- 7 - To establish an offshore corporation or trust for a client, a promoter in Mexico completed a form listing the client’s choice of jurisdiction, and in the case of an offshore corporation, its name, and the names of those individuals to be appointed directors. The form was then sent by the promoter to INC, which passed the information to outside lawyers or fiduciaries qualified to perform the necessary paperwork in the chosen jurisdiction. The incorporation package completed by the lawyers or fiduciaries was then returned to INC, which returned the package to the client in Mexico. LTD's role, through the promoters, was to provide the counseling on the structure and features of the various incorporation options. Board of directors' meetings for at least two companies incorporated by LTD clients were held at INC’s offices in San Antonio. LTD's clients used as their address the address of INC’s offices in San Antonio. Clients establishing an offshore corporation or trust were charged fees for the service, which were paid out of their accounts. LTD charged the clients an "opening expense", which consisted of LTD's fee and fees for third party lawyers and fiduciaries, and an "annual expense". LTD’s direct costs were its payments to the third party lawyers and fiduciaries, document fees, commissions, and "incorporation expenses". The gross receipts and direct costs relating to LTD’s "Client Incorporation Fees" for each taxable year are as follows:Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011