IKEA uses the loophole mentioned in this video. They "don't make a profit" because the IKEA name and logo is owned by a separate corporation, who by sheer coincidence, charges a yearly licensing fee that just so happens to be equal to the amount of profit that IKEA made that year. So Ikea "doesn't make a profit", and thus doesn't have to pay taxes on their profits.
@@gibberish5388 The company that owns the trademark registers itself in a tax haven country that either doesn't have corporate income taxes or has lower taxes than the country where the real headquarters are. IKEA has somehow figured out a way to register the corporation that owns their trademarks as a charity, so it won't have to pay taxes at all. No idea how they get away with it. A charity with 40 billion dollars in annual revenue.
In Amsterdam we have a similar building. Crazy how this is legal and not considered tax evasion. In the business they call it: minimizing tax 'leakage'.
I believe that the payroll taxes on salaries tide over most states, at least enough so that they don't rock the boat or bite the hand that feeds them. Accordingly, next innovation is for all Netflix employees to live in the same Delaware basement and work from home :p
lol This is hilarious that you did a Commissioner Boredom gag. I've long felt that you have a passing resemblance to Gary Oldman when he played Commissioner Gordon.
Switzerland we have whole town for this. It is called Zug. That makes Switzerland a big player in the trade of natural resources even Switzerland has non of them.
why would they meet? i think you're confused, it's basically just a postal operation for businesses, thus why over 200k businesses can "operate" in that small building, anything that actually needs to be done is forwarded to corporate HQ which are located across pretty much every state in the US. they are not incorporated, that building only handles the business structure side of things for all these different companies around the nation
I feel like you could make an entire video on Wolters Kluwer itself. Just looked it up, they started out as a bookshop and now they essentially cover Silicon Valley. Fascinating!
I knew I recognized the logo and the name Wolters from somewhere. They are one of the largest publishers of school books in The Netherlands, at least back when I went to high school. Never knew publishing was only a fraction of their business!
As long as corporations pay taxes to the states that they operate in, I don't care how they are organized. The problem comes when they find a way to stop paying taxes, and then we can't maintain our infrastructure or schools.
The issue with the way you think is that corporations will bounce around state to state until they have the optimal tax situation for themselves. Thus you need to implement a federal tax for these individuals that they can't avoid so their part is actually paid. If Delaware changes its tax laws they will only move, not pay Delaware.
Great video. Had to go check and there it was, thanks for upholding your civil duty and fixing the grievous transgression of the miscolored Wikipedia image.
Reminds me of the often sighted Maine registered semi truck trailers all over the road. Maybe another story to consider covering. I'm sure there are states that aren't happy that Maine essentially 'steals' their own registration fees from them.
The covid bailout money was interesting. I found out the "family owned" business I worked for was dozens and dozens of corporations created to essentially always make it look like the visible businesses were losing money because these heretofore unknown to me businesses all owned by the same LLCs were taking all profits and of course covid loans. Money creates more money. That should be written on the Delaware flag.
As always, I'm here for the dad jokes. Commissioner Boredom? Grade-A stuff. You definitely have a Commissioner Gordon/Gary Oldman thing going on. Fingers crossed that a Sirius Black cosplay comes in at some point.
I deadass drive by this building every day on my way into work! I was shocked like the matrix was collapsing when I saw the thumbnail! Thank you for this fascinating look into its actual purpose!
I appreciate the dedication of going to the Christiana Mall for the Cheesecake Factory shot. I'm a Wilmington native, nice to see our small but powerful place be covered.
You left out the fun part how legal agreements between states allowed all the corporations based in Delaware to force plaintiffs to file lawsuits against corporations in Delaware, where their suit would then be heard by the Chancery court, which would always rule in favor of the defendant aka the corporation? Until some states started passing corporate laws that require corporations who do business in their state to have to face lawsuits in the state as well and not pass it off to Delaware or somewhere else.
Great video Phil, always love your stuff. Just in case you’re not aware (and in case viewers don’t know), the Corporate Transparency Act was ruled unconstitutional by an Alabama federal court, and is currently in the briefing stage on appeal. Depending on how litigation goes down, that loophole may remain open for some time yet.
Isn't this how some scammers get money out of the country? I follow a couple of scam baiting channels where they try to foil the scam calls, email, text, ect. And if I remember right, in one video they tried to follow the money from grandma being duped into emptying her savings all the way to Nigeria or wherever the money ends up. At one point, they end up at a tiny building just like this where there's nobody working except one receptionist, and she just tells them there are 30 companies with that address, some of which are scammers.
