Image by: Doug Kerr
By Charles Lewis
In the previously published article titled “You’re Incorporating Your Business Where?”, we discussed the factors of why you would possibly move your company headquarters to another state. And now you’ve decided to take the plunge.
You have all of your business ducks in a row, all lined up nice and neat. You’ve already chosen the type of business structure you want and you are close to pulling the trigger, but where to set up shop?
What state will you be incorporating in? It is almost no contest, really.
Just like in any other line of work or arena of operation there are superstars. And in the area of business-friendly states, these three kings have been legendary in their hand-outs (or, if you prefer, “incentives”) to companies who choose to officially locate there.
Here are three top – if not the top three – states to start and operate your new or existing business in:
Long considered the “grand daddy” of corporate comfort, it is no surprise then that Delaware does an astoundingly large amount of business considering its puny size and rather small population. It is the current corporate tax haven of choice thanks to extremely friendly laws and easy-to-navigate corporate requirements.
There can be only one Highlander for business-friendly states, and Delaware is it.
In an effort to bring business to the state, Nevada has been a flash player for quite a while, throwing around tax incentives and corporate welfare like it was no big thing. But that Business Gone Wild culture led to corruption and now the reigns are being tightened, so the party may actually be over to some degree.
Besides, nobody actually wants to live in Vegas, do they? That whole thing needs to be kept at arm’s reach. Nevertheless, web-based firms flock to – and thrive in – Nevada.
Wyoming’s not just a bunch of tumbleweeds – it is also home to a lot of Internet-based companies due to its incredibly low business tax rate and positive corporate climate. In Wyoming you also have the ability to issue an unlimited number of stock shares.
In Wyoming, one person can act as all of the corporate components. Privacy is also manageable in the big “W” as only the name of the filer of the annual report appears in public records.