Incorporating in NV was a waste of time (and money).

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JMc wrote:
- quote -

When you try to pay your taxes in NJ, they will catch up
with you.

--
Frederick E. Jorden http://Tax-Accounting-Payroll.com
7825 Midlothian Tpk - 207 Richmond, VA 23235-5247
EMAIL knowtax[at]bigfoot.com
(804) 320-6210 FAX (804) 320-6211

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<itmediainc[at]gmail.com> wrote:

- quote -

If you move the business to Nevada and only operate there,
you'll be able to benefit from the "no corporate tax"
policy.

Most likely it was a waste of time incorporating in Nevada.
However, it all depends on what your business is, where you
operate, etc. etc.

Even if you are incorporated in Nevada, but carry on
business in NJ, you will need to file and pay NJ taxes.
Hopefully, you filed for a certificate of authority for NJ
if you are operating in NJ.

The best thing to do is talk to a CPA. There are many
things for you to consider.

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"itmediainc[at]gmail.com" <itmediainc[at]gmail.com> wrote:

- quote -

Does the term "scammed" mean anything?

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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itmediainc[at]gmail.com wrote:

- quote -

Your company doesn't get any tax benefit from being
incorporated in NV. Corporations are taxable where they do
business, not where they are organized. You may have been
misled by web sites or other advertising promoting the
organization of corporations in NV. If you read their
material carefully you will usually see that they only say
there is no NV tax. They don't say anything about taxes in
other states. It is easy to jump to an erroneous
conclusion.

Nevada does not require disclosure of the identities of
corporate organizers/owners, and sometimes attorneys advise
incorporating there for reasons of confidentiality.
However, your corporation can be subject to draconian
penalties for doing business in another state (like NJ)
without registering or qualifying to do business there. In
that process, you may have to disclose information that you
would not have had to disclose in NV. In that case, even
the confidentiality protection may not apply.

Katie in San Diego

The foregoing is intended for educational purposes only and
does not constitute legal or professional advice.

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itmediainc[at]gmail.com wrote:

- quote -

Remember of course you get what you pay for, here or there.

- quote -

You incorporated in Nevada and/but do business in New
Jersey? Then I sure hope you registered with the state of
New Jersey as a foreign corporation and have paid all your
dues. In fact you have to register in any state in which
you do business. But the accountant will expand further on
this and perhaps refer you to an attorney to get things
straightened out.

ChEAr$,
Harlan Lunsford, EA n LA
Sun 13 Feb 2005

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"itmediainc[at]gmail.com" <itmediainc[at]gmail.com> wrote:

- quote -

I believe NV is just a waste of time unless you do business
there.

--
Tom Healy, CPA
Boulder, CO
Web: http://www.tomhealycpa.com

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I'm hoping for a little bit of free advice before I talk to
an accountant...

How exactly does my company benefit from Nevada's "no
corporate tax" policy, and can this be reflected on our tax
return? Or was incorporating in Nevada just a waste of
time...

Thanks in advance.

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