This title made me think of these huge mega buildings, featured in the game Cyberpunk 2077. These block length apartment complexes, where businesses and apartments co-exist.
Thanks. This is really an interesting perspective of it. I thought Delaware was just the place to go to avoid taxes. Of course it had to be a little more complex than that.
I wish I had this video to watch when I was taking my basic corporate finance class. I always wondered why all companies I had to look for their 10-K forms had "Delaware" somewhere within their first few pages, but back then I was too lazy to dig deeper about it than what my homework asked for.
Need to have laws on the books that state how many businesses can be in one building and these corporations need their assets seized and given back to the people.
I really love Batman’s business acumen and informed management reflections. 😂 Also, I can’t believe you got Gary Oldman to star in your video! Fantastic video as always, Phil.
When you went to the sponsor, I readied myself to skip it figuring it was BetterHelp season with every creator. THANK YOU for not taking their money this round. I let the ads roll complete because you didn't take BH's horrible, horrible money.
This feels like a tale of corruption where corporations bought the smallest state they could find and turned it into a low accountability haven…. And then you frame it as an innovation story where one ingenious little state made the better corporate law machine/mousetrap? Strange choice.
I think it’s simply a matter of agency: as a smaller state with a similarly small population, they have a smaller tax base to begin with, and with not much room for stuff like industry, they have to find ways to make money. Combine that with its strategic location, and it makes sense they’d choose to attract corporations.
Stunning as usual (Very illustrative). "Corporate law superstar", nice closure. As non english native (excuse grammar), i really appreciate the use of an extense vocabulary. BTW, my favourite tape to rip, is the blue masking tape 🤣 Regards mate...
too bad you didn't interview me (I would have even set it all up and lit it nicely so that your production value looks top notch... all for free) I too have a corporation registered in Delaware with a registered agent in one of these small buildings in Wilmington. It's sick AF. I love that they are off 95, and I can easily swing through while driving between NYC and DC... just like you're saying! Instead of going to court, I ship things to them and swing through and pick up packages. There is also a sick mall nearby, the Christiana Mall (looks like maybe you went to the Cheesecake Factory there?), no sales tax on anything in the mall! unrelated, but one of my favorite things about being a TH-camr is when my videos inspire strangers to leave me long, rambling, and unhinged paragraphs in the comments section. even if they criticize you (which in my case is a regularity) its a great feeling that someone invested so much time into responding to your video
If only we can be employed as a shell company in a tax haven so that all our salaries go to that company. We won't have to pay income tax as we take no salary and everything we buy is paid for by the company.
I have a business registered at 30 North Gould St in Cheyanne WY. I was just using some online service but i later realized when i was looking up my corporation that thousands of businesses operate out of this tiny building. The whole city has only 64k people in it and the state doesn't break a million
Speaking of Delaware and DC, did you know that the cartoon ‘Steven Universe’ is set in an alternate universe version of the Delmarva Peninsula where it’s under one state?
Yeah, I think What's The Matter with Delaware would hammer on that a bit more than I would. I think they're largely local, city-council style elections that are often low stakes.
I knew so much about this story already... nearly every edyoutuber does it at some point on their channel, but I liked your twist on it. I also like the callout to the Dutch company - that is something I wasn't aware of.
yeah i cringed at the topic a bit once i researched it, but i felt like the chancery court was really undercovered in the other videos, as was the general corporate law. and then there are some updates to the loopholes too. thanks for being patient with it!
The CTA only affects Limited Liability Companies (LLCs) and not corporations. And since most LLCs in the United States are single-member LLCs, the alleged "money laundering prevention" powers of the CTA don't really apply to them, and they certainly don't apply to corporations. Regardless of their good intentions, the CTA was essentially a waste of time and energy. Delaware being a "laboratory of corporate law" is a good thing for the nation. As just one example, Delaware was the first state to introduce the concept of the LLC, and of the Series LLC.
Whether I find ripping electrical tape satisfying hinges on what I'm using it for. Depending on the application, the way ripping deforms the tape can sometimes be like "arrrghhh!" Otherwise, yes. Yes I do.
