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A shell corporation is defined in Barron's Finance & Investment Handbook as "a company that is incorporated but has no significant assets or operations." As opposed to TV & Movie lore, shell corporations are not automatically illegal. They may have legitimate business purposes. Many large corporations and wealthy families legally use Shell Corporations to move assets and operations into and out of the shell as needed. Thus 11 months of the year, the company is an empty shell. For a month or so, it may have assets of millions of dollars.
However, Shell Corporations are also a main component of the underground economy, especially tax havens and tax shelters. They may also be known as International Business Corporations (IBCs), Personal Investment Companies (PICs), front companies, or "mailbox" companies. The use of Shell Companies by a legit and professional tax and asset planner can greatly increase shareholder protection or decrease tax liabilities. However, the incorrect use of shell companies can greatly increase jail time and fines for tax fraud. The use of a Shell Corporation is a complex one and you will need advise from a Licensed and Qualified Lawyer and a Licensed and Qualified Accountant. Postal Plus Express does not offer, provide or operate shell companies, not do we promote these entities. This information is provided not as legal advice but for personal information. |