site: add DEXIT corporate-services page + readiness assessment + cited filings
New page /services/corporate/dexit-reincorporation (matches CRTC service-page
structure): explains DEXIT, the DE franchise-tax dollar driver (real Oracle Health
proxy: $23,600 -> ~$1,000), NV/TX/FL destination guidance, 6-step how-it-works,
3 cited real SEC reincorporation filings (Oracle Health, FG Financial, LogicMark)
with verbatim quotes + EDGAR links, honesty callout, and a lead-gen CTA ('Get my
DEXIT estimate' -> /contact?topic=dexit, NOT a buy-now checkout). Linked from the
corporate services index (new card) + the global Services dropdown across the site.
docs/dexit-cited-filings.md: the filing excerpts + verified gov/statute links.
docs/dexit-readiness-assessment.md: HONEST e2e readiness -- new NV/TX formation is
built (checkout order_type=formation -> formation_orders -> ERPNext SO ->
formation_worker -> TX/NV adapters) but unverified e2e; the 'move a company'
(conversion/domestication) flow + corporate annual-report automation are NOT built;
EIN is kept on a conversion (our ein_worker does NEW EINs only). Page stays lead-gen
until the generic entity-conversion SKU + admin-assisted handler are built+tested.
This commit is contained in:
justin
parent
bcedf2b318
commit
b5b2e6e6c3
85 changed files with 374 additions and 83 deletions
80
docs/dexit-cited-filings.md
Normal file
80
docs/dexit-cited-filings.md
Normal file
|
|
@ -0,0 +1,80 @@
|
|||
# DEXIT outreach: cited SEC filings (proof for copy + a "verify it yourself" block)
|
||||
|
||||
Real reincorporation filings from OTC/microcap issuers, with verbatim excerpts and
|
||||
links. Use these to back the email claims and on any proof page. All are public on
|
||||
SEC EDGAR; the recipient can open them and verify in under a minute. Pulled
|
||||
2026-06-09.
|
||||
|
||||
---
|
||||
|
||||
### 1. Oracle Health, Inc. - DE -> NV (the dollar-figure proof)
|
||||
Definitive proxy explaining the reincorporation. The single best citation because
|
||||
it puts a hard number on the Delaware franchise-tax pain for a microcap.
|
||||
|
||||
> "we anticipate that the Reincorporation will result in reduced corporate tax
|
||||
> obligations, as Nevada currently imposes no corporate income or franchise tax,
|
||||
> while Delaware imposes an annual franchise tax, ranging from $175 to a maximum
|
||||
> of $200,000. **Despite that we are a pre-revenue startup, our Delaware franchise
|
||||
> tax obligation for fiscal year 2021 reached $23,600.** Nevada only charges
|
||||
> corporations incorporated in Nevada nominal annual corporate fees ... We
|
||||
> anticipate that our obligation for this annual fee will be **approximately
|
||||
> $1,000** ..."
|
||||
|
||||
> "Nevada is a nationally-recognized leader in adopting and implementing
|
||||
> comprehensive and flexible corporation laws ... Nevada courts have developed
|
||||
> considerable expertise in dealing with corporate legal issues and have produced
|
||||
> a substantial body of case law construing Nevada corporation laws."
|
||||
|
||||
> "The Articles of Incorporation of Oracle NV limit the liability of its directors
|
||||
> and officers to the maximum extent permitted by Nevada law. As a result, a
|
||||
> director or officer will have no personal liability ... except for (a) acts or
|
||||
> omissions which involve intentional misconduct, fraud or a knowing violation of
|
||||
> law, or (b) the payment of distributions in violation of section 78.300 of the
|
||||
> Nevada Revised Statutes."
|
||||
|
||||
Link: https://www.sec.gov/Archives/edgar/data/1777274/000121390022032759/ea161576-1u_oraclehealth.htm
|
||||
(CIK 0001777274, accession 0001213900-22-032759)
|
||||
|
||||
---
|
||||
|
||||
### 2. FG Financial Group, Inc. (FGF) - DE -> NV (shareholder-approved, by merger)
|
||||
8-K reporting the vote. Shows the standard mechanic: a plan of merger into a wholly
|
||||
owned Nevada sub.
|
||||
|
||||
> "Approval of Reincorporation from Delaware to Nevada - Stockholders approved the
|
||||
> Agreement and Plan of Merger, dated as of October 19, 2022, by and between the
|
||||
> Company and FG Financial Group, Inc., a Nevada corporation and a wholly owned
|
||||
> subsidiary of the Company ..."