Phil, Another great video! 👏 And I want to share the funny way I learned about this topic. When I was in elementary school one of my favorite TV shows was _Get _Smart_ . For those who don’t know, it was a satire of spy movies of the ‘60s where the good guys belonged to an agency called CONTROL and the bad guys belonged to an agency called KAOS. In one episode KAOS took over the airwaves and threatened the country, as they often did. At the end of the announcement the KAOS agent said, “KAOS, a Delaware corporation.” It wasn’t until late in high school that I understood the joke. 😂 EDIT I found the episode! It was episode #59, “A Man Called Smart, Part 2".
Great video as always. This hits close to home figuratively and literally. Most of the people you shown, I have known for many years. You should look into the Delaware bar exam, and all the weirdness that comes with that. Also, the extra pink you added to the map covers Seaford, DE. They recently gave corporations the right to vote. I’ve known Mayor Genshaw before he was mayor. Finally, be careful about leaving things out in the open in Wilmington. Wilmington is pretty safe right now, so it isn’t that big of a deal. If you read this, you should do a video on how Delaware State had the Prime Minister of Jamaica give a commencement address. There’s a lot of history in that story.
i will look into that jamaican delaware connection. the delaware law school situation is interesting to me too (though not the same as the bar obviously). my hotel was down the street from widener "delaware school of law" and it was pretty unique.
@@PhilEdwardsInc haha. My brother went to Widener. UD doesn’t have a Medical School or a Law School. UD couldn’t afford to purchase Widener Law. I remember years ago, when UD was considering it.
I'd like to point out to the Americans in the comment section that we, the non-Americans, love Delaware! When I started my tech company I registered a C-corp in Delaware and this allowed us to do business faster in the States. And whenever we do contracts with companies in other states, we pay taxes! willingly! :D And then some of those taxes get back to us as part of the USAID program and majority goes to America. So it's a win-win!
dang! somehow i missed this notification, well glad I found it I've been aware of the role that Delaware has played, but not to this extent. Great title to capture the attention and honor the research you had to perfrom!
While you're talking registered agents, you could also talk about Wyoming. There's a particular agent there that's affiliated with dozens if not hundreds of business entities which have been accused of or associated with various fraud schemes, etc.
The chancery court was also rather notable in the Jim Crow era. One of the cases that preceded Brown v Board (and was argued by one of its attorneys, Louis Redding) was argued at the chancery court because it involved segregation at the University of Delaware (all white at the time) who wouldn’t take black students, mostly forced to go to Delaware Dtatue University (still a historically black university). Two of the cases in Brown v Board also came from Delaware: One in Hockessin and one in Claymont.
I’m just going to be totally honest. I still don’t understand, and this def seems like companies scamming to evade taxes. Smh. Another great video though!
i think a lot of the loopholes are being closed at the federal level, but happy to explain anything that doesn't make sense (not that i know it well; i've just been enmeshed in it for a couple weeks)
Corporations sure are fascinating. Just say the secret words and you, too, can have magical, legal abilities and powers. Altogether now: *CREAMUS, ERIGIMUS, FUNDAMUS, INCORPORAMUS!*
Use code PHILEDWARDS at the link below to get an exclusive 60% off an annual Incogni plan: incogni.com/philedwards
IKEA uses the loophole mentioned in this video. They "don't make a profit" because the IKEA name and logo is owned by a separate corporation, who by sheer coincidence, charges a yearly licensing fee that just so happens to be equal to the amount of profit that IKEA made that year. So Ikea "doesn't make a profit", and thus doesn't have to pay taxes on their profits.
ok, but then doesn't the owner of name/logo make a profit from the licensing fee?
Doesnt the separate company just pay the tax for them then?
Ikea should just start in that area then
@@gibberish5388 The company that owns the trademark registers itself in a tax haven country that either doesn't have corporate income taxes or has lower taxes than the country where the real headquarters are. IKEA has somehow figured out a way to register the corporation that owns their trademarks as a charity, so it won't have to pay taxes at all. No idea how they get away with it. A charity with 40 billion dollars in annual revenue.
@@HippoOnABicycleThey paid a lot to their lawyers
Now we know why Phil left Vox - they probably shot down his suggestion for Batman cutaways :D
all my scripts were just me as batman over and over again.
Phil left because Vox didn't allow him to do Batman cut scenes without pants 🩳
In Amsterdam we have a similar building. Crazy how this is legal and not considered tax evasion.
In the business they call it: minimizing tax 'leakage'.
