There is a building in Wilmington, Delaware.
It is not large. It is not remarkable. If you drove past it you would assume it held a law office and a dentist.
Hundreds of thousands of companies list it as their legal address.
Not a few hundred. Hundreds of thousands. Major corporations you buy from every week. Banks. Airlines. Retailers. Technology companies.
When people first hear this, they assume something shady is going on. A loophole. A scheme. Somebody getting away with something.
Gif by fastcompany on Giphy
The truth is stranger and much more boring, which is exactly why it works.
Let me explain what is actually happening in that building.