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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