What are the benefits of having a WY S-Corp instead of a Texas one. I am starting a web affiliate based company without any real physical assets other than laptop, software and such. I live in Texas and i would probably be drawing some type of salary once it becomes profitable. Excluding Texas franchise taxes what is the difference in the cost of maintaining the corporate status annually. Also, my understanding is that in WY you don’t have to disclose the shareholder to the state, which gives someone additional protection from lawsuits and does not collect information to share with the IRS. Is that also the case with Texas.
Pete,
Great questions! Let’s break them down and tackle them one by one:
First, the benefits of incorporating in Wyoming. In this state, the benefits are vast and enjoyable. Please click this link to viewa broad list and description of benefits of forming a Wyoming company.
Maintaining your company rests heavily on the timely filing (and state fee) of the Annual Report. In Wyoming, the annual report is due the 1st day of the month of the filing date’s anniversary, and carries with it a $50 fee. In Texas, there is no annual report, however, the state does issue a gross receipt franchise tax, which is due every May 15th.
It is true that Wyoming does not disclose the names of shareholders to the public. Texas public records show at least one of the directors, or as many that were filed as so with the original incorporation. Ultimately, Wyoming would have more privacy.
I hope you were able to find this answer to be helpful.
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