Thursday, October 7, 2010
Wyoming Secretary of State's Business Division
Click here to go!
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
Tuesday, October 5, 2010
Wyoming - Office of the Governor Press Releases
CLICK HERE TO GO!
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Tuesday, September 28, 2010
Wyoming - The Facts on Wyoming's Tax Climate
Tax Freedom Day Arrives on April 11 in Wyoming
Tax Freedom Day is the day when Americans finally have earned enough money to pay off their total tax bill for the year. In 2010,
Wyoming taxpayers work until April 11 to pay their total tax bill, ranking it 16th highest in the nation. This is 2 days after the
national Tax Freedom Day (April 9). The Tax Freedom Days of neighboring states are: Montana, April 5 (ranked 33rd nationally); South
Dakota, March 29 (ranked 47th nationally); Nebraska, April 7 (ranked 27th nationally); Colorado, April 10 (ranked 17th nationally);
Utah, April 11 (ranked 15th nationally); and Idaho, April 8 (ranked 22nd nationally).
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
Friday, September 24, 2010
Should I form a Wyoming LLC?
LLC Advantages specific to Wyoming:
* No State Income Taxes
* No information collected to be shared with IRS
* Privacy allowed
* Shareholders are not listed with the state
* Nominee officers are legal
* Citizenship not required
* State tax not being considered
* Wyoming draws little attention
* Lower Startup Costs
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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
Thursday, September 23, 2010
Wyoming is a good place to incorporate.
off your hat, pause a while and thank Wyoming. That is because in
1977, Wyoming became the first state to pass legislation authorizing
the creation of a special kind of Wyoming Corporation: The limited
liability company.
This was the first LLC legislation in the entire country. It was not
until 1982 that a further state authorized the LLC, and it took a
further six years, until 1988 to be precise, for the IRS to issue a
ruling that Wyoming LLCs would be taxed as partnerships instead of as
corporations. This ruling encouraged other states to enact similar
statutes, and in less than a decade after the ruling, all states had
followed suit. Wyoming can be very innovative, all things considered.
The state adopted the Wyoming Corporation Act providing a unique set
of rules for people wanting to incorporate in this state. It may yet
be another far-reaching initiative. Although the statute may not be
quite as jealously protective of identities and assets as Nevada, it
definitely is as willing to promote business. So, what does the
Wyoming Corporation have to offer?
Corporate finance officers will always want to hear this: The state
does not impose state income tax on Wyoming-corporations. In addition
to not charging corporate income taxes, it does not levy any
franchise taxes or taxes on corporate shares. When you are organizing
your Wyoming Corporation, your Articles of Incorporation may provide
for an unlimited number of stocks. You do not have to state a par
value though. Once the annual fee for maintaining your Wyoming
Corporation falls due, it will be calculated based on the number of
shares of no par value. For fees on assets, the annual fees are
calculated on the value of corporate assets located within the state
only, and will not include any assets located outside Wyoming.
In terms of governance, the law does not require that a board of
directors be established for Wyoming Corporations with less than
fifty shareholders; in fact, Wyoming Corporations with very few
shareholders are not required to conduct meetings, keep minutes of
shareholders' meetings or maintain any of the documentation and
paperwork you would normally associate with the operations of a board
of directors.
You may wonder if the state provides effective asset protection to
Wyoming corporations. You don't have to submit any stockholder lists
and you don't have to issue any share certificates. Corporations are
never required to disclose the names of shareholders on any share
certificates. Wyoming corporations don't allow bearer shares though.
The law allows nominee shareholders to represent the real owner. This
affords the true or beneficial owner a measure of privacy. Some
investors may still prefer the bulletproof anonymity offered by
bearer shares instead of a nominee structure.
There are instances where the state courts may allow the corporate
veil of Wyoming corporations to be pierced and may hold the officers
and/or shareholders to be personally liable. Generally, the
commingling of, or failure to segregate, company funds and other
assets, as well as fraud and failure to provide adequate
capitalization to the corporation, will initiate such action.
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
Tuesday, September 21, 2010
Enjoy anonymity and privacy in Wyoming
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
Thursday, September 16, 2010
Small Business and Self-Employed Tax Center - from IRS.GOV
Find it Fast! Know what you're looking for and want to find it fast? Select business topics using our A-Z listing, or by business type such as sole proprietor, corporation, etc. We also provide links to major business subjects, such as Business Expenses, which provides a gateway to all related information on that subject.
