I've a Delaware Corporation, but I'm based in California. Can the business have bank account in CA? tax law?

Question

I've a Delaware Corporation, but I'm based in California. Can the business have bank account in CA? If the bank account can be in California, which state's tax law would the company be entitled to?

Thanks!

Answer 1

Yes, the company can have a bank account wherever it wants to. The state of incorporation is irrelevant.

Likewise, income is taxed based on the state(s) of nexus, which is based on the states in which the company has sales, payroll and property.

DE also assesses tax based on the # of shares and the par value of the shares outstanding.

You can follow the link below to read more about how CA assesses tax on 'foreign' (non-CA) corporations, and the process of apportionment of income