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Do i need to maintain books of accounts in all the states?

suna54321suna54321 subscriber Posts: 2
edited September 2008 in Selecting a Business
I have a business incorporated in IA.
I am planning to incorporate the same business in all the 50 states.
What I would like to know is that do we have to maintain books of accounts classifying each state revenue and expenses separately (by creating classes). Does the state require us to file state tax return even in the foreign states.


  • DeenaEsqDeenaEsq subscriber Posts: 0
    I am confused about why you would want to incorporate in all 50 states.  Unless you`re in a business that requires it (and I can`t think of any that do), there`s no reason to.  It`s an enormous waste of money. 
    Your IA corporation is valid in all 50 states.  Whether you need to register as a foreign corporation in other states really depends on what exactly your business is.  However, if you`re (for example) planning on having physical offices in each state, you`d need to register as a foreign corporation in all of the states where you have a physical presence. 
    If you were to have separate corporations, then, yes, you`d have to keep separate books and bank accounts for each one.  Each state is different with state taxes.  I`d recommend that you get an attorney to help you out with deciding what course of action is right for you.
    Let me know if you have other questions.
      Any opinions are offered without knowledge of the specific law of your jurisdiction and with only the limited information provided in your post.  No advice given here should be reasonably relied upon by you or any third party without consulting an attorney who is aware of all of the facts and law surrounding your situation.  Any advice given here is not intended to create an attorney-client relationship in any way.
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