Nevada is becoming a famous place (Las Vegas included) to form companies as they have a low state tax, high privacy, and their environment is incorporation friendly.
Forming a company in Nevada provides limited liability, privacy, and tax advantages. It is also a desirable jurisdiction to form a company as sales tax involves only products sold within Nevada.
Boasting the 35th largest population in the United States, Nevada has a thriving business community, and it offers a lot of incentives for businesses.
Benefits Of Forming A Company In Nevada
Incorporation of businesses in Nevada is on the purpose of the Nevada Corporate privacy statutes, started in 1991, and this guaranteed a dramatic increase in new incorporations in Nevada. Some of the benefits of forming a company in the state of Nevada include the following:
- there aren’t corporation taxes on the state, and there are no taxes on profits or LLCs.
- there is no franchise tax
- sales tax involved only on products that are sold within the state.
- it has created a corporate structure that ensures owners and investors in Nevada companies enjoy increased privacy.
- it is the only state in the US that doesn’t have a formal information-sharing agreement with the IRS
- it is also the only state which allows the issuing of bearer shares
- incorporation can take place without the requirement for any minimum initial capital
- directors and officers of a Nevada corporation are insured from any type of personal liability for lawful acts on behalf of the corporation
The forms of business that can be registered in Nevada
- Limited Liability Company
- corporation
- sole proprietorship
- general partnership
- limited partnership
- Business Trust
Steps of company registration in Nevada
- Assigning a company name.
- Filing a company charter to the State Secretariat.
- Appointing agent in the state.
- Submission of a form for company registration.
- Payment of state taxes.
- Receive confirmation of the application for registration of the company.
- Keeping company records.
Conditions to be met during the incorporation
Company Name
If the company form is a limited liability company, the company name has to end with Corporation, LLC, or Limited Liability Company.
When selecting a company name for a Nevada company formation, you have to ensure that all words of the name are in English.
Company names must be different and must not be identical to other companies already registered in Nevada. The use of bank, trust, or insurance within the name of the company may need authorization from the authorities in Nevada.
Directors, and Shareholders
At least, a company director and shareholder are needed within a Nevada company formation. The officers of a Nevada company doesn’t need to be resident of Nevada and the Nevada company formation can be finalized remotely.
The meetings of the directors and shareholders of the company can be held in any country.
The Directors of the company are needed to file their information with the authorities in Nevada, and this information is displayed on public records.
Filling the Correct Paperwork
The type of business form you are registering will specify the paperwork that you need to file. If you are forming a corporation, you need to file Articles of Incorporation but an LLC requires filing Articles of Organization.
Once you file your Articles of Incorporation/Organization and pay the correct fee, your company will be formed.
When completing your Articles of Incorporation/Organization, you should make sure to include your company’s name, the contact information of your incorporators and your directors, the name of your registered agent, and the stock structure your company will use.
Whether you are starting a business or incorporating a business already in existence, and you need assistance with it, let’s go ahead and contact your Damalion expert now.
