Posted by Redline on July 06, 2002 at 23:56:44:
Don’t mean to be rude but … have you done any deals?
If not then this question is not the one you should be asking. You say you’re a newbie, so focus on doing deals and making money. Tons of people corp themselves out but never do any deals.
Focus on what matters first, then deal with the rest. All these other issues will just distract you.
RL
Where to form a Corp or an LLC? - Posted by Steven B
Posted by Steven B on July 06, 2002 at 23:39:54:
Hi,
I know this sound very basic to some of you the expert, so bear with this newbie. I was wondering what state is the best to form an LLC or a Corp (S and C). I also heard about the requirement of having an annual board of directors meeting in the state that the Corp is created. Is that true? What about an LLC? Is there a way to go around this?
Steven B
Your own state is probably simplest and cheapest - Posted by I.R.
Posted by I.R. on July 07, 2002 at 08:20:04:
With just a few exceptions, you can form LLC, and certainly a C corporation, in any state. I think most attorneys would generally recommend your own state of residence, because if you were to incorporate in any other state, you’d have to appoint a corporate Agent for Service, for which you’d have to pay an annual fee.
In your own state, you could be the Agent for Service and either get that fee, deductible to your corp, or waive the fee since you’re the owner.
Re: Where to form a Corp or an LLC? - Posted by Rusty
Posted by Rusty on July 07, 2002 at 07:41:34:
Many large companies like Delaware for special tax reasons that probably won’t apply to you any way. Your own state is probably best as your CPA will be most familiar with those tax laws. As far as Board of Directors meetings, I have held an S corp for five years and never had a meeting. Since I am the only stock holder there is no one else to update.
Good Luck
Rusty