Forming a Corporation in Nevada
Are you a businessman and you’re planning to extend your business to another state by forming a corporation in Nevada?
The state of Nevada is one of the 50 states in the United States that offer an easy-access to form a corporation with low taxation benefits and sure protection for the business.
The Reasons for Forming a Corporation in Nevada
The business-friendly state of Nevada is one of the wonderful states in United States which is a usual target to open a business because of its advantageous benefits when forming a corporation within the state boundaries. These interesting benefits have attracted a lot of businesses that contributes on the growth of the state in terms of business stability.
The state of Nevada has offerings that can’t be found to other states in the US, particularly when forming a corporation. Here are some of the benefits as stated:
- The Business Rights to Privacy and Confidentiality
- Minimal Tax Rates
- No Information Sharing with IRS (Internal Revenue Service)
Since forming a corporation means a business entity that has separate legal entity among the members of the board or shareholders, the state provides protection and privacy on the information of each member and officers. The Nevada law also allows the annual meeting of the corporation to be held at any location the board desired for, even it is out of the state or outside the country, and this right is not available to other states.
In terms of taxation, Nevada has the lower tax rates compared to other big states in US. If the standard individual nominal tax rate is closely about 45% (which includes taxes to Medicare and Social Security) in most of the states, in Nevada it would cost only around 15%, thus saving almost 30% because of this benefit. Another good thing in doing business in Nevada is the fact that it offers no state tax for Nevada Corporations, only for Federal taxation.
This is good news for corporations who are planning to apply tax-reduction plans with accordance to Nevada law. The financial records of the corporation are being protected by this policy, a pretty good reason why many desire to form a corporation in the state.
These are the top three advantages why it is best to form a corporation in Nevada. The other benefits also include limited liability protection and stock flexibility. Now, if you are interested to form a corporation or extend your business in Nevada, here are the steps you should follow.
Steps to Form a Corporation in Nevada
It is fast and simple to form a corporation in the state of Nevada. There are three ways to do this; through telephone, online application, or by dropping by personally to the Office of the Secretary of State to sign and file the articles of incorporation. The complete information about the requirements is stated at Nevada.org. However, one of the important requirements that you should prepare is the corporate bylaws.
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