Business Strategies - Wyoming

IT DOESN'T MATTER IF YOU ARE OPERATING UNDER A LARGE CORPORATION OR SMALL CORPORATION, a partnership or a sole proprietorship, These strategies are not new and have been used by giant Corporations, such as DuPont, Kodak and others. They will help you to build a stronger, more prosperous future no matter what the economic conditions. With a Wyoming Corporation one person may fill all Officers' positions.

Asset Protection

No one can predict how the courts will rule when someone’s lawyer decides to go after everything you have, for whatever reason.

Judgment proof yourself, through a Wyoming Corporation. One way is to have your Wyoming Corporation make a loan to your current business with a promissory note that is due upon demand. In other words, your current business would have to pay this note upon the demand of your Wyoming Corporation.

Your Wyoming Corporation will ask for a reasonable interest rate agreed to by you (or technically, the Wyoming Corporation). It can then be compounded quarterly, monthly and the interest should and be due every month or even annually.

The promissory note should be signed and executed by your home state business, reflecting the address of the office of your Wyoming Corporation. It should be worded correctly so that the note is under the laws of Wyoming. UCC-1 filings and Deeds of Trust should be in place long before any future or unforeseen lawsuit is brought against you or the corporation.

How does this make you judgment proof? Because of the debt owed by your current business, and the foresight you had to make an UCC-1 filing in the applicable counties, the Wyoming Corporation has the first lien on all of your current business' assets. Now when a legal adversary wins a judgment that closes down shop, your Wyoming Corporation takes possession of the assets it has legal right to.

Tax Reduction- The state of Wyoming does not levy a personal or corporate income tax

The Wyoming Corporation supplies services to the Home State Business, charging a fee. By charging a fee for services to your home state business you will be reducing your profits and minimizing your tax liability in your home state.

This service can be any function you may wish your Wyoming Corporation to offer, such as marketing, business consulting, funding company, purchasing, etc.

Make sure that the Wyoming Corporation is supplying a legitimate service for your Home State Business. That the Wyoming Corporation is billing for this service and that the Home State Business is paying for the service. It is the paper trail that will provide you with the proof that a service was indeed rendered and the Wyoming Corporation is compensated for its services.

The Wyoming Corporation should have a business license in Wyoming and have a Wyoming bank account, to handle the funds it is being paid for the services rendered. It should also maintain a Wyoming Address and Telephone (that's where our Wyoming Office Package comes into the picture). The person performing the work does not have to be in Wyoming, but they must be performing the task for and paid by the Wyoming Corporation for those services.

Privacy Protection

Stockholders are the owners of any corporation and their names are not public. Directors and Officers can be one person and can be you or someone other than yourself. Rather than operating all of your businesses out of your home state where all of the information may be public, you may consider setting up a separate business in Wyoming so that you don't have "all of your eggs in one basket". Or simply use a Wyoming entity as your primary business location.

The key to these strategies is not to wait until you are in court to handle the situation.

It may be years before you are sued. The further off that it is the more solid your protection will be. If you have waited and the suit is upon you, give us a call and we may be able to help, but the time to do something to protect yourself is now, not in the courtroom.

CORPORATION OR LLC?

Corporation

The most common type of entity formed for raising capital and limiting individual liability. A Corporation may live forever, sue or be sued, borrow money and go bankrupt.
Transfer of ownership is easy and shareholders are protected from economic harm. It is taxed at the entity level at the corporate rate usually much lower the personal tax rate.

Limited Liability Company

Not a taxable entity at all, this relatively new business entity (new compared to corporations that is) has generated a substantial amount of interest due to the fact that it provides both the limited liability of a Corporation and the single level pass through taxation of a Limited Partnership. (LLC’s may have other implications and subject to self-employment tax.)

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For more information, visit our website at http://www.aaacorpservices.com/Toll Free: (800) 891-5987Outside the US: (307) 635-8700Fax number:(307) 635-1300