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DoorDash shareholders agreed to end its Delaware incorporation and relocate to Nevada, according to an SEC filing in August.

The company said its concerns around Delaware’s legal system triggered the decision.

“DoorDash’s management and Board believe that the Company will be best positioned to pursue its corporate strategy within the more predictable, statute-based legal environment that Nevada provides,” the company wrote. “However, in recent years, a discussion has emerged in the market over the legal landscape in Delaware, including as a result of cases that reached what many viewed as surprising results, an increasingly litigious environment and high-profile litigation outcomes that involved companies with controlling stockholders.”

VC firm Andreessen Horowitz said in July it would reincorporate its primary business — AH Capital Management — to Nevada.

The firm said “legal uncertainty” has created concern among investors and entrepreneurs on company boards.

“As a result, many of the companies we fund and the entrepreneurs that we talk to are taking a second look at whether they should incorporate in other jurisdictions, prompted by the departure from Delaware of significant technology companies like Dropbox, Tripadvisor, and Tesla,” the firm said in a blog post.

Andreessen Horowitz said it could have relocated “quietly,” but it felt it was important to be transparent.

“For founders considering a similar move, there is often a reluctance to leave Delaware, based in part on concerns for how investors will react,” the firm said. “As the largest VC firm in the country, we hope that our decision signals to our portfolio companies, as well as to prospective portfolio companies, that such concerns may be overblown.”

Roblox, the online gaming platform, said its stockholders voted to move the company’s corporate home to Nevada, according to a May SEC filing.

In an April SEC filing, CEO David Baszucki wrote a letter to shareholders urging them to support management’s proposals, which included leaving Delaware.

“We believe that Nevada’s corporate law framework and statutory regime aligns with Roblox’s culture of innovation, values, and mission to connect the world with civility and optimism,” Baszucki said. “It also allows us to continue to build shareholder value, by providing a supportive, predictable environment.

The file-sharing and storage company told its stockholders in a January SEC filing that it would reincorporate in Nevada.

Under a section titled “Reasons for the Nevada Reincorporation,” Dropbox said it was in the midst of a “transformational period.”

“The evaluation committee and our board of directors determined that it is important for the Company to be able to operate with agility during this period of business transformation and that it would be competitively advantageous for the Company to have a predictable, statute-focused legal environment during a time of rapid business change,” the company said.

Dropbox added that Nevada might provide a more “predictable legal environment.”

In February, Bill Ackman, the CEO and founder of Pershing Square Capital Management, said he would move the legal home of its investment holdings company to Nevada.

Ackman shared the development in a February X post referencing Dropbox, which also said it would leave Delaware.

“We are reincorporating our management company in Nevada for the same reason. Top law firms are recommending Nevada and Texas over Delaware,” Ackman wrote.

The CEO and founder said he was still considering Texas in a separate post.

The Trump Media & Technology Group announced it moved to Florida after shareholders approved a proposal in May. The company operates the Truth Social platform, TV streaming platform Truth+, and Truth.Fi, a financial services company.

President Donald Trump’s political ascent has shifted attention toward Florida, where his private Mar-a-Lago club is located. In 2024, Business Insider spoke to lobbyists who said Florida had become “the power nexus for the country” and “the epicenter of Trumplandia.”

“We’re thrilled to reincorporate our Company in Florida,” CEO Devin Nunes said in a press release. “We’re thrilled to reincorporate our Company in Florida. With its pro-business orientation and respect for the rule of law, Florida is a great place for Trump Media to officially call home.”

Ad tech company The Trade Desk included a proposal to reincorporate in Nevada in a late 2024 SEC filing.

The company said its board of directors and management “thoroughly discussed” the proposal.

“These discussions were in response to a number of factors, including developments in the competitive and regulatory landscape in which we compete and views regarding the legal landscape in Delaware,” the company said.

The Trade Desk filed another SEC filing that November, saying its stockholders approved the proposal.

Shareholders for Simon Property Group, a real estate investment trust focused on the retail sector, approved a proposal to move its legal home to Indiana, according to a May SEC filing.

Indiana Secretary of State Diego Morales called the decision a “significant milestone” in fostering a “business-friendly environment.”

“We are proud to welcome Simon Property Group home. This move is a big win for Indiana — and it sends a strong message that our state is open for business. We look forward to continuing to support Simon Property Group and all companies who choose Indiana as their home,” Morales said in a press release.

The cryptocurrency exchange has filed paperwork with the Securities and Exchange Commission to leave Delaware and reincorporate in Texas, its chief legal officer, Paul Grewal, wrote in a column in The Wall Street Journal.

Texas has become “an increasingly attractive hub for innovative companies like ours,” Grewal wrote. “It’s a shame that it has come to this, but Delaware has left us with little choice.”

He added that recent legislation in Texas has made the state more attractive for the company.

