Incorporating a Nevada Business

Setting up the right type of business entity in Nevada is crucial for a lot of good reasons.

Just because someone had the bright idea to set up a business in
Nevada doesn’t mean all the details can be immediately put into action
and the business open within a month. While that might be a nice dream,
the practical reality is that there are a lot of hoops one needs to go
through to set up.

The initial start up process isn’t so difficult to handle as it
usually involves, among other things, choosing a name, deciding what to
sell and how to do that, and where the business should be located. This
is all the fun stuff, but the other side of the coin is that there
needs to be a decision about how to legally set up the operation.
Should that entity be a corporation or a limited liability company?

These kinds of questions are not ones that an individual unfamiliar
with business law should try and answer on their own. It’s well worth
the money to hire a highly skilled business lawyer to assist in the
process of starting a company. Or to put this another way, it would be
downright foolish to not hire a business lawyer to help navigate the
maze of rules and regulations that apply to new companies in Nevada.

A great number of Nevada companies have incorporated for a variety
of reasons, such as there is no corporate income tax, no taxes on
corporate shares, and no personal income tax. Those are distinct
advantages to starting up a company and incorporating it. However,
there may well be another kind of business entity that would better
suit the needs of a new company – be it sole proprietorship, limited
liability or a corporation.

Forming a limited liability company (LLC) in Nevada has a whole lot
of advantages going for it as compared to trying to form an LLC in
another state. Nevada’s costs for forming LLCs are very low and the
lack of any corporate income tax is very appealing to entrepreneurs.
Another reason for the popularity of an LLC in this state is that they
offer shareholders and corporate directors almost unheard of protection
against personal liability.

To get an LLC filed in Nevada there are several documents that need
to be handled – an Articles of Organization or Incorporation with the
Nevada Secretary of State and an employer Identification Number/Federal
Tax ID.

The articles are used by the State Secretary to create the fledgling
LLC. It is a wise idea to read the operating agreement and bylaws prior
to actually forming the company in this manner. The agreement and
bylaws offer detailed information on how to form an LLC. The employers
Identification Number/Federal Tax Id are run of the mill regular
documents that all companies need sooner or later.

Setting up an LLC in Nevada means also listing the officers and
members of the company. This may be filed directly on the Nevada
Secretary of State's website. Any filing fees for this form are paid to
the Secretary. If by chance the applicant wants their corporation to be
an S-Corp, they’ll need to file the right form with the IRS promptly.

There are other advantages to setting up business in Nevada that a
good attorney will be happy to explain to the prospective owners, not
the least of which is guaranteed anonymity, as the shareholders and
directors of Nevada corporations are not named in public records nor
will the state government share any information with other states.

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