In my quest against camco I recently found out that although they work out of illinois, have their hq out of illinois, and collect only out of illinois they are incorporated out of deleware and therefore do not have to be licensed in illinois. This sounds completely shady and illegal. Heck, I have gotten junk mail about incorporating out of deleware as it is dirt cheap. Is this legal? Is there a way to put a stop to it. The lines to speak to the illinois foreign license division opens at 1 today to the public and I will call but if anyone has any info on this I would appreciate it before the call.
It's not shady nor illegal to incorp. in Del. A lot of resons to do so-you'll find the majority of Fortune 500 companies are incorporated in Del. Two main reasons {though there are a lot of reasons} to consider a Del. corp. First of all, a hostile takeover will be a mortal PIA with a Del. corp. and, You are allowed to form what is known as serial llc's in Del which is likely the main attraction to Camco. That is rather complicated but the bottom line is you are able to own and operate several business and keep the liability separate for each business line.
So basically what you are saying is that camco once again is finding ways to skirt the laws and anything else they can. When I called the illinois AG they said since camco is incorporated out of deleware then deleware would regulate them which seems odd since camco works exclusively out of illinois. IS there anything they can be done?
The state of Delaware is supposed to be very corporate friendly. It was in this month's Fortune Magazine.
If I remember correctly, they would need a "license of foreign corporation" in IL to be able to do business there, sincer it is a foreign corp. anyone backing me on this one?
According to the Illinois Dept of Professional Regulation , http://www.state.il.us/dpr/, although Camco is not licensed in IL they can run the business there as long as they are licensed in another state. BUT, it looks like they have to follow the rules set forth to them from their licensing state- DE. So, if you can find out if Camco violated any rules of their DE license- you might have something here????
