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It is a question of confidentiality. You are correct that a corporation has to file Federal
Tax returns, and forms are filed with the IRS from brokerage houses. However, if it is set
up properly, the actual principles involved can be shielded from anyone's knowledge. If you
own a corporation and it trades, for example, and makes a fortune, and you take no salary,
then, you have no income to report. However the corporation can grant you several kinds of
perks and privileges from its profits. Like it could resolve to buy an expensive house in
Malibu and allow you to live in it for free (even stock it with food). As Ted Tessor said
here, you probably have to be in a heady financial position to avail yourself of these
benefits, but they are their. I realize I am not being specific, but I detailed explanation
here is not possible. For a further explanation and, if you wish, a consultation I encourage
you to get in touch with Laughlin Assoc. in Carson City, Nev. Oh, and no, I do not believe
records can be subpoenaed from the State of Nevada even by the IRS. Laughlin can answer more
fully, but I believe that is one of the reasons Nevada doesn't want communication with the
IRS. They don't turn over anybody's records to any entity. People incorporate there to
protect themselves from all kinds off lawsuits. Attorneys show up with judgments, writs of
execution, subpoenas and go home frustrated and with nothing. John D. Rockafeller said it in
a nutshell,"The way to be completely protected is to own nothing and control everything."
AMA
Robyn Greene wrote:
> Incorporation in Nevada or Wyoming might have certain advantages for certain types of
> corporations - but I don't understand your point about the state refusing to cooperate
> with the IRS for several reasons. First - a corporation has to file a federal income tax
> return. Second - if the IRS really wanted state records - it could get them (ever hear
> of a subpoena?). Third - if you're working with securities - all of your transactions
> are reported to the IRS by your brokerage firm (I've never traded futures - but I assume
> futures trades are reported like any other trades). Robyn
>
> "Alan M. Abraham" wrote:
>
> > Incorporation in Nevada or Wyoming give the most advantage. Get in touch with
> > Laughlin Associates in the Nevada state capital, whose name escapes me now, and they
> > will give you all the information you need. They will do the work if you want them
> > to or teach you how to do it yourself. They sell incorporation services. One of the
> > great advantages of Nevada is that they have no communication with the IRS. There is
> > no state income tax and they have refused all efforts by the IRS to devulge state
> > records on their citizens or corporations doing business from there. You can even
> > designate a proxy to vote your stock for you and thus maintain anonymity completely.
> > AMA
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