Any Idahoans Incorporate in Wyoming or Idaho? (sales, attorney)

[Sandpointian]

I am starting to look into incorporation. Has anyone incorporated in places like Wyoming or Nevada but retained their business activity locally?

My understanding is that it requires filing as a "foreign entity" in Idaho and some sharing of taxes.

Obviously, I would like to minimize all taxes paid.

My revenue will come mainly from overseas.

Any pointers would be appreciated.

S.

[NWRA]

Hi,

We're in Coeur d Alene, and do filings nation wide... Especially Wyoming and Nevada. Wyoming blows Nevada away as far as less fees and red tape. NV costs $325.00 a year in State fees, and WY is $52.00.

Idaho is the 13th heaviest taxed State. With 7.8% personal income tax at the BOTTOM bracket. You can make all the money in the world with your Wyoming company or Nevada company (Both charge no corporate or personal income tax) but if you're a resident of Idaho, the income at the end of the day, still falls down to you.. a resident of Idaho... filing an Idaho tax return, and you'll pay 7.8% of the net income after expenses.

If you're trying to avoid Idaho tax, you could move across the border to Newport, where there's no personal income tax in Washington. Wa get's a bad rap for 8.6% sales tax, but most people don't realize that if you combine the total tax structure, WA CRUSHES Idaho for less taxes. It's not really even close. You'll pay a lot less taxes, long term in WA.

If you'd like to have us incorporate you in Wyoming or Idaho, just let us know. We're downtown CDA above Crickets.

[MtnFlyer]

Just to echo a few of the comments above from NWRA, we've had need to create multiple entities over the years for various business ventures. Wyoming truly does have a LOT to offer. In fact we may very well be using a Wyoming entity for a new venture in CdA.

That said, DO YOUR HOMEWORK. The venue of the corporation isn't the last word. If the State of Idaho determines you have a "nexus" (study that term) in Idaho, they're not just going to say "oh well" and go away. There is more to this than just filing. You really need to understand what is going on behind the scenes to make sure you're staying inside the rules. There is a big difference in tax avoidance (legal) and tax evasion (illegal.)

I'm not trying to scare you. As long as you learn the rules of the game, and structure everything correctly, trusts, corporations, LPs etc. can be very useful tools for wealth preservation. If I could offer one piece of advice though, it would be to spend the few dollars on the front end to make sure it's done right. If you don't know who the right person is, then an attorney who is board certified in that type of law would be a good place to start.

Good luck.

[Sandpointian]

Thanks to both. This is a transition year and in important year to keep up to speed. THanks for both replies. Much appreciated!

S.