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California Businesses Incorporating In Nevada - Is It Legal? By Richard A. Chapo, Fri Dec 9th California is a notoriously bad state to do business in.Regulations, worker’s compensation and tax issues overwhelmcompanies. Seeking relief, many incorporate in Nevada. Unlessdone carefully, this decision can lead to disaster. Doing Business - Jurisdiction Jurisdiction is a legal term used to define who has authorityover something. Applied to this article, the term refers to theissue of which state has the right to regulate a business. InCalifornia, the issue boils down to whether you are consideredto be “doing business” in the state. (Article continued below)
California is the one of the
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most aggressive states when itcomes to defining jurisdiction. If you maintain offices or haveemployees in the state, you are considered to be doing businesshere. You must register with the state and pay taxes even ifincorporated in another state. This tends to makes incorporatingin Nevada an expensive option since you have to pay fees twice. If you are caught “doing business” in California without havingregistered, you can be in for a rough time. Initially, backtaxes and fees come due. You are also going to be fined andprobably suspended from doing business until an audit can occur.The California Employment Development Department may levy backtaxes and penalties. Your bank accounts may be frozen. Let’slook at an example. The California Franchise Tax Board tends to look at the factssurrounding a particular situation. Assume I own a Nevada entityfor the purpose of building web sites. I receive e-mail, snailmail and work out of my house in San Diego. The tax agency isgoing to take the position that I am doing business inCalifornia. My office is here. I take calls here. I do the workhere. This scenario is going to be very difficult to defend.Playing out the scenario, I will probably end up going out ofbusiness due to disruptions, stress and the resulting financialburden. So, can you use Nevada business entities if you are inCalifornia? Absolutely. Typically, you need to use a doubleincorporation strategy. Essentially, one entity is in Nevada andanother in California. One entity provides services to the otherthrough a fair value contract, to wit, you can’t charge $1 anhour for services rendered. The Nevada entity has to have abusiness license, office, customary payables such as rent andthe typical items you find with any business. This strategy istypically used to hold non-tangible business assets such asintellectual property or patent rights. California has a brutal business climate. The Governator haspromised relief, but an actor making promises is, well, an actormaking promises. Using Nevada entities can provide relief toyour business as long as they are used correctly. About the author:Richard A. Chapo is with SanDiegoBusinessLawFirm.com - This article is for informationpurposes only. Nothing in this article is intended to addressthe reader’s specific situation nor does it create anattorney-client relationship. | Sign In |
Fannie, Freddie enact mortgage moratorium
Fannie Mae and Freddie Mac have told mortgage services to halt foreclosure sales on owner-occupied homes between Nov. 26 and July 9, 2009.
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</div>Sandy Spring Bank gets $83M TARP infusion
Sandy Spring Bancorp Inc., the parent company of Sandy Spring Bank, has been notified by the Treasury Department that it will be getting a capital infusion of up to $83 million through the Troubled Asset Relief Program, the company announced today.
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</div>D.C. commits $50M to housing fund
D.C. committed to putting $50 million annually into a key fund for affordable housing projects Tuesday when it passed a proposal by Councilmember Marion Barry, D-Ward 8.
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</div>Fine Arts Commission OKs Homeland Security plan at St. E's
The plan to build a 6 million-square-foot headquarters for the U.S. Department of Homeland Security on the west campus of St. Elizabeths Hospital was approved by the U.S. Commission of Fine Arts today, a day after D.C. Del. Eleanor Homes Norton submitted legislation to authorize major funding for the project.
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</div>Fed: Recession to last into mid-2009
The Federal Reserve Bank expects the U.S. economy to be in recession until at least mid-2009 as credit and lending troubles bite into business spending and prompt layoffs.
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