Since the incorporation represents a transfer of property to a corporation in exchange for stock of the corporation, there is no reason to conclude that the transfer of assets, whether under Sec.
Assuming that the exclusion of COD income would represent avoidance or evasion of income tax, next consider whether the principal purpose of the incorporation is the ability to claim the insolvency exception.
You've got broad discretion in terms of the kinds of conditions you can impose,'' said attorney Clark Alsop, who is counsel to the California Association of LAFCOs and has been involved in incorporation
issues for more than 20 years.
In Southern California new incorporations increased 5 percent over last year.
Statewide, the manufacturing and service sectors added the most new incorporations but that's because their increases were uncharacteristically low last year, Karevoll said.
He predicted that by the end of the year this will be the most incorporations
of the decade.
The 1996 figure for the state was also the largest number since 1989, when 49,825 incorporations
June 28, 2002-- Bermuda is a popular offshore financial center for insurance and reinsurance companies because it offers speedy incorporation
, no corporate income tax, and a lighter regulatory framework compared to more established jurisdictions.