Nevada has spent the last several years revising its corporate code to become more suitable to small, privately held companies to incorporate in.
Nevada boasts no corporate taxes, maximum privacy and protection of private assets. Other benefits include; many tax advantages, total privacy of shareholders, nominal annual fees, and no minimum initial capital requirements to incorporate.
Some of the tax benefits include no state corporate taxes, no franchise tax, no tax on corporate shares, and no personal income tax.
Probably the most appealing advantage is the protecting to your personal assets when you incorporate your business in Nevada. The way a corporation is set up completely separates your assets from that of the business. The business becomes its own entity even if you are the only owner. In the case of a sole proprietorship, if a lawsuit is filed against your business your personal assets may be seized also. Incorporating in Nevada provides you with a corporate veil that is almost iron-clad. In the last 30 years the corporate veil has only been pierced twice.
The law that Nevada has established to protect personal assets from individual business owners also protects corporate officers and directors from any person liability. As long as the company acts in a lawful manor Nevada offers unbeatable corporate protection.
State residency or the need to hold meetings in the state of Nevada is not necessary. Stockholders, directors and officers do not need to be residents of Nevada. They don’t even need to be U.S. citizens.
Nevada is the one of the best states to do business in. If you set up your business and incorporate it in the state of Nevada you will be able to take advantage of all the tax benefits and be protected in every way possible, there is no better way to run your business.
By: Shannon John
Marketing Manger, Laughlin Associates, Inc.