Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : Shorting with Offshore Accounts -- Ignore unavailable to you. Want to Upgrade?

To: peter michaelson who wrote (33)	2/10/1999 8:39:00 AM
From: Philip S. LaMar Jr., J.D.	Read Replies (2) \| Respond to of 127

Thank you for your feedback. Panamanian Corporations are useful for the following reasons: -- Bearer Shares are permitted; -- Nominee Service is allowed; -- The use of corporate nominees is permitted; -- There is no "ultra vires" (this means that when a corporation is formed, is does not have to state a specific purpose for itself, it may do anything); -- There is no "piercing the corporate veil;" and -- There is no local tax of the corporation so long as it does not conduct active business in Panama. There are two central features that make Panama an ideal offshore jurisdiction. First, Panama criminalizes breach of corporate secrecy laws. Disclosure of corporate information is not only punishable by fines, but also by a jail term. Second, Panama is the banking center for all of Latin America (Central and South). There are approximately 140 banks in Panama City that are accustomed to large commercial and personal transactions.

To: peter michaelson who wrote (33)	2/10/1999 4:48:00 PM
From: Impristine	Respond to of 127

How do you know, when you're in OVER YOUR HEAD....

To: peter michaelson who wrote (33)	2/25/1999 6:26:00 AM
From: Bill Jackson	Read Replies (1) \| Respond to of 127

Peter, If you send your money to an offshore co like Barrington without an initial first visit or a personal reccomendation you might find your money has 'gone offshore', and it likes it there, and will not come back,and you have no recourse other than trying to sue in an offshore place that has the ability to show what you did to the IRS, and that is another can of worms. Take great care and follow the advice of someone you know and trust, and not some web page. Go there and see what they are about. Look for other companies doing the same thinbg with real business offices. This Barrington group...what have they in reality?...you do not know. Bill