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
Tuesday, September 14, 2010
Wyoming corporation or LLC offers...
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
Friday, September 10, 2010
Liability Protection
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
Wednesday, September 8, 2010
Registered Agents Wyoming:
Change of registered office or registered agent:
A corporation may change its registered office or registered agent by delivering to the secretary of state for filing a statement of change that sets forth:
* The name of the corporation;
* The street address of its current registered office;
* If the current registered office is to be changed, the street address of the new registered office;
* The name of its current registered agent;
* If the current registered agent is to be changed, the name of the new registered agent and the new agent's written consent to the appointment executed by the registered agent, either on the statement or attached to it; and
* That after the change or changes are made, the street addresses of its registered office and the business office of its registered agent will be identical.
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
Wednesday, August 25, 2010
Can Company Restructuring Save You?
One such way of going about a change is to try company restructuring, which moves the hierarchy of a company and makes sure that it is working in the cleanest and most efficient way possible. Wages eat up a lot of money each month, and have to be taken out of any more earned before you get to use it for anything productive. Thus, you need to make sure that your staffing is good. Do not take on too many people. It is hard having to let people go, but sometimes job cuts are necessary to make the most of a company, and when you are doing well you may be able to rehire people.
Look at the levels of jobs that you have. There will be management, middle management and then the more basic manual staff. Or at least that should be how it looks. There should be one or two high staff, a few more in the middle and then more again at the bottom, so everyone has someone to report to. Consolidate your businesses into these layers, and make sure that there are not too many on any level. Get people to use their skills wisely and maybe even rotate jobs on the same level to keep things fresh for employees. Good communication with their higher staff and being able to work towards targeted goals should keep people well motivated and doing the best to make your company the profit it deserves one day.
Restructuring means making sure that all job roles are suitable, necessary and beneficial to the company. Change the places that your money goes and building a good, hard working workforce (with training opportunities) will give you the opportunity to make your company efficient and means that you know no money is being wasted on staffing costs and suchlike, when it is better spent elsewhere, such as for marketing your business and bringing in clients to bring in more money, which can then be rerouted back into staff that may be needed to deal with this if you find that is the case.
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
Tuesday, August 24, 2010
Basic Incorporation Services
For a nominal fee we will prepare and file your Articles with the Secretary of State. Included are the following: 1st year Registered Agent Service ($100), Incorporation Service fee ($125), Secretary of State filing fee ($100), Corporate Bylaws or LLC Operating Agreement Draft, and EIN Instructions.
$325
For more information, visit our website at http://www.aaacorpservices.com/Toll Free: (800) 891-5987 Outside the US: (307) 635-8700 Fax number:(307) 635-1300
Monday, August 23, 2010
The state of Wyoming does not levy a personal or corporate income tax.
For more information, visit our website at http://www.aaacorpservices.com/Toll Free: (800) 891-5987Outside the US: (307) 635-8700 Fax number:(307) 635-1300
Friday, August 20, 2010
SBA Fees, Covered
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
Thursday, August 19, 2010
Five Questions to Ask When You're Thinking of Starting a Business
But when they embark upon their new business venture, especially after sometimes spending many thousands of dollars, they are hugely disappointed with the return on their investment. Also people often have an unrealistic view of what running a business entails.
While setting up and running your own business can certainly be a great idea, even in this economic downturn, one has to tread carefully. People often choose a business that they have feel they have an affinity to and this can certainly have its advantages.
For example, some choose to go into the restaurant business because they enjoy good food and eating at great restaurants. However, being a guest at a restaurant and being a restaurant owner are very different.
Another mistake that people make is that they choose a business where essentially they're exchanging their time for money without any hope of ever being able to automate their business or at least elements of it. Hence, the time freedom which many dream of is not achievable. While starting any business will require a considerable investment of time to get the business off the ground, you should have a strategy whereby you can step away from the business and still have income coming in.
So here are five questions to consider when you're thinking of starting a business.
1. Is the business a good fit for you?
Do your due diligence and thoroughly research any business opportunity. Make sure that it is a good fit for you. Talk to other business owners working in the same industry to get a realistic idea of just what is involved in running the type of business you're considering.
