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.
Nevada is a beacon for many people to incorporate there, and for good reason. First, the laws and regulations surrounding taxes are very favorable for business owners. Not only is there no franchise or equity tax, but there is also none on corporate incomes and shares. In addition, there is no state income tax, which makes workers want to flock to the state.
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.
Then, you must recruit your staff, particularly your managers if you are building an LLC or directors if you are starting a corporation. You must, by law, have at least one direct who is 18 years of age or higher. They do not have to be Nevada residents, which lets you cast a a much longer line for talent.
After you have your directors or managers, it is time to file your paperwork with the state. Corporations file something called Articles of incorporation and LLCs file Articles of Organization. Either way, they must be filed with the secretary of state.
Each city has particular permits and licenses that you may need to procure. Now is the time to do that, after the paperwork has been filed. There may also be other laws and regulations that need to be followed at all times, so be cognizant of that as well.
Nevada requires that you show proof that you are keeping business funds separate from personal ones, which is why you must start a separate corporate bank account. Proof of this separate account must be furnished upon request.
Once all this is done, you can begin conducting business. However, each year you are required to file an annual report with the state. You must also renew your license each year, which does come with a fee. If you are a corporation, then the cost is $150 per year for filing the annual list and $500 for your license. If you are an LLC, then the cost is $150 for the annual list filing and $200 for the license renewal.
One more thing to remember before you open for business is that there are realtors who can help you find a physical location to open. Your annual filing must include your company's physical address and phone number, and a realtor can help you find that address. Even though your directors don't have to work there, you will need local employees to do so.
Nevada is a beacon for many people to incorporate there, and for good reason. First, the laws and regulations surrounding taxes are very favorable for business owners. Not only is there no franchise or equity tax, but there is also none on corporate incomes and shares. In addition, there is no state income tax, which makes workers want to flock to the state.
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.
Then, you must recruit your staff, particularly your managers if you are building an LLC or directors if you are starting a corporation. You must, by law, have at least one direct who is 18 years of age or higher. They do not have to be Nevada residents, which lets you cast a a much longer line for talent.
After you have your directors or managers, it is time to file your paperwork with the state. Corporations file something called Articles of incorporation and LLCs file Articles of Organization. Either way, they must be filed with the secretary of state.
Each city has particular permits and licenses that you may need to procure. Now is the time to do that, after the paperwork has been filed. There may also be other laws and regulations that need to be followed at all times, so be cognizant of that as well.
Nevada requires that you show proof that you are keeping business funds separate from personal ones, which is why you must start a separate corporate bank account. Proof of this separate account must be furnished upon request.
Once all this is done, you can begin conducting business. However, each year you are required to file an annual report with the state. You must also renew your license each year, which does come with a fee. If you are a corporation, then the cost is $150 per year for filing the annual list and $500 for your license. If you are an LLC, then the cost is $150 for the annual list filing and $200 for the license renewal.
One more thing to remember before you open for business is that there are realtors who can help you find a physical location to open. Your annual filing must include your company's physical address and phone number, and a realtor can help you find that address. Even though your directors don't have to work there, you will need local employees to do so.
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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