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Misconception to Register Company in Tax Free State!

 
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Category : > New Business Setup
Posted On : Sun Dec 26th,2010

 
Misconception to Register Company in Tax Free State!
 

 

We would like to take an opportunity to clear the misconception for registering company in the tax free states.

Some taxpayers are under impression that they are legally allowed to incorporate their businesses in tax free states.

For instance

If you physically have a store in the state of New York and involved in taxable retail sales you can not incorporate or register company in the state of Delaware to avoid paying sales taxes to the state of New York. Yes, you can incorporate your business in the state of Delaware but still you are required to obtain a certificate of authority or foreign qualify your business in the state of NY to conduct business and collect sales taxes according to your state, city and county

OR

If you are operating business in the New York City and running a real estate business you can not establish your business in the state of Wyoming to save local and state taxes. You are still required to pay taxes to the New York state.

Conclusion: To run a painless operation most professionals advise to keep the company structure simple and register your company in the state you are operating instead of creating a complicated structure for your business and paying additional annual maintenance cost for the multiple states.

  


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Comments (2)
rakesh   wrote on : Thu Jul 07th,2011
I AM Canadian citizen living in toronto,canada,i dont have usa social security no. but i can show canadian id & address proof of canada,can i register a company as corporation in newyork state.pls tell me how much it will cost me total for corporation,tax id,regist agent,name search etc.i can only give address of my friend who is living in newyork,usa ,if it necessary. how often i have to file tax for corporation. rakesh
Reply : infotaxsquare.com
 
Dear Rakesh:

Thanks for choosing InfoTaxSquare.com for your business needs. To register business in USA you are not required to either be a citizen or resident of USA.

To register a company in New York along with Corporation Registration + Employer Identification Number +Registered Agent Service + Shipping and handling will cost you $478.00

You can either use following link to apply for or call us at 516.822.3100 to place your order over the phone.

http://bit.ly/4xbuab


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Merrisa & Jim   wrote on : Sat Dec 08th,2012
Hi, we are a married couple just getting started on a real estate investment business, We are currently attending a Financial Education Class Through the Rich Dad Program, in doing so we were advised to obtain a LLC through 1 of 3 states in which have the better protection laws as far as protecting our personal assets. So we obtained a LLC and EIN # in the state of Nevada. We currently live in the state of Pennsylvania, but recently purchased property in the state of Florida. After reading your post we are now confused. Which state should we have obtained our LLC through and if we can't use the LLC in the state of Nevada how do we rectify our Business name in another state required?
Reply : infotaxsquare.com
 
Dear Merrisa & Jim:

Thanks for choosing InfoTaxSquare.com for your business needs. You are technically required to register LLC (Limited Liability Company) in the state where you are conducting business. Yes, you can form LLC in the state of Nevada, but since you are physically conducting business in the state of Pennsylvania, you must foreign qualify your company in the state of Pennsylvania too.

To know more about it, please either call us at 516.822.3100 or use following link.

http://www.infotaxsquare.com/display_article.php?id=26



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