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Post by Deleted on Apr 9, 2014 14:57:23 GMT -5
Many business are indeed incorporated in Delaware and Nevada for asset management purposes. There are no corporate or personal income taxes, no fees on corporate shares. This is particularly good for large corporations with many shareholders. However, they are considered foreign in other states. I am not aware of anything advantageous about Texas as compared Delaware and Nevada.
Mike
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Post by theotherside on Apr 9, 2014 19:07:08 GMT -5
Nevada is (was?) popular because their statutes made it nearly impossible to pierce the corporate veil. That's why so many penny stock scams chose to incorporate there. Their statutes might have changed though, I haven't kept up with it. Delaware is popular mainly due to their corporate court system, you actually get to have any case you might be involved in heard by a panel of business friendly Judges. Wyoming was once touted as being the most business friendly state to incorporate in (from an owner's viewpoint) but like Nevada, I don't know if it's true any longer.
In the end the easiest state to incorporate in is the state which you're physically located. Steve has numerous businesses registered in Alabama, why he hasn't registered CMKX/NHHI I don't know.
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Post by Deleted on Apr 9, 2014 20:32:20 GMT -5
Nevada is (was?) popular because their statutes made it nearly impossible to pierce the corporate veil. That's why so many penny stock scams chose to incorporate there. Their statutes might have changed though, I haven't kept up with it. Delaware is popular mainly due to their corporate court system, you actually get to have any case you might be involved in heard by a panel of business friendly Judges. Wyoming was once touted as being the most business friendly state to incorporate in (from an owner's viewpoint) but like Nevada, I don't know if it's true any longer. In the end the easiest state to incorporate in is the state which you're physically located. Steve has numerous businesses registered in Alabama, why he hasn't registered CMKX/NHHI I don't know. Well, two answers that do not equate are cost and tax advantage... As for easiest state to incorporate in, physical location does not matter... Mike
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Post by theotherside on Apr 9, 2014 21:34:58 GMT -5
It does though, at least from an administrative point of view and especially when your a small business. I have a side business, an LLC in Wisonsin and I looked into registering as a foreign corporation in other states. It just didn't make sense. While there might have been some minor cost savings it didn't justify the administrative work required to file in two states. Granted, with increased sales volume it might start to look more attractive but as a nothing corporation like CMKX/NHHI there's no benefit at all.
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Post by Deleted on Apr 10, 2014 6:58:27 GMT -5
It does though, at least from an administrative point of view and especially when your a small business. I have a side business, an LLC in Wisonsin and I looked into registering as a foreign corporation in other states. It just didn't make sense. While there might have been some minor cost savings it didn't justify the administrative work required to file in two states. Granted, with increased sales volume it might start to look more attractive but as a nothing corporation like CMKX/NHHI there's no benefit at all. Correct on all counts. The advantage goes to large companies where the tax advantages outweight the foreign registration. It is also asset protection in terms of litigation piercing the corporate veil. When I moved from GA to OH it was cheaper to dissolve and start over than to transfer my LLCs. Mike
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