Secret
of the Stars: NEVADA Corporations If
you're looking for a business entity to help you protect your
assets, save taxes and ensure your privacy, consider incorporating
in Nevada
What
do Michael Jackson, Prince, Madonna, Chevy Chase, Paul Simon, Diane
Keaton and Rodney Dangerfield have in common?They all own NEVADA corporations. They also happen to be
people who can afford the best legal and tax advice available anywhere
in the world.It's
no surprise that their advisors all chose the State of Nevada as
the best place to form a corporation. Why?
Well,
for one thing, the State of Nevada has no individual or corporate
income tax. So, if you form and operate your business in Nevada,
you could potentially save thousands of dollars in state income
taxes each year.
But,
unless you and your business are actually located in Nevada, you'll
need to do a lot of planning and maneuvering to make it work.The fact that Nevada has no state income tax is not
the best reason for incorporating there (although not having a state
income tax is a mighty big plus!).
The
second reason why incorporating in Nevada is a smart thing to do
is privacy.The State of Nevada has some of the best privacy laws in
the United States.The
Secretary of State does not keep a record of shareholder identities.As a matter of fact, Nevada prides itself on protecting the
identities of corporate shareholders and directors.Because
of this, there are minimal reporting and disclosure requirements.
As long as you're diligent and know exactly how and what to report
to the state, you should remain relatively anonymous.
While
privacy is yet another plus for incorporating in Nevada, it is just
a minor benefit.
Another
reason for incorporating in Nevada is the fact that the state does
not exchange information with the IRS.Unlike other states that exchange taxpayer information rather freely
with federal and other state taxing authorities, Nevada in effect
says,buzz off.But once again, this is only a small benefit compared to
the REAL reason why you should consider incorporating in Nevada.
The
real reason to incorporate in Nevada is the fact that Nevada is
the hardest state to pierce the corporate veil.
A Nevada corporation has the appearance of a steel fortress to creditors,
taxing authorities, investigators, and other prying eyes. But there's
more!
A
Nevada corporation eliminates the personal liability of officers
and directors to the stockholders of the corporation. In other words,
the officers and shareholders of a Nevada corporation are not
liable for acts committed on behalf of the corporation or by the
corporation.
In
addition, Nevada law abolished "joint and several liability".Should you lose as a defendant in a lawsuit, you will only
be required to pay a share of the total judgment relative to your
fault.
It
used to be that Delaware was the place to incorporate. Not any more.While Delaware is still a great place for large, publicly
traded corporations, Nevada has come a long way in protecting the
rights of smaller corporations.
If
you are looking for a business entity to help you protect your assets,
save taxes and ensure your privacy, do what the stars do; consider
incorporating in Nevada.
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you'd like more information or would like to discuss this
article personally with me, please write to
me at alex@goldminetactics.com
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below for author information.
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