|
||||
|
||||
Link: https://www.sec.gov/Archives/edgar/data/1591890/000149315222034739/form8-k.htm
|
||||
(CIK 0001591890, accession 0001493152-22-034739)
|
||||
|
||||
---
|
||||
|
||||
### 3. LogicMark, Inc. (LGMK) - DE -> NV (proxy advisor endorsed it)
|
||||
DEFA14A noting the proxy-advisory firm ISS recommended a "For" vote on the move -
|
||||
useful third-party validation that this is mainstream, not fringe.
|
||||
|
||||
> "ISS endorsed the Company's proxy proposals ... approve the reincorporation from
|
||||
> Delaware to Nevada and recommended a vote 'For' ..."
|
||||
|
||||
Link: https://www.sec.gov/Archives/edgar/data/1566826/000121390022047897/ea164428-defa14a_logicmark.htm
|
||||
(CIK 0001566826, accession 0001213900-22-047897)
|
||||
|
||||
---
|
||||
|
||||
### How big is the trend (also citable)
|
||||
EDGAR full-text search (efts.sec.gov), reincorporation/redomestication mentions by
|
||||
destination state, pulled 2026-06-09:
|
||||
- Nevada: 281 filings (all-time), 33 since 2024
|
||||
- Texas: 99 filings (all-time), 27 since 2024
|
||||
- Surge Components, Integrated Media Holdings, and ~220 more DE->NV filings exist
|
||||
via the query `"reincorporation from Delaware to Nevada"`:
|
||||
https://efts.sec.gov/LATEST/search-index?q=%22reincorporation+from+Delaware+to+Nevada%22
|
||||
|
||||
### Statutory / fee sources to cite (let a CFO fact-check in 60s)
|
||||
- Delaware franchise tax + calculator: https://corp.delaware.gov/frtaxcalc/ (min $175, max $200,000; "authorized shares method" default)
|
||||
- Nevada NRS 78.138 (director/officer liability): https://www.leg.state.nv.us/nrs/nrs-078.html
|
||||
- Nevada NRS Chapter 92A (conversion/merger mechanic): https://www.leg.state.nv.us/nrs/nrs-092a.html
|
||||
- Texas Business Organizations Code Ch. 10 (conversion/domestication): https://statutes.capitol.texas.gov/Docs/BO/htm/BO.10.htm
|
||||
- Texas Business Court (operational 2024-09-01): https://www.txcourts.gov/businesscourt/
|
||||
143
docs/dexit-readiness-assessment.md
Normal file
143
docs/dexit-readiness-assessment.md
Normal file
|
|
@ -0,0 +1,143 @@
|
|||
# Readiness: corporate orders + "move a company" (conversion / domestication)
|
||||
|
||||
Honest assessment as of 2026-06-09. Question: are we ready to take Nevada/Texas
|
||||
incorporation orders end-to-end (name search, accept into ERPNext, etc.), and the
|
||||
mechanics of moving a corp out of Delaware + annual report + EIN.
|
||||
|
||||
## Short answer
|
||||
- **New NV/TX formation orders:** mostly built, but **NOT yet verified e2e** and the
|
||||
DEXIT page does not point at this checkout (it points at a contact form).
|
||||
- **"Move a company" (DE -> NV/TX conversion/domestication):** **NOT built.** There
|
||||
is no order type, no SKU, and no fulfillment for a conversion. This is the core of
|
||||
the DEXIT promise and is the biggest gap.
|
||||
- **Annual report filing in the new state:** **NOT built** as automation. There is an
|
||||
`annual-report-filing` slug, but it is wired to the trucking admin-assisted handler
|
||||
(`MCS150UpdateHandler`), not a corporate state-filing flow.
|
||||
- **EIN:** for a move you generally do NOT get a new EIN (see mechanics below); our
|
||||
`ein_worker` only obtains a NEW EIN, which is the wrong operation for a conversion.
|
||||
|
||||
So: **do not turn on a "buy now" DEXIT checkout yet.** Keep the page as a lead-gen
|
||||
"get my estimate" CTA (which it currently is) until the flow below is built + tested.
|
||||
|
||||
## What already exists (the good news)
|
||||
The corporate/formation machinery is real and reusable:
|
||||
- **Checkout + order intake:** `api/src/routes/checkout.ts` has `order_type: "formation"`,
|
||||
builds a Stripe line item `Business Formation (<state> <LLC|CORP>)`, and the
|
||||
`formation_orders` table carries `stripe_session_id`, `payment_status`,
|
||||
`erpnext_sales_order`, etc. ERPNext SO creation is wired for formation orders.
