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California Businesses Incorporating In Nevada - Is It Legal?
By Richard Chapo
California is a notoriously bad state to do in. Regulations, worker’s compensation and tax issues overwhelm companies. Seeking relief, many incorporate in Nevada. Unless done carefully, this decision can lead to disaster.
Doing Business - Jurisdiction
Jurisdiction is a legal term used to define who has authority over something. Applied to this article, the term refers to the issue of which state has the right to regulate a business. In California, the issue boils down to whether you are considered to be “doing business” in the state.
California is the one of the most aggressive states when it comes to defining jurisdiction. If you maintain offices or have employees in the state, you are considered to be doing here. You must register with the state and pay taxes even if incorporated in another state. This tends to makes incorporating in Nevada an expensive option since you have to pay fees twice.
If you are caught “doing business” in California without having registered, you can be in for a rough time. Initially, back taxes and fees come due. You are also going to be fined and probably suspended from doing until
Franchise Direct's Embedded Videos are Creating a Wealth of New Opportunities for Franchise Businesses in the UK and Beyond
Franchise Direct's recent introduction of embedded videos and podcasts has opened up an entirely new field of promotion for web-based businesses. The franchising industry has found video to be a radically effective path towards profile expansion and increased profitability. As one of the world's leading portals for franchise and business opportunities, Franchise Direct is helping franchises maximise their potential. (PRWEB Nov 21, 2008)
Read the full story at http://www.emediawire.com/releases/franchise-direct/video/prweb1640884.htm ]]>
Veterans Program Assists Transition to New Careers
Engrave-A-Crete Inc. the manufacturer and distributor of decorative concrete engraving equipment has announced that it will offer military veterans of the Iraq, Afghanistan and Persion Gulf conflicts a special program to assist in their transition to new careers. (PRWEB Nov 21, 2008)
Read the full story at http://www.emediawire.com/releases/2008/11/prweb1648314.htm ]]>
My Bank Tracker Launches Interactive Financial Tools
MY BANK TRACKER releases new interactive financial tools to compare the best bank rates (PRWEB Nov 21, 2008)
Read the full story at http://www.emediawire.com/releases/2008/11/prweb1650274.htm ]]>
How To Protect Your Small Business From Bad Real Estate Decisions In Good Times Or Bad
Industry Veterans Launch One of a Kind Tool for Small Business and Franchise owners.Self-help manual "How To Find and Secure a Location for your Business" now available online (PRWEB Nov 19, 2008)
Read the full story at http://www.emediawire.com/releases/2008/11/prweb1630304.htm ]]>
an audit can occur. The California Employment Development Department may levy back taxes and penalties. Your bank accounts may be frozen. Let’s look at an example.
The California Franchise Tax Board tends to look at the facts surrounding a particular situation. Assume I own a Nevada entity for the purpose of building web sites. I receive e-mail, snail mail and work out of my house in San Diego. The tax agency is going to take the position that I am doing in California. My office is here. I take calls here. I do the work here. This scenario is going to be very difficult to defend. Playing out the scenario, I will probably end up going out of due to disruptions, stress and the resulting financial burden.
So, can you use Nevada entities if you are in California? Absolutely. Typically, you need to use a double incorporation strategy. Essentially, one entity is in Nevada and another in California. One entity provides services to the other through a fair value contract, to wit, you can’t charge $1 an hour for services rendered. The Nevada entity has to have a license, office, customary payables such as rent and the typical items you find with any business. This strategy is typically used to hold non-tangible assets such as intellectual property or patent rights.
California has a brutal climate. The Governator has promised relief, but an actor making promises is, well, an actor making promises. Using Nevada entities can provide relief to your as long as they are used correctly.
Richard Chapo, Esq., is with SanDiegoBusinessLawFirm.com offering business law advice to California businesses. This article is for general education purposes and does not address every facet of the subject matter. Nothing in this article creates an attorney-client relationship.
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