“Senate Bill 29 modernized the Texas Business Organizations Code to codify the business-judgment rule, which rightly empowers directors and officers to make the business decisions they need to innovate,” Grewal wrote, referring to new legislation that gives companies more predictability in corporate governance disputes. “This bill, together with the establishment of the Texas Business Court system, gives companies a business-friendly legal ecosystem with strong protections and efficient dispute resolution.”

School: Brigham Young University

Population: 114,527

Nestled between mountains in the Utah Valley, the city of Provo is home to the private Brigham Young University, which has a student population of over 35,000 students.

The town has a lively economy, a young population, and its local culture is closely tied to religion and sports. Locals often enjoy the city’s unique access to hiking trails and stunning natural landscapes.

School: University of Tennessee — Knoxville

Population: 202,021

Home to the University of Tennessee — Knoxville and its over 40,000 students, the city of Knoxville is a vibrant and energetic community.

The city is considered a gateway to the Great Smoky Mountains — as it’s located less than an hour away from unique Appalachian landscapes — and a hub for country music, which soundtracks the city’s scene.

During gamedays, over 100,000 fans pack into the school’s Neyland Stadium in their best orange-and-white attire.

School: Texas A&M University

Population: 127,472

Located between Austin and Houston, College Station, Texas, is one of the state’s best college towns. The city’s culture, economy, and lifestyle are shaped by Texas A&M University.

The land-grant, SEC university has one of the largest student populations at its College Station campus, with over 72,000 students.

School culture unites the city, with Aggie pride inescapable on gamedays as fans congregate at the school’s Kyle Field, which seats over 100,000.

The city is also home to the George H.W. Bush Presidential Library and Museum.

School: University of North Carolina at Chapel Hill

Population: 63,565

The school’s roughly 34,000 students shape local culture and economy. Along with Durham — home to Duke University — and Raleigh — home to North Carolina State University — Chapel Hill is part of North Carolina’s Research Triangle, a region where tech and education are among the most popular fields of employment.

Thanks to the college’s prevalence and the region’s entry-level job opportunities, the town has a highly educated, uniquely young population.

School: Michigan State University

Population: 49,355

Neighboring the state capital of Lansing, the city of East Lansing combines college culture with government employment.

The city is home to roughly 52,000 students at Michigan State University, which dominates local culture and sports. The school’s sprawling campus sits directly across the city’s downtown. Restaurants, cafés, shops, and bars cluster around the university.

School: California Polytechnic State University.

Population: 50,636

Halfway between San Francisco and Los Angeles, the town of San Luis Obispo combines the energy of a college town with the laid-back lifestyle of California’s Central Coast.

The over 20,000 students at Cal Poly have easy access to the region’s beaches, mountain trails, and wine country, while the city’s compact downtown is filled with restaurants, shops, and nightlife.

School: University of Connecticut

Population: 15,979 (per the 2020 census)

In the small community of Storrs, which is surrounded by the forests and farmland of northeastern Connecticut, the University of Connecticut is the center of life.

Downtown Storrs, located next to campus, has more than 70 businesses, as well as nature preserves and hiking trails. The university’s size gives the otherwise rural community a steady stream of restaurants, events, arts programming, and student activity, especially during UConn basketball game days.

School: Harvard University, Massachusetts Institute of Technology

Population: 122,588

Few American cities have an academic identity as strong as Cambridge. With Harvard and MIT anchoring higher education in the city, the opportunities available attract thousands of students, researchers, and academics from around the world.

Harvard Square mixes restaurants, shops, museums, and entertainment around Harvard’s historic campus, while Kendall Square, beside MIT, has become a hub for jobs in technology, biotechnology, and startups.

The city’s location across the Charles River from Boston also gives students easy access to the metropolis’s jobs, nightlife, and culture via public transit.

School: University of Georgia

Population: 128,612

The University of Georgia’s historic campus sits directly across from downtown Athens, making the city one of the most recognizable college towns in the South.

Athens has a prominent music scene that produced famous bands like R.E.M. and the B-52s, and live music remains a major part of the city’s identity. Its walkable downtown is packed with local restaurants, bars, coffee shops, boutiques, and music venues.

On fall weekends, Georgia Bulldogs football takes over the city as tens of thousands of fans pack Sanford Stadium.

School: Washington State University

Population: 33,756

Tucked among the rolling hills of southeastern Washington, Pullman is a small town where Washington State University defines local culture and identity.

The compact downtown is within walking distance of campus and has many locally owned restaurants, coffee shops, and retailers.

The city’s remote location contributes to a close-knit student and faculty community. School traditions and Cougar sports play a major role in local identity, which is also influenced by the natural landscape that surrounds the city.

