CORPORATION CONFUSION - Posted by Kim

Real Estate Investing
#1

Posted by Michel on July 13, 2001 at 04:11:15:

  1. Do you have to be a U.S. citizen or a U.S. resident to incorporate and/or own a corporation in Texas?

No. The Texas Business Corporation Act and the Texas Non-Profit Corporation Act do not place any restrictions on who can incorporate or own shares in a corporation except that the incorporator must be at least 18 years old. A corporation may provide residency or citizenship limitations in its articles of incorporation or bylaws. You should consult tax counsel or the Internal Revenue Service to determine any ownership or other restrictions that apply to S corporations.

#2

CORPORATION CONFUSION - Posted by Kim

Posted by Kim on July 11, 2001 at 09:30:39:

I live in a border town to the U.S.A. Making money in the U.S is much easier than in Canada as information is not as readily available and taxes are sky high. I intend to invest in Michigan for now, but also hear the benefits of having a Nevada Corporation. Question - should I open both or just one. I also run a small small business in Canada that is unrelated to real estate and run it from my home.

#3

Re: CORPORATION CONFUSION Get one - Posted by John

Posted by John on July 12, 2001 at 15:31:40:

The Nevada corp is the best corp to get. I am Canadian and my business partner and I have one. The taxes are nominal and there is no legislation to reveal the beneficial owners of the corp. In theory not even to the IRS must such disclosures be made. As long as your corp is a C class and not a S class a foriegn national can own this type of entity. I know that the taxes in Canada really suck. Have you thought about stating a holding company/trust/International Business Corporation in a offshore place such as Belize or St. Vincent %0 taxes and no liability plus legislated privacy laws for both Corps and resident banks.

I hope that this helps

Cheers!!

#4

Re: CORPORATION CONFUSION - Posted by sueC

Posted by sueC on July 11, 2001 at 14:49:48:

Don’t bother with the Nevada thing. You would still have to file, pay taxes, etc. in the state you do business in. Just do it once, for Michigan. And, think about an LLC, it’s a bit easier on the paperwork than a corporation. Also - as a Canadian national, I don’t know if you can form a US corporation? That’s something that never came up for me, I’ll have to look that one up -

#5

Re: CORPORATION CONFUSION Get one - Posted by Kim

Posted by Kim on July 13, 2001 at 13:49:23:

Finally, someone who speaks my language! Can we talk about this some more via e-mail? Are you saying don’t bother with a Cdn. or MIchigan corp. and go straight to a Nevada corp? And, yes I have thought about offshore corporations, just didn’t know where to start. Do you still live in Canada? I Would love to converse on this one without compromising your privacy. I just need some general information.

#6

Re: CORPORATION CONFUSION Get one - Posted by Kim

Posted by Kim on July 13, 2001 at 13:39:07:

Finally someone who speaks my language. Can we discuss this further via e-mail. I have thought about off-shore as well as Nevada. Are you saying to skip opening a Michigan corporation and a Cdn. corporation and go straight to a Nevada corp? I assume you have both types of corporations and I REALLY would like to ask further questions without compromising your privacy. General knowledge would be greatly appreciated on this subject in more details. Do you still live in Canada?
Kim