I believe that the payroll taxes on salaries tide over most states, at least enough so that they don't rock the boat or bite the hand that feeds them. Accordingly, next innovation is for all Netflix employees to live in the same Delaware basement and work from home :p
Wasn't that loophole in NL closed two years ago?
lol This is hilarious that you did a Commissioner Boredom gag. I've long felt that you have a passing resemblance to Gary Oldman when he played Commissioner Gordon.
you are not alone haha
@@PhilEdwardsInc erm, I had you more as a Tinker, Tailer, Soldier, Spy Oldman
@@PhilEdwardsInc I look forward to the Gary Oldman Gag Cinematic Universe
Yes - this made my day 😄 thank you
@@PhilEdwardsInc I look forward to Fifth Element Gary Oldman personally
Switzerland we have whole town for this. It is called Zug.
That makes Switzerland a big player in the trade of natural resources
even Switzerland has non of them.
Imagine a business meeting between all of them
Companies are persons. And they don't take up spaces. Are they actually faeries/genies/trolls?
It's all cake in the break room, until somebody replies to all
why would they meet? i think you're confused, it's basically just a postal operation for businesses, thus why over 200k businesses can "operate" in that small building, anything that actually needs to be done is forwarded to corporate HQ which are located across pretty much every state in the US. they are not incorporated, that building only handles the business structure side of things for all these different companies around the nation
I said imagine, mr. businessman
I feel like you could make an entire video on Wolters Kluwer itself. Just looked it up, they started out as a bookshop and now they essentially cover Silicon Valley. Fascinating!
it's pretty crazy.
I knew I recognized the logo and the name Wolters from somewhere. They are one of the largest publishers of school books in The Netherlands, at least back when I went to high school. Never knew publishing was only a fraction of their business!
Sounds like Amazon
As long as corporations pay taxes to the states that they operate in, I don't care how they are organized.
The problem comes when they find a way to stop paying taxes, and then we can't maintain our infrastructure or schools.
This.
The issue with the way you think is that corporations will bounce around state to state until they have the optimal tax situation for themselves. Thus you need to implement a federal tax for these individuals that they can't avoid so their part is actually paid. If Delaware changes its tax laws they will only move, not pay Delaware.
There's an address in Dallas that's a base for a couple of hundred Texas businesses too.
Which is?
Great video. Had to go check and there it was, thanks for upholding your civil duty and fixing the grievous transgression of the miscolored Wikipedia image.
Yeah, and someone undid the edit. Anonymously, of course.
As a Georgetown, Delaware native, I can attest to the lack of quaintness. Great video!
Reminds me of the often sighted Maine registered semi truck trailers all over the road. Maybe another story to consider covering. I'm sure there are states that aren't happy that Maine essentially 'steals' their own registration fees from them.
oh that's a good one!
South Dakota and banking is another really weird one
The covid bailout money was interesting. I found out the "family owned" business I worked for was dozens and dozens of corporations created to essentially always make it look like the visible businesses were losing money because these heretofore unknown to me businesses all owned by the same LLCs were taking all profits and of course covid loans. Money creates more money. That should be written on the Delaware flag.
ha new motto!
Thanks philtoss for updating the photo and congratulations on your first edit.
Some countries have regulation that each commercial address can only be used for one corporation
As always, I'm here for the dad jokes. Commissioner Boredom? Grade-A stuff.
You definitely have a Commissioner Gordon/Gary Oldman thing going on. Fingers crossed that a Sirius Black cosplay comes in at some point.
I deadass drive by this building every day on my way into work! I was shocked like the matrix was collapsing when I saw the thumbnail! Thank you for this fascinating look into its actual purpose!
I appreciate the dedication of going to the Christiana Mall for the Cheesecake Factory shot. I'm a Wilmington native, nice to see our small but powerful place be covered.
I wish you were on CBS Sunday morning news. You have the perfect vibes that show.
You left out the fun part how legal agreements between states allowed all the corporations based in Delaware to force plaintiffs to file lawsuits against corporations in Delaware, where their suit would then be heard by the Chancery court, which would always rule in favor of the defendant aka the corporation?
Until some states started passing corporate laws that require corporations who do business in their state to have to face lawsuits in the state as well and not pass it off to Delaware or somewhere else.