2. How will it change your lifestyle?
Running a business will undoubtedly have an impact on not only your lifestyle but also that of your family and initially that impact may not be entirely positive. Ensure that you have the support and understanding of family members before you start out. This will help to ease the way forward later.
However, as your business becomes more established you'll expect your lifestyle to improve. So put in place clear indicators to let you know whether or not you're on target and adjust your strategy accordingly if not.
3. How much money will you have to invest?
Whatever your monetary investment you need to know how long it will take you to breakeven and how long it will take you to start making a profit. You especially need to know these figures if your initial investment is a large one. It's one thing to start a business with a couple of hundred dollars and quite another when you're investing many thousands of dollars.
4. Do the figures, etc. presented really add up?
Research any figures that are presented to you and, where possible, verify case studies that are presented to you. Unfortunately, it's all too easy to produce fake case studies, testimonials and even sales figures. Also remember that when case studies are presented it is usually the best case studies that are highlighted.
While the fact that one person achieves great success with a particular business model is proof that, given the same opportunity, someone else can achieve a comparable level of success the fact remains that many people don't. You certainly want to have high expectations of any business you embark upon but you also want to have realistic expectations so do your due diligence.
5. What additional training will you have to do?
If you're going into business for yourself you'll need to undertake training. In some cases the training will be a pre-requisite of the business you're going into. For instance, if you decide to buy a franchise then you'll have to undergo the training that company offers. However, there are so many new developments in the world of business that you have to keep your skills up-to-date.
So conduct a skills audit to determine what training you need and then seek out the necessary training. There's lots of training available and it can also be easy to get distracted so remember that it's important not only to learn new skills but to put them into action as well.
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
Wednesday, August 18, 2010
Growing Your Business: If You Build It, Will They Come?
There is a striking parallel of the NFL yearly draft and predicting the best time to expand your business. If you're overly conservative in your expansion strategy then you will miss the opportunities to add needed revenue to your bottom-line. If you expand too quickly, then you run the risk over strangling your existing entity.
Peter Cennamo of the Alternative Funding Group says knowing the perfect time to expend your business can be very difficult to predict. Many of times new business owners jump at the opportunity to expend in an attempt to increase their bottom line only to find that they have over extended their resources.
There is such a thing as counterproductive growth. Counterproductive growth ties to the theory that just because you have the ability to do it, doesn't always mean that you should. I am sure you have heard countless stories of business that competed in a race to dominate market share only to find that they are now floating long term debt.
When it comes to deciding if you should expand your business I would like you to consider two simple facts as you compile your strategy.
1. Have you placed enough money in your escrow in order to deal with all of the contingencies?
2. Is your decision to expand a based on a need or a want?
I am reminded of the executive decision of the late Al Copland who built a fried chicken empire called Popeye's Fried Chicken and Biscuits. At the time of his decision to buy Church's Fried Chicken Al Copland had position himself comfortably as one of the more dominate franchises in the country.
The opportunity presented itself to buy the then struggling Church's Fried Chicken Franchise and this proved to be disastrous for Popeye's. Despite the fact that Popeye's was financially feasible at the time of the acquisition, the Church's Fried Chicken brand on the other hand was drowning in debt.
This decision to buy Church's was the key factor in Al Copland filing for Bankruptcy and losing his majority ownership of both franchises in Bankruptcy Court.
In the example of Al Copland's decision we can clearly see how expansion out of want leads to the destruction of a more financially stable enterprise. There is nothing wrong with slow steady growth. Success in the early stages of your development can lead to a sense of bravado that can also lead to overly aggressive business decisions.
Please keep in mind that conservative is the way especially in these uncertain economic times. I ask that you apply what I call the 3N3 rule to all of your business decisions. The 3N3 rule will help your determine if your decision to expand is based on need, or want. Please allow yourself either three months or three years to determine if the direction that you're contemplating is in the best of your business.
At the completion of the 3N3 rule, ask yourself if the decision is still in the best interest of your company. What you will discover at the conclusion of this principal is that time has a way of magnifying or revealing elements that could affect the outcome of your future decision to expand.
The ultimate goal is to operate a profitable business no matter the size of the entity. Your plan for expansion should include a sales projection that will add revenue to your bottom line only moments after the ribbon cutting ceremony. If not, then you have just selected a first round bust.
