Posted by George on February 20, 1999 at 14:24:21:
Dan,
You are correct when you state that the Nevada Corporation would be a foreign Corp in Texas. But you miss the whole point of using Nevada Corps for asset protection.
David, I think you are on the right track if your Texas Corp is to be wholly owned by your Nevada Corp. When you register in Texas, you will probably have to list your “senior employees” but your list of directors and/or stockholders would be “The Nevada Corp”. In Nevada you only have to list one director, senior officers but none of the stockholders. Since Nevada allows “bearer stocks”, you can hide your assets very well this way.
Contact Bronchick, he can help you get things set up properly. If you need some one in Nevada to establish an address etc. and act as your agent, email me.
Your were Incorporating from the start. How many shares? Any particular things you would do over if you had it to start again. Or is it easy enough to just change things once your up and running. I plan on setting up two C Corps.
One in Texas to do my deals, and one in Nevada to be the management company. Any advice for setting them up would be much appreciated. I know I should have done it before I started doing deals but you have to crawl before you walk.
Also, can a Corporation be funded with a Note or Contract, instead of cash?
Re: Incorporating…What would you do if…? - Posted by Dan in Dallas
Posted by Dan in Dallas on February 20, 1999 at 10:36:55:
David,
I’m not an expert in any of this…but I think you may
be spinning your wheels with a Nevada corp…In order
for it to operate in Texas it has to register as a
“foreign corporation”, and the fee is as much as incorporating in Texas in the first place.