Great video Phil, always love your stuff. Just in case you’re not aware (and in case viewers don’t know), the Corporate Transparency Act was ruled unconstitutional by an Alabama federal court, and is currently in the briefing stage on appeal. Depending on how litigation goes down, that loophole may remain open for some time yet.
yes and thank you! that was why i tried to include some vagueness in my description...but totally
I heard about this from a Legal Eagle video. Not that I remember all the details. I’m just impressed that I remembered it.
So you're telling me that Delaware's two biggest exports are tax evasion and money laundering?
People form LLCs around aircraft & base them in Delaware too.
i actually ran into a lot of these in my sec edgar search
Yay - the wikipedia page is updated !!!!
Publicly traded companies aren't LLCs. They're just incorporated in Delaware.
Just for those who might not know Lord of War (2005) was based on Victor Bout.
I have no problem with each state being unique, but I do have a problem with one state letting the rich and powerful cheat on their taxes
Fun day Monday! I thought we were going to have to wait till Sunday, thanks Phil!
Isn't this how some scammers get money out of the country? I follow a couple of scam baiting channels where they try to foil the scam calls, email, text, ect. And if I remember right, in one video they tried to follow the money from grandma being duped into emptying her savings all the way to Nigeria or wherever the money ends up. At one point, they end up at a tiny building just like this where there's nobody working except one receptionist, and she just tells them there are 30 companies with that address, some of which are scammers.
I was always fascinated about this topic.
It teaches that tax havens also need good solid institutions to be sustainable on long run
This title made me think of these huge mega buildings, featured in the game Cyberpunk 2077. These block length apartment complexes, where businesses and apartments co-exist.
Sounds like the “mixed use” buildings popping up all over the place here these days
Probably similar, just on a massive scale@@safetinspector2
Thanks. This is really an interesting perspective of it. I thought Delaware was just the place to go to avoid taxes. Of course it had to be a little more complex than that.
you were in wilmington??? man i would’ve loved to meet u you’re a real inspiration! maybe you’ll be back again
It's a tax heaven, people, not a "business oriented state".
Haven is the word you were looking for
I figured it was either something in Delaware or good old "Department 1, Richmond, Virginia"
I wish I had this video to watch when I was taking my basic corporate finance class. I always wondered why all companies I had to look for their 10-K forms had "Delaware" somewhere within their first few pages, but back then I was too lazy to dig deeper about it than what my homework asked for.
Need to have laws on the books that state how many businesses can be in one building and these corporations need their assets seized and given back to the people.
I really love Batman’s business acumen and informed management reflections. 😂 Also, I can’t believe you got Gary Oldman to star in your video! Fantastic video as always, Phil.
Glad to see more people talking about this, we have a few of these in my country too
When you went to the sponsor, I readied myself to skip it figuring it was BetterHelp season with every creator.
THANK YOU for not taking their money this round. I let the ads roll complete because you didn't take BH's horrible, horrible money.
they are on my permanent no go list! along with sports gambling
@@PhilEdwardsInc Love your channel even more bro! Keep up the great work.
This feels like a tale of corruption where corporations bought the smallest state they could find and turned it into a low accountability haven…. And then you frame it as an innovation story where one ingenious little state made the better corporate law machine/mousetrap? Strange choice.
totally fair to disagree!
I really love the style of this video - but I gotta say I share your suspicions about the storytelling as a quaint americana story.
@@yuotueb totally get it! you'd probably like what's the matter with delaware, which is way more negative on delaware law than i am
@@PhilEdwardsInc thanks for the pointer, and hats off for engaging with critical comments like that!
I think it’s simply a matter of agency: as a smaller state with a similarly small population, they have a smaller tax base to begin with, and with not much room for stuff like industry, they have to find ways to make money. Combine that with its strategic location, and it makes sense they’d choose to attract corporations.
Great videos as always mate!
I hadn’t noticed the Gary Oldman resemblance until now
Stunning as usual (Very illustrative). "Corporate law superstar", nice closure. As non english native (excuse grammar), i really appreciate the use of an extense vocabulary. BTW, my favourite tape to rip, is the blue masking tape 🤣 Regards mate...
The Batman skit was hilarious. Also gees Delaware is such a tax free state
I know I shouldn't be surprised, but every Phil video is a hit in my book! Another banger
I can’t believe after I said to you that you looked like him with the tash you did a skit! That’s amazing Phil. Never change 😂
Great video on something I knew nothing about.