About the Author: Tom Mckenzie - This article is part of a series of articles called "Growing your Business". Please contact us if you would like to receive the rest of the articles in the series. http://www.bromotcapital.com
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Tuesday, August 17, 2010
Small Business Admin Wyoming - Helpful Information
Small Business Administration Wyoming: Click here!
For more information, visit our website at http://www.aaacorpservices.comToll Free: (800) 891-5987Outside the US: (307) 635-8700Fax number:(307) 635-1300
Monday, August 16, 2010
Obama Urges Increase To Clean Energy Tax Credits
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Friday, August 13, 2010
Audit Triggers: The Biggest Red Flags to Watch Out For
Thursday, August 12, 2010
Recommended Reading: Wyoming Secretary of State's Business Division:
Welcome to the Wyoming Secretary of State's Business Division. The Division has the responsibility of filing a variety of documents including registration of business entities, issuance of trademarks and trade names, filing of liens under the Uniform Commercial Code (UCC), filing of notices under the Central Filing of Agricultural Products Act and other statutorily required filings. From this site you can search and access filed information for business entities, lien notices, forms, fees and frequently asked questions. The Secretary of State's Office provides 24-hour access to online filing of annual reports and UCC financing statements.
Monday, August 9, 2010
What is a "Non Profit" Organization?
Friday, August 6, 2010
Guidance for the Self-Employed and Sole Proprietors
Business expenses are the cost of conducting a trade or business. These expenses are common costs of doing business, and are usually tax deductible if your business is for profit. For example, costs of renting a storefront, business travel, and paying employees are all deductible business expenses.
Capital expenses are the costs of purchasing specific assets, such as property or equipment, that usually have a life of a year or more and increase the quality and quantity of products and services. For example, if you own a landscaping business and you purchase mowers and excavating equipment, these costs are capital expenses and do not qualify as deductible business expenses. However, you can recover the money you spent on capital expenses through depreciation, amortization, or depletion. These recovery methods allow you to deduct part of your cost each year. In this way, you are able to recover your capital expenses over time.
READ ENTIRE ARTICLE BY Business.Gov - In association with the IRS
Wednesday, August 4, 2010
Business Council Gets New Board Member
CASPER, Wyo. (AP) ― A businessman from Gillette has taken a seat on the Wyoming Business Council's Board of Directors.
Tuesday, August 3, 2010
US Small Business Relief Bill Stalls
Monday, August 2, 2010
Understanding Features vs. Solutions
Friday, July 30, 2010
Senate Clears Way for $30 Billion Small Business Fund
Washington is poised to launch its most direct attempt to revive small business lending since the financial crisis with a plan to invest up to $30 billion of federal money in small banks and give them incentives to re-lend that money to Main Street companies.
The Small Business Lending Fund, outlined by President Obama in his State of the Union speech six months ago, cleared a key Senate vote to end debate July 22 as two Republicans broke with their caucus to support the measure.
Thursday, July 29, 2010
Small businesses make state great place to live - By Jim Henderson
Wednesday, July 28, 2010
Obama Promotes Plan for Small Business, Raises Money
Tuesday, July 27, 2010
Check Out The Small Business Administration District Office of Wyoming - Events Calendar
Monday, July 26, 2010
Sam's Club Getting into Small Biz Lending: Good?
Friday, July 23, 2010
Wyoming Business Council - Resources
Thursday, July 22, 2010
Wyoming threatens to sell prime Grand Teton land
The Associated Press
MOOSE, Wyo. — For sale: Two square miles of Grand Teton National Park.
Majestic views of the Teton Range.
Prime location for luxury resort, home development.
Pristine habitat for moose, elk, wolves, grizzlies.
Price: $125 million. Call: Gov. Dave Freudenthal.
Wyoming is trying to force the Interior Department to trade land, minerals or mineral royalties for 1,366 acres it owns within the majestic park. If the foot-dragging feds don't agree to a deal — soon — Freudenthal threatens to put a "for sale" sign on the property.
Wyoming has owned the land since statehood in 1890, when the federal government set aside land in new Western states to be mined, logged or leased to raise money for public education. Wyoming kept its so-called "school sections" after Grand Teton National Park was established in 1950.