|
||||
- **Name search:** `GET /api/v1/states/:code/name-search` (24h cache in
|
||||
`name_search_cache`) -> calls the worker -> per-state adapter. **TX** uses the
|
||||
Comptroller Taxable Entity Search (free, no login); **NV** has an adapter too.
|
||||
- **Filing automation:** `scripts/formation/` is a full subsystem -
|
||||
`formation_worker.py` polls `formation_orders`, `states/tx/adapter.py` +
|
||||
`states/nv/adapter.py` implement `search_name` / `file_llc` / `file_corporation`
|
||||
via Playwright (TX = SOSDirect, requires login + ASP.NET viewstate handling),
|
||||
plus `ein_worker.py`, `operating_agreement.py`, `document_delivery.py`,
|
||||
registered-agent via Northwest RA, and ~55 state adapters scaffolded.
|
||||
- **The `FormationOrder` model** carries entity name/alt, members, RA, addresses,
|
||||
shares_authorized, par_value, expedited, payment card (Relay virtual debit), and
|
||||
result fields (filing number, confirmation, documents).
|
||||
|
||||
## What's missing for NEW NV/TX formation (smaller gap)
|
||||
1. **E2E verification.** The TX/NV adapters target live state portals (SOSDirect
|
||||
needs an account login; both are ASP.NET/viewstate + possible CAPTCHA). We have
|
||||
not confirmed a clean run recently. Need: a staged dry-run (name search ->
|
||||
formation_orders insert -> worker pick-up -> ERPNext SO -> filing in a sandbox or
|
||||
a real low-stakes filing) with screenshots, and CAPTCHA handling confirmed.
|
||||
2. **ERPNext SO for formation** exists in code; verify it actually creates the SO
|
||||
with the right items + state gov fee line (we hit a gap like this on the trucking
|
||||
compliance_batch flow - SOs weren't being created). Add NV/TX formation Items if
|
||||
missing (we created LLC-FORMATION / CORP-FORMATION recently).
|
||||
3. **Pricing/SKU sanity:** TX/NV LLC = $300 gov fee, Corp = $300; expedite +$25/$50.
|
||||
Our `corp-formation` / `llc-formation` catalog entries need gov_fee plumbed.
|
||||
|
||||
## What's missing for "MOVE a company" (the big gap)
|
||||
This is a different operation from formation. Real-world mechanics:
|
||||
|
||||
### The legal mechanic (two paths)
|
||||
A company changes its state of incorporation by either:
|
||||
- **(A) Statutory conversion / domestication** (preferred, cleaner): the entity
|
||||
re-domiciles. **Delaware** files a **Certificate of Conversion** to convert OUT
|
||||
(DGCL 266) and the **destination state** files a conversion/domestication in:
|
||||
- **Texas:** TBOC Ch. 10, Subch. C - "Certificate of Conversion" + new Certificate
|
||||
of Formation. The TX entity is a continuation of the DE entity (same legal person).
|
||||
- **Nevada:** NRS Ch. 92A.105+ "conversion"; file Articles of Conversion + new
|
||||
Nevada charter (NRS 78).
|
||||
- **Florida:** F.S. 607.11921+ conversion.
|
||||
Both DE-out and new-state-in filings are required. The entity keeps its identity,
|
||||
contracts, and history.
|
||||
- **(B) Reincorporation merger** (older method, what FG Financial used): form a new
|
||||
NV/TX subsidiary and merge the DE parent INTO it. Requires an Agreement and Plan
|
||||
of Merger + stockholder vote. More moving parts; still common.
|
||||
|
||||
### Steps a real DEXIT order involves (none automated yet)
|
||||
1. **Diagnose**: pull the entity's current DE status, authorized shares (to estimate
|
||||
the franchise tax saving), good-standing, foreign qualifications.
|
||||
2. **Board + stockholder approval**: a board resolution and (usually) a stockholder
|
||||
vote/consent approving the conversion or merger. **This needs the client's counsel
|
||||
- it is NOT something we file.** Our role is to prepare the plan-of-conversion /
|
||||
plan-of-merger documents for their counsel to review and their board to adopt.
|
||||
3. **Pay DE to leave**: DE requires the franchise tax to be **current** before it
|
||||
will accept the Certificate of Conversion (you can't leave owing tax). So step 0
|
||||
is often "file/pay the final DE franchise tax + annual report."
