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
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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

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

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

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Answered on 1/21/05, 9:43 pm
Christopher M. Brainard, Esq. Law Offices of C. M. Brainard - (310) 266-4115
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Re: s corp tax shelters

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

Best regards.

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

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