READ ENTIRE ARTICLE
Wednesday, July 21, 2010
Wyoming's eGovernment Business Site
Tuesday, July 20, 2010
Wyoming Secretary of State - Search for Entity Registration Dates
Friday, July 16, 2010
Privacy Protection Wyoming
Thursday, July 15, 2010
Family Limited Liability Companies Info
Tuesday, July 13, 2010
How to Remain Hopeful During Economic Crisis | eHow.com
Monday, July 12, 2010
How a Corporation is Like a Person
Friday, July 9, 2010
How to Make a Business Plan
Thursday, July 8, 2010
Is LLC the best choice for your Business?
Wednesday, July 7, 2010
What is Corporate Restructuring?
Tuesday, July 6, 2010
Business Strategies and Wyoming
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.
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
Monday, July 5, 2010
Wyoming S Corporation: Advantages and Disadvantages
Friday, July 2, 2010
More on the Supreme Court of Florida Asset Protection Ruling
Thursday, July 1, 2010
Florida Surpreme Court Eliminates Asset Protection Benefit Of Single-Member Florida LLC (And Maybe All LLCs)
Tuesday, June 29, 2010
"Why is Wyoming the most business friendly state in America?" A quote from the Wyoming Department of Revenue.
Monday, June 28, 2010
Primary Advantages of S Corporations
The main advantages corporations have over sole propriety businesses are their limited personal liability. S corporations can have this same protection but not subject themselves to corporate taxation.
Being able to easily raise funds is also another advantage corporations have over sole proprietorships. However, since a corporation is considered its own entity, the profits of a corporation are taxed, and the shareholders are taxed again for the same income. In an S corporation, shareholders directly file the income as individual income, while the corporation itself is not taxed.
Another advantage S corporations have is they can declare interest paid for S corporation stocks as an investment interest expense. S corporations are subject to similar rules as those with a sole proprietorship or partnership type of business. Since money obtained from S corporations are not considered wages, they are not subject to self-employment tax.
When starting a business, it may be undesirable to offer fringe benefits to employees, because it may not be affordable. S corporations are given favorable treatment over non-corporations due to their ability to deduct expenses such as this from their taxes. While sole proprietorships can only deduct 30% of benefits, such as medical insurance, S corporations are allowed to deduct 100% of the cost.
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
Friday, June 25, 2010
Why Executive Suites and Virtual Suites Help Your Business!
by Site Noticed, Inc. June 25, 2010
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
Thursday, June 24, 2010
Significant Presence Rules - What Are They?
The corporation must maintain a corporate business address in the state. In reference to this subject, the American Bar Association in its revision of THE MODEL BUSINESS CORPORATION ACT, Annotated, Section 202(a)(3) stated: A mailing address consisting of only a post office box is not sufficient.
The corporation must also maintain both an active telephone number and fax line in the state where it is domiciled and not in your home state. The telephone number should be listed with directory assistance and in the Wyoming phone book. An answering machine, voice mailbox, or answering service is not sufficient.
The corporation must have an EIN number as issued by the IRS identifying it as a Wyoming Corporation. If it has an identifying code from another state, the IRS will notify that state each year so that the state can collect those taxes.
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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
Wednesday, June 23, 2010
Corporation or LLC?
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.)
For More Information Please Email Us At: info@aaacorpservices.com
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
Tuesday, June 22, 2010
Wyoming Corporation or LLC
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
Monday, June 21, 2010
Explanation of LLC - What Does LLC Mean?
An LLC is a limited liability company, which means that it provides protections to business owners and managers against personal liability. In the United States, it is one of the newest business forms that a business startup may choose (much newer than, say, corporations, partnerships, sole propietorships, etc.).
The laws surrounding LLCs were designed to provide the maximum flexibility, tax advantages, and liability protection for business owners and managers there is.
It is important to understand that, while the term LLC is an acronym that has a generic definition (limited liability company), the laws that govern LLCs vary from state to state. Therefore, what is true regarding LLCs in Michigan may not be the same in Hawaii or Missouri. In fact, there is no real uniformity among the states with respect to the organization and operation of LLCs. Therefore, if you plan on starting a business and using the LLC business form in any state, you should do research and seek an explanation of LLC laws particular to your state.
