Which state should I incorporate in?

Discussion in 'Ask An Owner Operator' started by hsingh28, Apr 6, 2021.

  1. Hulld

    Hulld Road Train Member

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    After passing the budget here’s in NY NY will be spending TWICE as much as the COMBINED budgets of both Florida and Texas.
    Think about the amount of taxes levied from each resident and business to accomplish that much state spending.
    It has nothing to do with “services provided “ in NY
    Also NY has half as many people than Florida but some how Florida provides it residents with the same needed services as NY but on less than a quarter of the tax money NY spends.
    Here’s a little NY fun fact for you.
    The George Washington bridge toll for a 5 axel truck during peak hrs is $110.00 and the bridge is less than a mile long.
    The Sunshine skyway bridge in Florida which is over FOUR miles long for the same 5 axel truck is $6.00.
    Did I mention that Florida also has no state income tax?
    Maybe this will help you understand why many people who have generations of deep family ties in NY don’t want to run a business based here.
     
    tommymonza, iledbett and Bean Jr. Thank this.
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  3. Bean Jr.

    Bean Jr. Road Train Member

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    You pay for insurance where your operations are, unless you set up an office somewhere else. Incorporating in Nevada won't change that.
     
  4. hsingh28

    hsingh28 Bobtail Member

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    Not anymore, why?
     
  5. hsingh28

    hsingh28 Bobtail Member

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    Taxes are different in each state, and it actually matters how your state elected officials govern, which is why I said you might not understand. Don't get your panties in a twist.
     
  6. hsingh28

    hsingh28 Bobtail Member

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    NY is actually a great state, but sadly the way it's governed, and taking taxes into consideration, it has become a horrible state to operate a business.

    Now this doesn't go for all industries, but for a lot, you are better off opening in a different state.
     
  7. hsingh28

    hsingh28 Bobtail Member

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    After speaking to a few agents, they told me, insurance is based off of where you garage the trucks, most of the time. A lot of times they don't check.

    I will be getting either a PO Box that allows me to use a real street address, or I will use one of my families addresses.
     
  8. ZVar

    ZVar Road Train Member

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    So you would be committing fraud as your very first act. Good way to start a business.
     
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  9. Ridgeline

    Ridgeline Road Train Member

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    Well I think trying to cheat on taxes is a bad thing, I am assuming you will operating your business out of New York and not declaring it as a foreign entity operating in New York and pay New York taxes. If you don’t register, this will cause New York to consider it a foreign company operating illegal within New York which means a criminal investigation by New York and the involvement of the domicile state to see if there is any other hidden money that New York can tax. This will lead to the irs being involved and another audit by them could happen.
     
    Bean Jr. Thanks this.
  10. slow.rider

    slow.rider Road Train Member

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    Not sure where you're getting your numbers. New York and Florida populations are almost the same. New York budget is double Florida's, not quadruple. New York's GDP is 50% larger than Florida's. In fact the GDP of New York CITY is larger than the GDP of the entire STATE of Florida. Sunshine Skyway is 4 lanes and carries 68,000 vehicles per day, whereas the GW Bridge is 14 lanes and carries 300,000 vehicles per day, including an order of magnitude more heavy trucks. New York is the largest "donor state" in the nation, meaning it pays out more in federal taxes than it receives in federal funding, whereas Florida is the third largest "taker state," meaning its lack of state income tax is subsidized by the federal government. Or in other words, Florida's lack of state income tax is actually paid for by none other than New York. :eek:

    Donor States 2021
     
    Last edited: Apr 8, 2021
  11. Midwest Trucker

    Midwest Trucker Road Train Member

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    Indiana is a good state. But unless you live here then not sure how successful you’ll be doing what you want to do. I recall seeing another member on this forum who’s insurance cancelled him or at least greatly increased his rate over the same thing. They’ll look at your IFTA and it’ll clearly show the yard isn’t in Indiana.
     
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