Nevada incorporation can provide a great many advantages and protections to your business. When you form an LLC anywhere in the country, you are literally limiting your liability to that of the business, thus protecting your own private, personal assets. However, having a Nevada LLC has additional benefits, include lower fee structures and the absence of a sales tax. Read on and discover all the reasons why you should consider Nevada incorporation.
A Less Expensive Corporate Haven
Both Delaware and Nevada are considered "corporate havens. This means that by incorporating business in one of these states, the business entity is eligible for special privileges, protections and rights that are not always available elsewhere.
The main difference between Delaware and Nevada is cost. Taxes and fees associated with incorporating business are significantly higher in Delaware. On the other hand, the filing fee when you incorporate in Nevada is currently $125. In addition, Nevada incorporation means no corporate income tax.
According to the website of the Nevada Secretary of State, a Nevada LLC is not assessed many of the taxes that those who incorporate online in other states may be assessed. These include franchise taxes as well as unitary and estate taxes, should you choose to transfer the business to heirs.
Another reason for incorporating in Nevada is the comparatively low annual fees. If you form an LLC in Delaware, it will cost you a minimum of $380 per year to maintain your charter, and this figure can go much higher as your business expands and revenues increase. Nevada incorporation means that you'll pay much less each year for such fees.
Nevada incorporation is good for those who have employees as well; the employer payroll tax is a mere 0.7% of gross wages, and you can deduct the cost of employee health insurance as well.
More Control
A business that has Nevada incorporation status can legally issue stock in order to raise capital as well as for the purchase of personal property or real estate - or for taking out a lease or option on the same. When your business chooses to incorporate in Nevada, it may hold, sell and transfer shares of its own stock as well.
A Streamlined Legal System
Nevada's business courts are similar to those in Delaware, offering many of the same protections. Deciding to incorporate business in Nevada is a smart one, because Nevada Business Courts provide excellent case management, active judicial participation in settlements, and predictability. These courts also prioritize such hearings so as to minimize disruptions to the business process.
It's relatively simple to incorporate business in Nevada, and there are many reputable firms that can provide assistance in the Nevada incorporation process.
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