Can I Incorporate My Business Other Than My Home State?
Can I Incorporate My Business Other Than My Home State?
Can I Incorporate My Business Other Than My Home State?
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Home Page > Business > Small Business > Can I Incorporate My Business Other Than My Home State?
Can I Incorporate My Business Other Than My Home State?
Posted: Feb 22, 2010 |Comments: 0
| Views: 102 |
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We have been asked the above-mentioned question by many folks and what are the benefits for doing that? The answer is yes, you can incorporate your business other than your home state. But there are various issues those have to be considered before approaching this concept. If you are planning to incorporate your business in other state to avoid paying taxes, then it is technically a wrong concept.
For example, you are a resident of New York state and starting retail business in New York but willing to incorporate your business in the State of Wyoming to avoid taxes. Following steps must be followed:
Incorporate your Business in the state of Wyoming
Incorporate the Wyoming Company in the state of New York as “Foreign Entity” to transact business.
Practically it is not a right approach, because you will maintain two states same time.
Can an online Retailer Incorporate anywhere?
Answer is NO; incorporate structure should be based on shipping. For example if you have go-down and shipping goods to your customers from the State of Alaska then you must incorporate in the state of Alaska.
Why people incorporate other than thereHomeState?
It may be a right approach in some cases but not all. Like in certain states personal information are not available for general public. It gives you identity protection and secondly is flexible for non
USA residents who are operating businesses from their vicinity. So, we suggest you to consider all phases before deciding incorporating your business other than home state. It may or may not be a good idea depends on your approach.
Conclusion:
Technically it may not be productive or a right approach for small businesses to incorporate outside of their home state as even small businesses are usually required to:
pay corporate taxes in both the state of foreign operation and the state of incorporation.
You will pay and file annual or Franchise Tax Reports with both states
Unnecessary registered agent fees every year to maintain business in good standing
Complying laws for both states and you have to realize that the tax structure is being complicated every day. If you have pass-through entities like LLC (Limited Liability Company) or an S-corporation you are required to pay taxes on personal level and you will pay taxes based on your residency and it will make your yearly filing more complicated. Filing state non-resident and resident state returns. Most professionals advised to keep more controlled in your business
“Incorporate where you are physically located or conducting business”.
Source http://www.infotaxsquare.com
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Nashib Umer CEO of http://www.infotaxsquare.com providing business documents filing in all 50 states
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