I have always been an LLC, but when we make our move to TX, we will be doing it as an S-Corp. A few people that I know have NV corps, and they seem to be happy with them. My question is, what are some of the better states? What are the pros and cons of these states? Should I just get a TX S-corp?
I would have posted this in the business section, but nobody ever goes there, and it is limited by who can post.
I have always been an LLC, but when we make our move to TX, we will be doing it as an S-Corp. A few people that I know have NV corps, and they seem to be happy with them. My question is, what are some of the better states? What are the pros and cons of these states? Should I just get a TX S-corp?
I would have posted this in the business section, but nobody ever goes there, and it is limited by who can post.
Thanks guys.
I've been been both. First I am now a California "S" Corp., it protects you ass more from lawsuits and such. Stockholders must be reported and yearly Corporate minutes must be submitted at least once a year and there's an annual $800 fee.
I had a NV. Corp I dissolved about 15 years ago, at that time there were no state taxes and I believe also no city taxes. Also Nv. offered incentives if you physically moved there. I had some problems with my banking being an out of state Corp. and large deposits took 11 working day to clear
I don't know nuthin' about Tx-S
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Roc anyone who just says to do this or that-just run. A LOT will have to do with specifics of your company, goals, D&O policies, liability policies with exposure and should be looked at comprehensively. I have an S in NJ myself and was a SP before that. You should consult with your CPA and attorney, and there are a lot of informed folks on the Alley, but (in depth) specifics would be needed to give great advice here. :-) Gary
WHOA. You should not make this decision without consulting a local lawyer or CPA. There are many different tax consequences based on how you structure things.
I absolutely intend on speaking to my accountant about this, but I just wanted to get a little insight. I like to have as much info as possible before making decisions, and would not want to completely rely on my accountant or lawyer to make that decision for me.
Well, a JD/CPA might be a better match as I have seen conflicting info given out before to clients. The key is getting the info in Texas as that will have a great deal to do with the question and relative to your needs, wants goals and realistic expectations. One could structure multiple layers in an effort to reduce the possibility of piercing the corporate veil and such, but frankly that is an entire class by itself, so you would be better off possibly conferencing with a trusted atty in TX, your CPA and your existing corporate attorney. The $1000 or so for less than an hour consult for the 3 might save you $50K later on. The key is interviewing your CPA and attorney before you retain them so you know and respect them, and then use your own knowledge to make an informed decision Roc, but you are on the right step of acquiring knowledge. Just try to take into consideration industry, liability in terms of lawsuits, growth, exit strategy, growth strategy, taxation issues (profit, sales, death, et cetera), insurance, expenses incurred with different types of entities compared to each other in the state you are going in, case precedent against industries like yours in the place you are considering, and so much more I might die typing ;-) Anyhow, I hope this at least gives you some things to consider and good luck. Gary
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I am responsible, live within my means, give to charity, save money, so where the fuck is my bailout? FUCK THESE IDIOTS KILLING THE USA PRINTING MONEY!
Well my first suggestion is to contact your CPA. It really depends on what you are doing and what you are trying to accomplish. i have the following setups currently.
S-Corp in NC for a computer consulting company.
S-Corp in Delaware for another undisclosed business
LLC in NC for Rental Properties
LLC in VA for different Rental Properties
FUCK THESE IDIOTS KILLING THE USA PRINTING MONEY! 
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