Sunday, July 3, 2011

All of the Profits, None of the Responsibility!

"A corporation is a legal person created by state statute that can be used as a fall guy, a servant, a good friend or a decoy...A person you control... yet cannot be held accountable for its actions. Imagine the possibilities!"

This is not a criticism-- it is an advertising pitch for Wyoming Corporate Services. Reuters reports that the company "serves as a little Cayman Islands in the Great Plains.

"In the U.S., (business incorporation) is completely unregulated," says Jason Sharman, a professor at Griffith University in Nathan, Australia who is preparing a study for the World Bank on corporate formation worldwide. "Somalia has slightly higher standards than Wyoming and Nevada."
Eye opening reading.