History of the LLC in the United States
The first state to adopt a limited liability company act was Wyoming, in 1977. Although the law was designed to provide special benefits to the oil and gas industry in that state, its broad language allowed other business types to take advantage of this special business format, as well. The only two industries prohibited from using the LLC format at that time were the banking and insurance industries.
Florida was the next state to follow, adopting a LLC law in 1982. It wasn't until the federal government got involved, however, and gave Wyoming one of the most important benefits of the LLC, pass through taxation, that this business entity became widespread. Now, all fifty US States have laws allowing for some type of LLC formation.
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
Friday, June 18, 2010
LLC Tips - Converting a General Partnership to a Limited Liability Company
You and your business partner have been running your business as general partnership for the past several years. You have been reading about limited liability companies (LLCs) and have decided that your business should really be operated as an LLC. Is it too late? Can you still convert your business from a general partnership to an LLC? Yes, you can!
Why would a business want convert to a limited liability company from a partnership? The reason that a business would want to convert from a general partnership to an LLC is to allow the partners to shield themselves personal liability for obligations of the business. Every partner in a general partnership is liability for all of the debts of the business. A member of an LLC, on the other hand is can generally only lose his contribution to the LLC, nothing more. He is not responsible for the debts of the LLC.
The limitation typically only applies to liabilities arising after the conversion. It is unlikely that a general partner will be released from personal liability to the partnership's creditors for the business's debts existing before the conversion. A member will avoid personal liability for debts incurred by the LLC but will remain personally liable for debts of the general partnership which are transferred to and assumed by the LLC in the conversion.
The procedures for converting a general partnership into an LLC differs from state to state. Originally, most state laws contained no provision allowing one type of business entity to change into an LLC. At that time, if you had a partnership, you had to first dissolve the partnership and distribute its properties and liabilities to all of the partners. At that point, the partners would contribute those assets and liabilities to a newly-formed LLC and become members in the new LLC.
Today, most states have statutory provisions that allow a partnership to be converted into an LLC in one simple step. For example, in Illinois, once the partners approve the conversion, a Statement of Conversion is filed along with Articles of Organization for the new LLC. It is as simple as that.
The conversion is also simple from a tax standpoint. In several private letter rulings the IRS has addressed the conversion of a general partnership into an LLC. The rulings have clarified that neither the partners nor the partnership recognize any gain or loss on the conversion. Also, the partnership continues to exist uninterrupted for tax purposes and, for computing capital gain if he later disposes of his LLC membership interest, the length of time that the partner owned his partnership interest carries over to his LLC interest.
An LLC is by far the most popular choice for new businesses being formed today. If you chose to start your business as a general partnership, the good news is that it is not too late to make the change!
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
Thursday, June 17, 2010
Tips: Incorporation Basics
Get Your Company Name Right the First Time
Choose your company name carefully. If you change it later, you will need to amend your Articles of Incorporation, change your domain name, obtain new listings in telephone and other directories, and purchase new stationery and business documents. Do your homework and get the name right the first time.
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
Wednesday, June 16, 2010
PDF - Order Form
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
Tuesday, June 15, 2010
Business Strategies - Wyoming
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
Friday, June 11, 2010
Wyoming Secretary of State
For more information, visit our website at http://www.aaacorpservices.com/
Toll Free: (800) 891-5987
Outside the US: (307) 635-8700
Fax number:(307) 635-1300
Wednesday, May 26, 2010
Why incorporate in Wyoming?
Consider these other benefits
Low Filing Fees.
Low Annual Fees.
One Person can fill all corporate positions.
Stockholders names are private information.
You can move your Corporation or LLC to Wyoming.
Wyoming is the home of the Limited Liability Company where members remain anonymous.
Less Red Tape! Bureaucracy, restrictions and corporate formalities are at an absolute minimum. Wyoming makes incorporating quick and easy.
AAA Corporate Services, Inc. is located in the heart of historic downtown Cheyenne just blocks away from Wyoming's State Capitol.
We hand carry all documents to and from our office to the Secretary of State's office each business day providing you with the fastest service possible.
For more information, visit our website at http://www.aaacorpservices.com or contact us at:
Toll Free: (800) 891-5987
Outside the US: (307) 635-8700
Fax number:(307) 635-1300
When in Cheyenne we look forward to meeting you. Our address is:
AAA Corporate Services, Inc.
1620 Central Avenue, Suite 202
Cheyenne, WY 82001