While a corporation can theoretically exist in perpetuity, the share ownership cannot. Shareholding would still be subject to the rule (or similar fixed years rules).

As far as the application is state law, most states have a rule recognizing the validity of foreign state trusts provided that they are valid under the law of the state where created. But this only goes to Creation. A myriad of issues cam arise in multijurisdictional situations that could require fine analysis.

This also affects corporations, which may be governed my "foreign corporation" law in states where it operates or where shareholders are located. There are also tax law issues. By way of example, a Nevada shareholder of a Delaware S-corp that does business in California will need to file california a income tax return on california corporate earnings.