Delaware incorporation costs $200 bucks.
When giant Burger King acquired tiny and troubled Tim Horton’s they did an inversion: The resulting corporation was the legacy Tim Horton’s, Burger King was the subsidiary, and home country moved from Obama’s America to Canada, saving a great deal of money in taxes and a great deal of red tape.
The Cayman Islands beckon. Wouldn’t you rather have corporate headquarters in the Bahamas than Chicago?
Illinois completes the death spiral.
It applies to domestic and foreign corporations. A Delaware corporation would be a foreign corporation and would be subject to this ridiculous rule if it has its principal office in Illinois.
Not sure it would be based upon
Corporation’ location of registration.
Seems to be based upon corporate BUSINESS actually in Illinois.
IF this isn’t an April Fool’s joke, then I see a corp having only 2 options.
They can move completely out of the state & go where they can run THEIR BUSINESS in the manner they decide to .
OR They can buy back all the outstanding stock held by outsiders & it would be called ‘Treasury Stock”.
Kiss lots of jobs good bye.