Thank you.
too bad you didn't interview me (I would have even set it all up and lit it nicely so that your production value looks top notch... all for free) I too have a corporation registered in Delaware with a registered agent in one of these small buildings in Wilmington. It's sick AF. I love that they are off 95, and I can easily swing through while driving between NYC and DC... just like you're saying! Instead of going to court, I ship things to them and swing through and pick up packages. There is also a sick mall nearby, the Christiana Mall (looks like maybe you went to the Cheesecake Factory there?), no sales tax on anything in the mall!
unrelated, but one of my favorite things about being a TH-camr is when my videos inspire strangers to leave me long, rambling, and unhinged paragraphs in the comments section. even if they criticize you (which in my case is a regularity) its a great feeling that someone invested so much time into responding to your video
oh you know that was my cheesecake factory. if only i'd had time to go in...
The health of the US economy needed those businesses to pay their taxes. Not for them to commit quazy legal tax fraud.
Finally, Phil shows off his impressions of Gary Oldman! 🦇
When the rules only help a small portion of people and the rest don't even know theres a game on. I don't like that.
If only we can be employed as a shell company in a tax haven so that all our salaries go to that company. We won't have to pay income tax as we take no salary and everything we buy is paid for by the company.
I have a business registered at 30 North Gould St in Cheyanne WY. I was just using some online service but i later realized when i was looking up my corporation that thousands of businesses operate out of this tiny building. The whole city has only 64k people in it and the state doesn't break a million
Wyoming is the next frontier (or hopes to be)!
Went to High School down the street from here.
Speaking of Delaware and DC, did you know that the cartoon ‘Steven Universe’ is set in an alternate universe version of the Delmarva Peninsula where it’s under one state?
And Metropolis is in Delaware too! I guess they just looked at the east coast and said “put it in the middle!”
I assume this ties in to Delaware giving corporations voting rights in some elections. Anything to unpack there?
Yeah, I think What's The Matter with Delaware would hammer on that a bit more than I would. I think they're largely local, city-council style elections that are often low stakes.
Like london
Corporations are people, where's your inclusivity and diversity. You're being a bigot and probably a racist. (this is sarcasm)
I knew so much about this story already... nearly every edyoutuber does it at some point on their channel, but I liked your twist on it. I also like the callout to the Dutch company - that is something I wasn't aware of.
yeah i cringed at the topic a bit once i researched it, but i felt like the chancery court was really undercovered in the other videos, as was the general corporate law. and then there are some updates to the loopholes too. thanks for being patient with it!
THE GREAT STATE OF DELAWARE!
The part where you are talking about stupidity and the people hand Mr. Pennybags the bored apes was hilarious
The CTA only affects Limited Liability Companies (LLCs) and not corporations. And since most LLCs in the United States are single-member LLCs, the alleged "money laundering prevention" powers of the CTA don't really apply to them, and they certainly don't apply to corporations. Regardless of their good intentions, the CTA was essentially a waste of time and energy.
Delaware being a "laboratory of corporate law" is a good thing for the nation. As just one example, Delaware was the first state to introduce the concept of the LLC, and of the Series LLC.
Whether I find ripping electrical tape satisfying hinges on what I'm using it for. Depending on the application, the way ripping deforms the tape can sometimes be like "arrrghhh!" Otherwise, yes. Yes I do.
agreed. it does really take the rip harder - it's like you really made a dent in it
I'm pretty sure I pushed through an order for this address earlier today. I know it was in Delaware and I think it was in Wilmington.
When are we getting a "Serious Grey" perody?
*Play on Sirius Black
Phil,
Another great video! 👏 And I want to share the funny way I learned about this topic. When I was in elementary school one of my favorite TV shows was _Get _Smart_ . For those who don’t know, it was a satire of spy movies of the ‘60s where the good guys belonged to an agency called CONTROL and the bad guys belonged to an agency called KAOS.
In one episode KAOS took over the airwaves and threatened the country, as they often did. At the end of the announcement the KAOS agent said, “KAOS, a Delaware corporation.” It wasn’t until late in high school that I understood the joke. 😂
EDIT
I found the episode! It was episode #59, “A Man Called Smart, Part 2".
hahah this was in my nick and nite circulation but i don't have as good memory retention. a very on point reference!
i’m watching this video on Chancery Lane in London, where many lawyers and courts have been for 100s of years
9:35 Nailed that edit
Great video as always. This hits close to home figuratively and literally. Most of the people you shown, I have known for many years. You should look into the Delaware bar exam, and all the weirdness that comes with that.
