Simple Cost Sharing Agreement With Foreign Companies In Virginia

State:
Multi-State
Control #:
US-00036DR
Format:
Word; 
Rich Text
Instant download

Description

In equity sharing both parties benefit from the relationship. Equity sharing, also known as housing equity partnership (HEP), gives a person the opportunity to purchase a home even if he cannot afford a mortgage on the whole of the current value. Often the remaining share is held by the house builder, property owner or a housing association. Both parties receive tax benefits. Another advantage is the return on investment for the investor, while for the occupier a home becomes readily available even when funds are insufficient.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

A Virginia foreign corporation is a corporation that was formed in another state and has been given permission to operate within Virginia's state lines.

If you own an LLC outside the Commonwealth of Virginia and you want to do business here, you need to register your business as a foreign LLC in VA and obtain a Virginia Certificate of Authority.

If you own a corporation in another state and plan to do business in the Commonwealth of Virginia, you must register as a foreign corporation in VA. To get foreign corporation status, you'll have to complete an application for a certificate of authority with the State Corporation Commission (SCC).

In the U.S., business incorporation occurs at the state level for all business owners, regardless of whether you are a citizen or a foreign national.

§ 13.1-919. A foreign corporation may not transact business in the Commonwealth until it obtains a certificate of authority from the Commission.

§ 58.1-400. Imposition of tax. A tax at the rate of six percent is hereby annually imposed on the Virginia taxable income for each taxable year of every corporation organized under the laws of the Commonwealth and every foreign corporation having income from Virginia sources.

An intercompany agreement, or sometimes referred to as an ICA, is a legal document that helps facilitate two or more companies owned by the same parent company in exchange for financing, goods, services, or other exchanges.

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Simple Cost Sharing Agreement With Foreign Companies In Virginia