| CONSIDER WYOMING. Like Nevada, Wyoming has special advantageous laws geared to the small individual company, such as an LLC. Compare these sixteen points:
1) Wyoming has no state business income taxes
2) Wyoming has no franchise tax
3) Wyoming has no tax on company shares
4) The annual fees are based on the value of company assets that are physically located in Wyoming, not on assets located elsewhere
5) One person may fill all the required company positions, such as officers and members
6) Shareholders are not revealed to the State
7) No annual report is required until the anniversary of the formation date
8) Wyoming allows for nominee owners
9) Share certificates are not required
10) There is no minimum capital requirements
11) Meetings may be held anywhere in the world
12) Company officers, employees and agents are statutorily indemnified from personal liability associated with their corporate activity
13) Additional indemnification is allowed even after suit is filed by a potential judgment creditor
14) Wyoming has a continuance procedure, which allows a company formed in another state to change it's domicile to Wyoming while maintaining its lcompany history. CONTINUANCE. If a foreign company decides to domesticate in another State, it either creates a new company entity in that state or it adds additional domiciles. However, in Wyoming, continuance is a process by which Wyoming creates the legal fiction that the company has always maintained its domicile in Wyoming. A new company is not created, it simply acts as if it had always been a Wyoming company. This is helpful in several ways:
1) To take advantage of Wyoming's favorable tax and business environment;
2) To change the geographical location of the company domicile to meet the needs of a changing business climate;
3) To avoid hostile government action by another state, such as confiscation and expropriation;
4) To permit the management to take advantage of Wyoming's statutory regulations on issues such as takeovers, buy-outs, mergers, or hostile actions; or
5) To obtain favorable consideration on Wyoming public works contracts, where resident companies receive preferential treatment.
Wyoming is one of only two states that provides for true continuance n its corporate laws. Many states provide for domestication, but that is not the same thing. | | |
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