Also, the extra pink you added to the map covers Seaford, DE. They recently gave corporations the right to vote. I’ve known Mayor Genshaw before he was mayor.
Finally, be careful about leaving things out in the open in Wilmington. Wilmington is pretty safe right now, so it isn’t that big of a deal.
If you read this, you should do a video on how Delaware State had the Prime Minister of Jamaica give a commencement address. There’s a lot of history in that story.
i will look into that jamaican delaware connection.
the delaware law school situation is interesting to me too (though not the same as the bar obviously). my hotel was down the street from widener "delaware school of law" and it was pretty unique.
@@PhilEdwardsInc haha. My brother went to Widener. UD doesn’t have a Medical School or a Law School. UD couldn’t afford to purchase Widener Law. I remember years ago, when UD was considering it.
@@anon69_q it was a crazy coincidence because i booked the wrong doubletree. the tgi fridays was good though haha, so i can't complain!
lol that quick cutaway to the fountain.
Phil, what are your thoughts on Trump ? Not sure who to vote for Biden or Trump ?
Who works in that building?!? What do they do there?!? We MUST KNOW!!!
probably watching their phones all day
skits like that are why we love Phill
In this episode, Phil finds out just how fun fictions of law can be!
I'd like to point out to the Americans in the comment section that we, the non-Americans, love Delaware! When I started my tech company I registered a C-corp in Delaware and this allowed us to do business faster in the States. And whenever we do contracts with companies in other states, we pay taxes! willingly! :D
And then some of those taxes get back to us as part of the USAID program and majority goes to America. So it's a win-win!
dang! somehow i missed this notification, well glad I found it
I've been aware of the role that Delaware has played, but not to this extent. Great title to capture the attention and honor the research you had to perfrom!
Congratulations on your Wikipedia photo update. Your family must be very proud.😊😊
I was telling my mom the other day that nobody thinks about Delaware being weird. Thank you Absurdity, you sly, coy stranger you.
Ah so the company that publishes most of the nursing textbooks I used also (checks notes) runs that building in Delaware.
DELAWARE: Every day I'm corporatin'
The electric tape rip is the best
i pass San Francisco Standard every day on my way down to the office. i think of you.
Tl;Dr
That many businesses can fit into a single building because all of them are clowns
While you're talking registered agents, you could also talk about Wyoming. There's a particular agent there that's affiliated with dozens if not hundreds of business entities which have been accused of or associated with various fraud schemes, etc.
The chancery court was also rather notable in the Jim Crow era. One of the cases that preceded Brown v Board (and was argued by one of its attorneys, Louis Redding) was argued at the chancery court because it involved segregation at the University of Delaware (all white at the time) who wouldn’t take black students, mostly forced to go to Delaware Dtatue University (still a historically black university).
Two of the cases in Brown v Board also came from Delaware: One in Hockessin and one in Claymont.
didn't run into this! thanks for mentioning.
*DELWARE MENTIONED HELL YEAH*
(also love this breakdown of the crazy tax haven that is here)
A lot of credit cards companies are also based there or South Dakota because of usery laws.
How’s that working out for Tesla?
I’m just going to be totally honest. I still don’t understand, and this def seems like companies scamming to evade taxes. Smh. Another great video though!
i think a lot of the loopholes are being closed at the federal level, but happy to explain anything that doesn't make sense (not that i know it well; i've just been enmeshed in it for a couple weeks)
Batman in shorts is such a vibe
Phil- I'm curious, were you a theatre or musical kid growing up, were you more of an AV Squad geek, or were you a secret third thing?
ha perhaps all of the above.
One errant lit cigarette and someone could crash the entire economy
As a fellow 5'11"er, I've got all the respect you're loud and proud about it. 5'11" gang rise up
we are confident in who we are
Damn Phil I live here. I drive past that building all the time. You should have reached out. 😁
So they finally settled on "Delawareans" as opposed to "Delawarites"? Good for them.
“… it's even worse-shell corporations.” “… yeah.” 😂
It's green now!
Corporations sure are fascinating.
Just say the secret words and you, too, can have magical, legal abilities and powers.
Altogether now:
*CREAMUS, ERIGIMUS, FUNDAMUS, INCORPORAMUS!*
I like your casio. And the video.
thank ya! casio 4ever.
Lot of kickbacks in Delaware...correction kickups.