Many people dream of one day being able to open a business, or perhaps expand the one they already have. There are a lot of big decisions that you need to make before taking the plunge. Arguably the most important of these decisions is where to incorporate. There are a lot of economists that will tell you to incorporate in Nevada in order to maximize your profits for a variety of reasons.
The reason so many business owners decide to incorporate in this state is because there is absolutely no taxes on corporate income or shares. There is also no franchise taxes or equity transfer penalties. In addition, there is no state income tax, which means that you can attract top employees since their salary goes much further there.
There are several steps you must take in order to formally incorporate your business in Nevada. The first sounds like the simplest and easiest, but should still be done with a lot of thought and reverance. The first step is to name your company. In order to be sure there is no other business with the same name, you can conduct a name check online to ensure your new moniker is unique.
No company can be run well without leadership, and in order to properly incorporate, you must hire your leadership. These managers or directors must be at least 18 years of age to be named as management on your paperwork. They do not have to reside in Nevada though, so they can be located anywhere.
Once the management is ensconced, you can put their names on your paperwork and file it with the state. If you are a corporation, you file Articles of Incorporation, while an LLC would file Articles or Organization. Both sets of paperwork go to the Secretary of State.
The state of Nevada is not the only entity with rules and laws on the books regarding running a business. Depending on what city or county you are setting up in, there may be other regulations, licenses and permits that you must get to start your business.
The next step in your journey is to go and open a business bank account and fund it. The reason is that state laws say you must keep your personal money and company funds separate from each other, and must provide proof that you did so.
Once you receive your license from the state and any local permits, you can finally begin working. However, the law does require that you renew your paperwork and permit each year and file an annual report, both of which will cost you some money. Corporations pay $500 per year for the business license and $150 for the report filing. LLCs must pay only $200 for the license, and $200 for licensing.
Though your managers or directors do not have to reside in the state, you do need to have an actual physical location and some employees who do call Nevada home who work there. An address and phone number within the state boundaries is a must, so you should find a realtor to help you scout locations so you can put the final touch on your official incorporation.
The reason so many business owners decide to incorporate in this state is because there is absolutely no taxes on corporate income or shares. There is also no franchise taxes or equity transfer penalties. In addition, there is no state income tax, which means that you can attract top employees since their salary goes much further there.
There are several steps you must take in order to formally incorporate your business in Nevada. The first sounds like the simplest and easiest, but should still be done with a lot of thought and reverance. The first step is to name your company. In order to be sure there is no other business with the same name, you can conduct a name check online to ensure your new moniker is unique.
No company can be run well without leadership, and in order to properly incorporate, you must hire your leadership. These managers or directors must be at least 18 years of age to be named as management on your paperwork. They do not have to reside in Nevada though, so they can be located anywhere.
Once the management is ensconced, you can put their names on your paperwork and file it with the state. If you are a corporation, you file Articles of Incorporation, while an LLC would file Articles or Organization. Both sets of paperwork go to the Secretary of State.
The state of Nevada is not the only entity with rules and laws on the books regarding running a business. Depending on what city or county you are setting up in, there may be other regulations, licenses and permits that you must get to start your business.
The next step in your journey is to go and open a business bank account and fund it. The reason is that state laws say you must keep your personal money and company funds separate from each other, and must provide proof that you did so.
Once you receive your license from the state and any local permits, you can finally begin working. However, the law does require that you renew your paperwork and permit each year and file an annual report, both of which will cost you some money. Corporations pay $500 per year for the business license and $150 for the report filing. LLCs must pay only $200 for the license, and $200 for licensing.
Though your managers or directors do not have to reside in the state, you do need to have an actual physical location and some employees who do call Nevada home who work there. An address and phone number within the state boundaries is a must, so you should find a realtor to help you scout locations so you can put the final touch on your official incorporation.
About the Author:
Learn why you should incorporate in Nevada by reading our online guide. The website that contains further info can be accessed at http://www.nevadadiscountregisteredagent.com/why-should-you-incorporate-in-nevada.
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