Why Google’s Founders Are Cutting Their Ties to California | Income Tips & Side Hustles
Google has long been related to Silicon Valley. After all, Sergey Brin and Larry Page based their company in a storage in Menlo Park back in 1998. But now, the energy duo is severing some of their connections to the state that made them terribly wealthy.
In the 10 days before Christmas, an entity linked to Brin terminated or moved 15 California LLCs out of the state, according to paperwork reviewed by The New York Times. Seven of those corporations have been transformed into Nevada entities.
Brin is following Page’s lead. More than 45 California LLCs related to Page filed paperwork last month to both develop into inactive or relocate out of state.
The timing isn’t coincidental. A proposed California poll measure would require residents price more than $1 billion to pay a one-time tax equal to five% of their belongings. With the Google guys’ mixed internet price exceeding $518 billion, that’s critical money at stake.
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Google has long been related to Silicon Valley. After all, Sergey Brin and Larry Page based their company in a storage in Menlo Park back in 1998. But now, the energy duo is severing some of their connections to the state that made them terribly wealthy.
In the 10 days before Christmas, an entity linked to Brin terminated or moved 15 California LLCs out of the state, according to paperwork reviewed by The New York Times. Seven of those corporations have been transformed into Nevada entities.
Brin is following Page’s lead. More than 45 California LLCs related to Page filed paperwork last month to both develop into inactive or relocate out of state.
The timing isn’t coincidental. A proposed California poll measure would require residents price more than $1 billion to pay a one-time tax equal to five% of their belongings. With the Google guys’ mixed internet price exceeding $518 billion, that’s critical money at stake.
Read more
Sign up for the Entrepreneur Daily publication to get the news and sources you need to know today to help you run your business better. Get it in your inbox.
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