When you are set to start your shelf company or business, the state of incorporation becomes necessary because it will determine many aspects of the business, including corporate income tax. Nevada is indeed a very popular state of incorporation. The investor bankers usually need publically traded companies for incorporation in Nevada to ensure compliance with the law requirements.
Forming an aged corporation in Nevada is very beneficial as the state offers income tax free incorporation and has solid laws for asset protection and the privacy of ownership. Nevada offers the opportunity for the owner to take charge of his professional destiny in one of the states known for its success in entrepreneurial innovation. Additionally, the corporation law of Nevada is based on the Delaware model with the aim of minimizing the cost, time, and risks of commercial litigation.
What are the advantages of incorporating the aged corporation in Nevada?
- Nevada never shares the corporation information with the Internal Revenue Service, and it maintains privacy by not gathering such information to share.
- Nevada assures the asset protection of the shareholders and prevents the loss of shares when sued personally.
- The annual renewal fee that includes filing the list of directors and the officers is pretty low.
- The shareholders can control the company by nominating other directors and officers. It prevents their name from appearing in the public records.
- A shelf company can be formed quickly in Nevada, which saves a lot of time.
How can you start the business or the shelf company in Nevada?
- At first, you must choose a business structure in Nevada that might be Sole proprietorship, Limited liability company, limited liability limited partnership, general partnership, limited partnership, close corporation, a domestic corporation, non-profit cooperative corporation, non-profit corporation, professional corporation, and cooperative association. You can choose any of the entities for your business, and the type of entity will have tax and legal implications for the company.
- After identifying the type of entity, you are required to name your business, and the name must be unique. Your name will become official after registering your entity with the state.
- The registered business entities are required to appoint a registered agent in Nevada, who will be accepting the service of all the legal paperwork on your behalf.
- You need to choose the location next if your company is going to serve your customers physically, and please note that the location also impacts the success of the company.
- The next step is to register your business with the state. Nevada offers an online portal for handling all the registrations and licensing. The fees will vary according to the type of entity.
- Obtain the EIN from the IRS, a must for opening the bank account and hiring employees.
- Now, the next step is to open the business bank account using the EIN.
- Then, seek funds for the business. It can be done through Nevada government grants & incentives, the Nevada Microenterprise initiative program, along with credit unions, private investors, and banks.
- Next, you are required to obtain the Nevada state business licenses and permits.
You can even choose to buy an already incorporated entity or a shelf company in Nevada, which will also offer you similar benefits as that of the Nevada corporation. Nevada does not levy income tax on the companies in the state and being tax heaven, it makes up for its high administration costs.
