Posted on 02/15/2024 7:27:52 PM PST by Tench_Coxe
SpaceX has moved its state of incorporation from Delaware to Texas!
If your company is still incorporated in Delaware, I recommend moving to another state as soon as possible.
(Excerpt) Read more at twitter.com ...
“..One has to wonder if Musk caught wind of something...”
Maybe the stench of FJB’s diaper???? /s
Anyways....Musk said...I'm outa here..and he did what he said he would do.
I think close to 60% of all LLCs are incorporated in Delaware.
$50 BILLION, that’s what was taken from him. And it was rightfully his too, he met the goals the Tesla board set for him and that was to triple its stock value from its inception.
“I think close to 60% of all LLCs are incorporated in Delaware.”
Yep, low taxes are part of it. The bigger part is corporations are protected from most jury trials. Far less legal risk if you are based in Delaware.
Elon and tech are on the path of turning Texas blue.
Wants to move to a Red State before the Civil War. Federalists would seize his assets to “Defend Freedom.”
The only thing in Delaware is a virtual physical address.
“I think close to 60% of all LLCs are incorporated in Delaware.”
yeah, and since most of the legal addresses for those delaware incorporations are P.O. Boxes in private post offices, changing incorporation from deleware to one of the low-tax free states is little more than a bit of paperwork ...
“The bigger part is corporations are protected from most jury trials.”
but apparently NOT protected from Delaware judges who get to dictate the size of salaries for CEOs and business owners ...
Why are all credit card companies incorporated in Delaware?
I tell all of my business clients that Texas is the most business-friendly state in which to incorporate.
I’m guessing DE is picked for legal and financial reasons.
All CC companies are “from” Delaware.
DuPonts have been in DE, and rich and powerful, the whole time.
You’re the Jag, so you would understand the underlying reasons far better than I would.
“I think close to 60% of all LLCs are incorporated in Delaware.”
For no reason other than hype and old wives’ tales.
Incorporating in Delaware has zero benefits.
So all CC companies believe in old wives tales?
That doesn’t sound legitimate.
Things change and did over time. All that was true 70 years ago isn’t anymore.
Elon just discovered one critical reason NOT to incorporate in the Blue State of Delaware: Liberal, out of control, judiciaries.
Everyone with an above room temp IQ knows things change.
You made a statement essentially calling people foolish lemmings,
and you didn’t back it up with any facts or reasons…none.
I’m not even saying you’re wrong that there may not be a benefit anymore,
just saying you proved nothing.
Colorado, for instance, where my companies were incorporated, beat Delaware in every example.
1. Delaware claims fast incorporations:. Colorado can incorporate in minutes, online.
2. Delaware claims cheap incorporations at $109. Colorado was $50.
3. Delaware claims cheap annual reports at $25. Colorado was $10.
4. Delaware has an annual assumed franchise tax. Colorado does not.
5. Delaware did not have online filings. Colorado has had online everything for over 20 years.
6. In a time when an LLC was only in a few States, Colorado had them since I can remember.
7. In a time when chaining an LLC was not possible on most States, Colorado had it the entire time.
8. Colorado protects an LLC member debt from losing control of the entire LLC.
9. Delaware claims an a tax EIN is difficult, but the IRS can issue one over the automated phone in a few minutes.
10. Delaware State tax withholding takes some time and money. Colorado is free an online.
11. Delaware claims better privacy, yet, Colorado matches it in that the owner does not have to be known. Same in other States, too.
12. Delaware has courts that only hear corporate cases. Elon found that doesn’t work too well with liberal judges in those courts.
13. Delaware has one fee after another. Colorado has just a few fees.
I could on but you get the point.
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