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Structuring Your CompanyBy William CatePublished October 1998[http://home.earthlink.net/~beowulfinvestments/] [http://home.earthlink.net/~beowulfinvestments/globalvillageinvestmentclubwelcome/] In Canada, you'll pay 60% taxes on your pretax profit. In the UnitedStates you'll pay Federal and States taxes on your pretax profit. Thismeans that a California business pays 41% in taxes. You make money when you save on taxes. I'm not an attorney nor an accountant. I'd advise that you discuss taxstrategies with your tax advisers. I'm offering the following from mybusiness experience. I work on the premise that you must pay taxes in thejurisdiction in which you earned the money. If you have a local business, don't incorporate in a tax haven state, likeNevada. The taxing state will still want their taxes on the money youearned. Too many local businesses incorporate in such a way that the corporationpays taxes on the business income and the owners pay taxes on the proceedsfrom the corporation. If your corporate pretax profit was $100 inCalifornia, after taxes your company has $59.00. If you pay the $59.00 tothe owners, they must pay taxes and the after tax profit is $34.81. Toavoid paying 65% taxes, the owners should never have incorporated. Theyshould have asked their tax adviser about forming a LLC. If you have a national business, incorporation in a tax haven State maymake sense. Compared to California, you'll save 8% on your company's income taxes. If the State tax savings justify tax haven incorporation, do it. If you have an international company, incorporation in a tax haven makessense. It won't save your company taxes on your U. S. or Canadian businessincome. It will save you 40%-60% on your non-North American businessincome. This strategy is being used by almost every multinationalcorporation in the World. It's an inexpensive tactic that will save yourcompany hundreds of thousands of dollars. If you need help creating a taxhaven corporation, please contact me. Whether you are a business owner or investor, you should consider a globalapproach to money and investment. The International Money School offers an excellent primer in sound global money management. If you would like toattend the next one-day course, please contact me.To contact the author: Visit the Beowulf Investments website: [http://home.earthlink.net/~beowulfinvestments/] Or, visit the Global Village Investment Club Website:[http://home.earthlink.net/~beowulfinvestments/globalvillageinvestmentclubwelcome/] Article Tags: Pretax Profit
Structuring,Your,Company,Struc