hey guys, those who are local US based online company owners , can you give advise on how to properly set it up.. maybe some good ebook? Some folks say Nevasa, Wyoming and Delaware are great but what are pros and cons of each if I'm living in Idaho.. thanks in advance
Wow, someone else living in Idaho. I also live in Idaho. Boise. Are you trying to setup your business outside of Idaho but still live in Idaho?
yeah.. Just don't know when the biz will start moving, but wanna get the entitiy set up, no brick and mortar, mostly developers from outside of US, but of course will be working with local US companies doing web projects.
If you are staying in one place, I would incorporate in your state of business, unless they have some extremely nasty franchise or other fees or regulations. In any case, you normally have to pay franchise fees and separately register in your state of business, so incorporating in a different state can add fees and complications rather than alieving them. If you are sure you want to incorporate in another state, Wyoming for sure. There's a few reasons. They offer more friendly corporate bylaws and regulations than Delaware and Nevada especially with respect to foreign ownership or involvement. It's cheaper to incorporate there and you will end up with far fewer annual filing and other fees. Nevada is really bad on the fees once a non-local business incorporates there. Finally, there are so many businesses incorporated in Nevada and Delaware that it's nearly impossible to use the name you want to use. Just about everything is taken. Wyoming is my hands down choice for incorporating in a state other than the one you are operating in. Also, if you plan on any foreign ownership or are going to setup anything other than a standard S-Corp or LLC, you should consult an attorney. Foreign ownership can get really complicated on both the tax and legal perspectives. In any case, you probably want to consult an actual attorney to get the best possible advice for now and for the future. It's not going to be free, but it may save you a lot of money and frustration down the road if something isn't setup correctly.
Search NOLO LLC -- a number of books available. Also visit your Dept. of State web site (for the state you want to register in) -- that will also have information and forms required to incorporate.