School: University of Illinois Urbana-Champaign

Population: 130,914 (combined)

The University of Illinois Urbana-Champaign spans the neighboring cities of Champaign and Urbana and is home to one of the Midwest’s largest college communities, with over 59,000 students.

The university’s research focus also extends to the local economy, with its Research Park and business incubator supporting technology companies and startups, and drawing students to remain in the area for internships and jobs long after graduation.

School: University of Wyoming

Population: 32,284

Located on Wyoming’s high plains between mountain ranges, Laramie combines a historic Western downtown with the culture of the state’s flagship university.

The over 10,000 students at the University of Wyoming have easy access to hiking, mountain biking, climbing, skiing, and other outdoor activities in the surrounding mountains and forests.

The city’s downtown adds restaurants, coffee shops, breweries, and local businesses within a relatively compact area near campus, and the college culture also spans museums, performing arts, and Wyoming Cowboys athletics.

School: Purdue University

Population: 45,747

Purdue University’s large student body of nearly 58,000 makes West Lafayette one of the most university-driven communities in the Midwest.

The school’s reputation in engineering, science, and technology contributes to a local economy centered on research and innovation, while Big Ten athletics give the city’s culture a strong sense of school spirit.

School: University of California, Berkeley

Population: 121,911

UC Berkeley’s academic reputation and history of student activism have helped shape the city’s culture for generations.

Just south of campus, Telegraph Avenue remains one of the city’s most distinct student districts, with streets lined with independent stores, restaurants, and record shops.

Students can also head into the Berkeley Hills to explore beautiful trails and parks or easily reach San Francisco and other Bay Area communities through public transportation.

School: University of Wisconsin—Madison

Population: 286,233

Built between two lakes, Madison gives students a unique mix of a major state capital, a large Big Ten university, and easy access to the outdoors.

The city’s State Street serves as the main connector between campus and the Wisconsin State Capitol, with cafés, restaurants, bars, galleries, and shops lining the corridor. On warm days, students gather along Lake Mendota at the university’s Memorial Union Terrace.

College sports, cycling, lake activities, farmers markets, and a strong local food scene keep the city lively year-round.

Schools: Florida State University, Florida A&M University

Population: 204,902

Florida’s capital city has one of the largest and most varied student communities on this list, anchored by multiple public colleges.

Florida State University and Florida A&M University each bring distinct traditions to the city, and along with the local Tallahassee State College, the city has a student population of over 65,000.

FSU’s Seminoles generate major football weekends around Doak Campbell Stadium, while FAMU, one of the country’s most prominent historically Black universities, has its own deep academic, cultural, and athletic traditions.

The city is also the center of the Florida state government and offers plenty of opportunities for students interested in politics, public policy, law, and government.

Schools: University of Florida

Population: 148,671

Located in the center of North Florida, Gainesville is home to the University of Florida’s over 63,000 students, along with thousands of researchers, Gators fans, and university employees who give the city a unique college-town identity.

The city is surrounded by nature preserves, forests, and freshwater springs where locals can swim, kayak, and tube, while the downtown area has a growing restaurant, craft beer, and arts scene that keeps students busy year-round.

College football is especially important to local culture, with home games drawing dozens of thousands of fans to the school’s Ben Hill Griffin Stadium throughout the fall.

School: University of Virginia

Population: 44,388

The University of Virginia shapes Charlottesville’s deep academic and historic identity, while the surrounding Blue Ridge foothills give the city easy access to some of Virginia’s most scenic landscapes.

The university’s campus sits near a lively corridor of restaurants and shops, while the pedestrian Downtown Mall serves as a center for dining, shopping, and live entertainment.

The surrounding region is also known for its unique wineries, farms, and natural mountain scenery.

School: Arizona State University

Population: 190,571

Arizona State University’s sprawling Tempe campus gives the city a distinctly youthful energy within the larger Phoenix metropolitan area.

Historic Mill Avenue, directly beside campus, is lined with restaurants, bars, shops, and entertainment venues, becoming a major center of student activity at night.

The school’s focus on research, technology, and entrepreneurship also bolsters Tempe’s economy, while the city’s location within the Phoenix metro area gives graduates access to one of the Southwest’s largest job markets.

School: University of Michigan-Ann Arbor

Population: 122,233

Home to the University of Michigan and its over 50,000 students, Ann Arbor is the best and most distinct college town in the US.

College culture is deeply woven into the city’s landscape, where campus buildings blend into a walkable downtown filled with restaurants, bookstores, cafés, bars, and cultural institutions.

Few traditions dominate the city like Michigan football, which attracts over 100,000 fans to Michigan Stadium during fall Saturdays, while maize-and-blue crowds fill the surrounding streets and businesses.

The unique combination of college sports, a lively downtown, a major research university, and a strong cultural scene makes Ann Arbor one of the country’s quintessential college towns and ranks it at the top of this list.