Legal Question in Tax Law in Nevada

s corp tax shelters

I am in the process of incorporating as an s corporation in the state of nevada while doing business in the state of california and would like to confer with someone who can thoroughly inform me of the benefits/obstacles I may encounter.


Asked on 1/21/05, 1:11 am

4 Answers from Attorneys

Joel Selik www.SelikLaw.com

Re: s corp tax shelters

It is NOT a tax shelter. You must still qualify to do business in California and pay the min. franchise taxes.

JOEL SELIK Attorney at Law

800-894-2889 760-479-1515 702-243-1930

www.SelikLaw.com

Licensed to Practice Law in California and Nevada Only CA Licensed Real Estate Broker

CONCENTRATING IN LITIGATION: REAL ESTATE, ELDER ABUSE, APPEALS, AND COLLECTIONS Personal Injury, Contracts, Tax Matters, Business, Malpractice, Appeals, Elder Neglect/Abuse/Nursing Home Malpractice Real Estate, and Other Legal Matters

This is just general information. No representations are made and no attorney client relationship is established by this communication. In most matters there are strict time limitations within which actions may be taken or your rights will be compromised. We are not taking any action on your matter and will not be considered your attorney or tax representative until both you and we have signed a fee agreement.

We, therefore will take no action on your behalf unless a written retainer agreement is signed. There are strict deadlines, called statutes of limitation, within which claims or lawsuits must be filed. Therefore, if you do not retain SELIKLAW, you should immediately seek the services of another attorney or other advisor.

If you send a lawyer or law firm email, your email will not create an attorney-client relationship and will not necessarily be treated as privileged or confidential. You should not send sensitive or confidential information via email. The lawyer or law firm to whom you are writing may not choose to accept you as a client. Moreover, as the Internet is not necessarily a secure environment it is possible that your email sent via the Internet might be intercepted and read by third parties.

Read more
Answered on 1/21/05, 7:45 am
Ronald Cappuccio Ronald J. Cappuccio, J.D., LL.M.(Tax)

Re: s corp tax shelters

You are probably making a mistake by incorporating in Nevada. First, every corporation needs to be authorized in the states in which they do business. Unless you are actually having an office in Nevada, it would be a waste to set-up a Nevada corporation.

Secondly, have you considered a Limited Liability Company. In California, thee is crazy taxation of LLC's, nevertheless, depending on the nature of your business, it might be the appropriate structure.

My website, http://taxesq.com/ has a Choice of Business entity selector which you should try.

I hope this helps!

Ron Cappuccio

Read more
Answered on 1/21/05, 9:44 am
Donald Field Donald L. Field, Jr., Attorney at Law

Re: s corp tax shelters

in addition to the need to qualify as a corporation doing business in california with the california secretary of state and file california corporation income tax returns, there are numerous other tax and formation issues which should be thoroughly considered before starting a business which will operate in capifornia.

Read more
Answered on 1/21/05, 9:43 pm
Christopher M. Brainard, Esq. C. M. Brainard & Associates - (310) 266-4115

Re: s corp tax shelters

You can review my website as well as my resume at www.christopherbrainard.com

Best regards.

Read more
Answered on 1/21/05, 3:08 am


Related Questions & Answers

More Tax and Taxation Law questions and answers in Nevada