By NiNi Vo
Why Incorporate in Nevada?
An essential part of becoming a business owner is incorporating your business, to separate you from your business. This corporate veil prevents you from losing personal assets being the business owner if your business was to be involved in a lawsuit or other adverse actions against the business. Additionally it may create tax deductions that would generate money back into your business.
Reasons to Incorporate Your Business:
- Liability Protection
- Asset Protection
- Brand Protection
- Separate Business and Personal Assets
- Tax Savings
- Reduced Chance of a Tax Audit
- Builds Credibility
Should You Get Incorporated?
- Are you starting your own business?
- Do you have real estate investments?
- Does your estate plan need structuring?
If you could answer “yes” to any of these questions, it’s possibly a good time for you to contact experts at the Nevada Corporate Headquarters to get started!
Nevada, like every other state writes its own unique statutes. The statutes cover areas regarding the structure of corporates, operational requirements, legal protection, and personal privacy protection. However, Nevada is known for being called the pro-business state, since it differentiates itself for having the most business-friendly incorporation statutes in the country.
Why is Nevada Unique?
- Nevada enforces strong asset protection laws that protect business owners and their personal assets.
- Forming a Nevada entity gives multiple tax advantages such as no franchise tax, no tax on corporate shares, and no personal income tax.
- There is no minimum capital requirement to incorporate in Nevada.
- Only minimal disclosure of personal information is necessary during the time of start-up and annual filings.
- Directors and officers do not have to reside in Nevada, hold meetings, or be a resident of Nevada. You can live anywhere and still incorporate in Nevada.
Strong Corporate Veil
In Nevada, the corporate veil is not upheld for deliberate, misleading illegal acts committed by the owner of the company. However in other states, the veil can be more easily broken for reasons such as:
- Connecticut: Failure to correctly record time of corporate meetings
- Utah: Commingling of personal and business funds
- Texas: Improper documentation of loans between the company and shareholders
- Missouri: Court judgement that a business owner benefited from business losses
For those with a business that have assets totalling more than $50,000, it’s important to protect yourself by incorporating in Nevada because:
- One in four small businesses have been sued or threatened with a lawsuit in the past five years.
- A lawsuit is filed every 2.08 seconds, equivalent to the blink of an eye
- One single lawsuit can damage your business and reputation, effecting any future endeavours
More Reasons to Incorporate in Nevada
No Minimum Capital Requirements
One Person Requirement
One person can be appointed as the President, Secretary, Treasurer, and sole Director of the company. Many other states require a minimum of three people for these positions. But if you’d like to dedicate one person for these positions, a Nevada corporation is the way to go.
No Need For LLCs To File An Asset List
In addition to having the discretion of disclosing names of business owners and board members from the public record, Nevada LLCs do not have to file an asset list. The first will protect business owners and members from being associated with lawsuits while the other protects your assets.
No Need To Come To Nevada
The whole process of incorporating in Nevada can be done entirely anywhere you are stationed. It can be formed through mail, fax, or phone and you never have to visit the state. Corporate meetings can be conducted anywhere in the world.
NCH stands for the Nevada Corporate Headquarters, Inc. They are different from other incorporating companies because they provide various services that are determined to help your business grow.
A Proven History Of Success
- Since 1989, the NCH has formed hundreds of thousands of entities, making them the largest incorporation service in the state of Nevada.
- By selecting NCH as your incorporating service, you are receiving benefits from a company unlike any other in the industry.
- The NCH offers unique services that are not provided by most registered agents. A variety of asset protection strategies include business entity formation, tax consultation, and return preparation, estate planning, building business credit and much more.
- They are dedicated to providing the best quality of customer service to obtain the highest amount of client satisfaction.
- The NCH holds a nationwide reputation for assisting entrepreneurs, large corporations, and licensed professionals. They have well-known lawyers, CPAs and financial planners from around the country that utilize the NCH’s asset protection strategies for their clients.
For more information about incorporating your business and where to start, you can compare with other states such as Delaware, Colorado, District of Columbia, California, New York, Florida, Texas, and Wyoming.
At MassLight, our team of experts are dedicated to helping your start-up business get to where it needs to be in order to succeed. Learn more about our build for equity program and directly contact us for more information.