choosing a business entity

[mikescop]

Presently I live and operate a business in Massachusetts.

What I must do at this time in my life is change my business structure in order to prevent the thieves (IRS and DOR) from taking what I have built over the years. The following is a list of priorities that must be encompassed by the the business entity:

1) Nevada appears to be the state in which to form a corporation mainly for privacy and tax issues....I think!

2) Each year funds in the form of stock shall be given to family members until my interest is minimized.

3) Total control of the operation shall remain with me until I 'cross over' as they say. All funds and income will be mine to allocate as i see fit.

4) Upon my death the business will be turned over to a person of my choice.

Now for the obvious question...what type of entity should i consider?

 

[divgradcurl]

Presently I live and operate a business in Massachusetts.

What I must do at this time in my life is change my business structure in order to prevent the thieves (IRS and DOR) from taking what I have built over the years. The following is a list of priorities that must be encompassed by the the business entity:

1) Nevada appears to be the state in which to form a corporation mainly for privacy and tax issues....I think!

2) Each year funds in the form of stock shall be given to family members until my interest is minimized.

3) Total control of the operation shall remain with me until I 'cross over' as they say. All funds and income will be mine to allocate as i see fit.

4) Upon my death the business will be turned over to a person of my choice.

Now for the obvious question...what type of entity should i consider?

See if you can get an attorney to help you. Why are you trying to spend down your assets? Do you have a reasonable basis for doing so, or does the IRS and others have a legitimate claim that you are trying to avoid?

 

[clueless3]

It is a general misconception that a Nev Corp would "save in taxes". This is not true.

Your Federal tax liability is still the same, no matter where incorporate. And, if you live in a state where there is state personal income tax, you won't be able to avoid it, no matter where your Corp is located.

Nev might not have a personal income tax, but you don't live there, so you can't save on your state personal income tax. Nev might not charge for corporate income tax, but since you'll have to file for a foreign corp in your state of residence anyway (if you "do business" there), then you won't be able to escape your state corporate income tax.

So a Nev Corp might not be the answer if you want to save on taxes. For this, you need the help of a good tax lawyer and/or a good accountant to point you to the loopholes.

A Nev Corp is good if you want Privacy (not Secrecy).

You seem to hit on Estate Planning issues. A Family Limited Partnership might solve the issue.