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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.

Comments

  • 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.
     
    Deena
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