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Microcap & Penny Stocks : PanAmerican BanCorp (PABN)

PABN 0.00001000

0.0%

Mar 7 3:00 PM EST

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To: ColleenB who wrote (21386)	12/30/1998 11:17:00 PM
From: ISOMAN	Read Replies (1) of 43774

Where should I incorporate? It is not the purpose of this guide to provide legal or tax advice. Before deciding to form a corporation, you should consult with an attorney or an accountant to determine if a corporate structure is best for your business, and in which state to form your corporation. Some accountants and lawyers recommend forming a Delaware corporation in all cases. It is true that up until a few years ago, Delaware corporations did have significant tax and other advantages. This is no longer as true as it used to be. Nor may it be advantageous to form a corporation in Nevada, Wyoming or any other state in America if you do not conduct business there. The best advice may be to form a corporation in the state where you plan to conduct business. It will be far less complicated and more cost-effective in the long run. Listed below are some of the reasons why Delaware attracts both large and small businesses: What are the advantages of a Delaware or Nevada corporation? Anyone may form a corporation in Delaware without ever having to visit the state. Delaware has kept its fees low and is one of the friendliest states to corporations. Indeed, over 50% of all companies listed on the New York Stock Exchange Names and addresses of initial directors need not be listed in public records. The cost to form a Delaware corporation is among the lowest in the nation. The annual $50 Franchise Tax compares favorably with that of most other states. Delaware maintains a separate court system for business, called the "Court of Chancery." If legal matters arise involving a trial in Delaware, there is an established record of business decisions. No minimum capital is required to organize the corporation and there is no need to have a bank account in Delaware. Just one person can hold all the offices of the corporation: President, Vice President, Secretary and Treasurer. There is no state corporate income tax on Delaware corporations that do not operate within the state. Shares of stock owned by persons outside of Delaware are not subject to Delaware personal income tax. There is no Delaware inheritance tax levied on stock held by non-residents. A Delaware corporation can be formed quickly and easily by phone in as little as 5 minutes. Nevada is becoming increasingly friendly to corporations with its privacy and liability protection status. Numerous companies are relocating their business entities to Nevada in order to receive the numerous tax benefits. Listed below are some of the reasons why Nevada is attracting more businesses each day: No state corporate tax on profits No state annual franchise tax No personal income tax Stockholders are not public record which permits complete anonymity Just one person can hold all the offices of the corporation: President, Vice President, Secretary and Treasurer. Stockholders, directors and officers need not be residents of Nevada A Nevada corporation can be formed quickly and easily by phone in as little as 5 minutes. incorporate.com

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