Posts Tagged ‘Real Estate’

Wyoming Now Joins Nevada As One of the Premier Incorporation Centers in the United States

March 15th, 2022

As one of the few states without a corporate income tax. Wyoming now joins Nevada as one of the premier incorporation centers in the United States to provide ease of use. liability protection, financial privacy and tax savings.

In 1989. the Wyoming Legislature passed a new legislation that revolutionized their corporation laws. The law called the Wyoming Business Corporation Act, is unique in many key areas and creates corporate possibilities that are simply not available elsewhere. The advantages are in the following key areas:

(1) No corporate income tax and no tax on corporate shares,
(2) No state franchise tax,
(3) Annual fees are based on value of corporate assets within Wyoming,
(4) One person may be all required corporate officers and directors.
(5) Stockholders are not filed with the State,
(6) No annual report is required until the anniversary of the incorporation date,
(7) Articles of Incorporation may provide for unlimited stock without a requirement for stating par value.
(8) Corporations with less than 50 shareholders are not required to have a board of directors meeting, minutes, and other paperwork associated with having a board, without affecting the corporate veil,
(9) Wyoming statute has provisions for “bearer scrip” which can be used when stockholders capitalize the corporation in increments less than the par value of the stock,
(10) Wyoming allows for nominee shareholders.

In addition, Wyoming adopted the nation’s first Limited Liability Act in 1977 allowing for this type of entity to be unique. First, Wyoming requires a form of the word “limited” in the entity’s name. Second, the entity is given full juristic personality. This means that an LLC is a distinct statutory entity that can transact business and hold property in its own name. Third the partnership concept which permits a partner to the company. Fourth, Wyoming’s Act provides that the LLC must be dissolved upon the death of a member.

A very effective an useful Asset Protection entity would entail the use of a Wyoming Corporation or LLCs. The specific arrangement would depend on your particular circumstances, business activity, and the type of assets owned. If you are engaged in any business or if you own property, we recommend that you take necessary steps to arrange your affairs in order to maximize, the income tax. estate planning and law suit protection techniques currently available.