|
||||
4. **File the conversion**: Certificate of Conversion OUT of DE (DGCL 266) +
|
||||
Certificate of Conversion/Formation INTO the destination state. Both have fees.
|
||||
5. **New registered agent** in the destination state (recurring; we use Northwest RA).
|
||||
6. **First annual report / state list** in the new state (NV requires an Initial List
|
||||
+ State Business License at formation/domestication; TX has the Public Information
|
||||
Report / franchise tax with the ~$2.47M no-tax-due threshold).
|
||||
7. **Update downstream**: foreign-qualification re-registration in states where the
|
||||
company operates (the domestication may need to be reflected), update the transfer
|
||||
agent / DTC, update EDGAR (state-of-incorporation on the next cover page), bank, etc.
|
||||
|
||||
### EIN reality
|
||||
- A **conversion/domestication generally KEEPS the same EIN** - the IRS treats a mere
|
||||
change of state of incorporation (same entity continuing) as not requiring a new
|
||||
EIN in most cases. So our `ein_worker` (which obtains a NEW EIN) is the wrong tool
|
||||
for a move; for a conversion we typically do nothing with the EIN, or at most file a
|
||||
name/address change with the IRS.
|
||||
- A **reincorporation MERGER into a new subsidiary** can be different: if the surviving
|
||||
entity is genuinely new, the IRS may require a new EIN. This is a fact-specific,
|
||||
counsel-driven determination - **we should not auto-decide it.**
|
||||
- Net: EIN handling for a move is **advisory + occasionally a name/address update**,
|
||||
not the automated SS-4 flow we have.
|
||||
|
||||
### Why we can't fully automate the move
|
||||
Unlike a fresh formation, a conversion is **counsel-gated** (board/stockholder
|
||||
approval, plan-of-conversion review) and **DE-clearance-gated** (must be current on
|
||||
franchise tax). The honest product is **admin-assisted**: we prepare and file the
|
||||
state paperwork and set up RA + first annual report; the client's lawyer handles the
|
||||
corporate-approval documents. That matches how the DEXIT page is already written
|
||||
("your counsel just reviews the board and stockholder consent").
|
||||
|
||||
## Recommended build plan (generic corporate flow + a "move" capability)
|
||||
Keep it generic, not DEXIT-specific:
|
||||
|
||||
1. **Catalog SKUs** (in `api/src/service-catalog.ts`):
|
||||
- `entity-conversion` (move a company; admin-assisted; flat service fee + state
|
||||
gov fees billed at cost; destination state chosen at intake).
|
||||
- Confirm `corp-formation` / `llc-formation` carry per-state gov_fee.
|
||||
- `annual-report-filing` for corporate (today it points at the trucking handler).
|
||||
2. **Order type**: add `order_type: "entity_conversion"` to checkout + a
|
||||
`from_state` / `to_state` / `entity_type` intake, persisted in `formation_orders`
|
||||
(or a sibling table). Reuse the Stripe + ERPNext SO path.
|
||||
3. **Fulfillment**: a `ConversionHandler` (admin-assisted) that:
|
||||
(a) runs name availability in the destination state (existing name-search),
|
||||
(b) generates the plan-of-conversion + new-state charter draft for client/counsel,
|
||||
(c) queues the DE-out + destination-in filings for the formation_worker once the
|
||||
signed board/stockholder consent + DE good-standing are confirmed,
|
||||
(d) sets up RA + files the first annual report/state list.
|
||||
4. **E2E test harness**: a scripted run that does name search -> creates a paid test
|
||||
order -> verifies `formation_orders` row + ERPNext SO + worker pickup, with the
|
||||
actual state filing stubbed/sandboxed so we don't make a real filing during tests.
|
||||
5. **Verify NV/TX formation e2e FIRST** (smaller scope) before layering conversion on
|
||||
top, since conversion reuses the same filing + ERPNext + worker plumbing.
|
||||
|
||||
## Bottom line
|
||||
- The page is fine to ship as **lead-gen** (estimate request), which is what it does.
|
||||
- We are **not** ready for a self-serve "buy a DE->NV/TX move" checkout. New NV/TX
|
||||
formation is close but unverified e2e; the conversion ("move") flow and corporate
|
||||
annual-report automation do not exist yet.
|
||||
- Next concrete step (if you want to proceed): verify NEW NV/TX formation e2e, then
|
||||
build the generic `entity-conversion` SKU + admin-assisted handler on the existing
|
||||
formation plumbing.
|
||||
Loading…
Add table
Add a link
Reference in a new issue