It is important to consider what kind of tax and other benefits you can enjoy in the state in which you intend to set up your corporation.  After recent changes in its business and tax laws, Nevada has been known as a “corporate heaven.”  In fact, the benefits are so great that it is estimated that 12% of all Nevada corporations were set up by non-Nevadans. 

In addition to the traditional benefit of protecting officers and directors from legal liabilities arising from corporate action, here are some of the Nevada Corporation-specific benefits:

• Tax Benefits:
   No Nevada personal income tax
   No Nevada corporate income tax
   No franchise tax
   No succession tax
   No shares tax
  Please note that taxes may apply in the state in which you do business. 
  
  
• Privacy:
   Minimum requirements for disclosing and reporting information
   Only names of the officers and directors of a corporation are public record
   Nevada State does not share corporate information with the IRS
   No requirement for filing any other information, listings or even meeting minutes with the State
   Stockholder information kept private for Nevada corporations
  
  
• Ease of Operation & Management:
   No minimum start-up capital amount required
   The minimum number of officers and directors is one.  So, you can set up a one-person corporation
   Directors determine the value of newly issued stocks, and their decisions are final and binding
   Directors are not required to be stockholders
   Stockholder, directors and officers do not need to be Nevada residents, nor U.S. citizens
   Nevada corporations can trade shares of their own stock
   Stocks can be issued for capital, services, personal assets or real estate
   Nominal annual fees for Nevada corporations
   Only Nevada permits issuance of Bearer Shares

The benefits are great.  However, there are requirements that must be followed for Nevada corporations.  Many people over the past years have only focused on the benefits and yet overlooked these requirements.  In fact, sources say up to 70% of Nevada corporation owners failed to abide by the law, which may have led to legal and tax liabilities through auditing.  This calls for an advice from a competent attorney.  To arrange an appointment with us to consult about setting up a Nevada corporation please call or email us.