In the Headlines
July 26, 2017
Meet the Shell Company Uber Used to Acquire Otto
Gizmodo
When Uber acquired the self-driving truck startup Otto for $680 million, Otto’s intellectual property was given to Uber through a shell company registered to do business in the Netherlands but located in Bermuda.
“Of course, the obvious reason to have patents offshore is for tax purposes," said Partner Charles Weiss. "It lets you shift profit offshore for a lower corporate tax rate. But I’ve had a bunch of clients who looked into the possibility of doing that and concluded it’s more trouble than it’s worth,” said Mr. Weiss.