Ask Experts Questions for FREE Help !
Ask
    timtones's Avatar
    timtones Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Aug 25, 2008, 01:27 PM
    Dual residency to get corporate credit.is it legal?
    Does this sound legal or legit...

    I reside in California and I'm told by a person that I can get a large loan, in my name, for my company as corporate credit, if I fly to Texas, become a resident by registrating with the DMV, and going to a bank that this person has a relationship with, and they will sign over a loan for a few hundred thousand dollars that day.

    Is this legal without actually residing in Texas? Can you be a dual resident? Does this mean I have to pay taxes there as well? What other ramifications are there?
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    Aug 26, 2008, 05:51 AM
    Hello tim:

    Banks loan money based on your ability to pay it back - not on your address. If you're creditworthy, the bank doesn't care where you live. Besides, how are you going to establish Texas residency without a residence? They want you get a Texas drivers license?? Then when you go back to California, you're going to have to change it back, or you'll be breaking a California law.

    Nope, sounds fishy to me. AND, I know fishy.

    excon
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #3

    Aug 26, 2008, 06:41 AM
    How do you get a Texas drivers license ? You have to provide proof of residence, elecrtric bill or rental agreement, a

    Sorry most certainly a fraud, also where is your corporation based out of, will have appoint a registered agent to do business in Texas ? Or are you going to move your corporation home to Texas.

    ** now there is nothing wrong with having your corporation in a different state, many people use Nevada, my corporation for example is in TN but I live in GA.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Dual Residency? [ 12 Answers ]

I'm wondering what is dual residency? I recently decided to rent an apartment in PA for my job assignment in New York but my home is in Maryland. I'm not sure if this will be considered a PT resident in PA or dual residency? Any feedback is helpful! Thank you!

Dual Residency in California and Oklahoma [ 4 Answers ]

I have lived at the same address in California for 12 years. However, I am originally from Oklahoma and have been spending almost have my time there due to family issues. I receive royalty from Oklahoma which requires me to file Oklahoma tax returns as well as California. I am entertaining the...

Dual status alien, last year of residency [ 2 Answers ]

I have been in the US from 1/1/2007 to 8/1/2007 on a J1 visa receiving income from a US university. On 8/2/2007 I moved back to my home country, Sweden, to start a new job. For the period in the US, I am a resident alien under the substantial presence test. Which is the right way for me to file...

Dual residency and tax filing [ 2 Answers ]

I have a close friend who lives full time in NJ and for the purposes of his divorce and his tax returns, claims NJ residency. He also works in NJ. However, he has a Pennsylvania driver's license, car registration and insurance - he uses an empty house that belongs to his dad for an address in...

What constitutes dual residency for Taxes in CA and DC? [ 1 Answers ]

I work for a CA congressman, grew up and went to college in CA, vote in CA, and live in DC. My state taxes are paid to CA, but apparently I have to file a DC state tax return because I live there year-round and was paid a small amount for work I did in DC separate from my duties on a congressional...

View more questions Search