Nevada has no state tax due to the gambling revenue. This is what I have been told I am not a CPA so check with your CPA before you make a decision like that.
[ Edited by ccreia on Date 03/01/2002 ]
Yes it is true about no state personal income tax but the best real reason for having a Nevada Corp is the inability to "Pierce the Corporate Veil" and the fact it is one of the easiest states to incorporate in.
Your corporation may originate in Nevada but can operate anywhere. Since I live in Las Vegas of course I would work under a Nevada corporation.
Disclaimer: I am not an attorney and I am not giving you any legal advise except to contact your attorney before incorporating anywhere.[ Edited by jfmlv1950 on Date 03/01/2002 ]
I found out this weekend from a Tax Strategy Seminar that the Nevada Corporation wouldn't be wise to do unless you are a big corporation. The tax law states that you have to have a presence in Nevada to be legit. So you would have to have a lady answering phones, etc. There are companies that do provide this type service for people, but the guy that I talked with said that for the individual investor is isn't really worth your time.
The whole purpose is to save on taxes, but you will be paying more so if you hire a company in Nevada to be your presence.[ Edited by joel on Date 03/02/2002 ]
Joel
What I think he was referring to was a "Resident Agent". This person must be designated in the corp to accept process in behalf of the corporation. There are companies here that can perform this service for you (app $120.00yr) in addition to creating the corporation for you. I don't think the owners of this site allow "ads" in posts so I won't mention any of the companies I know; just check the net under Nevada Corporations.
You can't submit the weblink here in the forums, but you can on the web links page. The link will be reviewed and might be added later. Feel free to add in any weblinks that you feel are neccessary to other investors.
One of the main reasons as I understand it why having a Nevada Corporation is advantagous is because Nevada does not share the names of the shareholders with other government agencies in particular the IRS. Therefore, shares of a Nevada corporation are in essence 'bearer shares'. Meaning who ever has possession (bearer) owns the shares of the corporation. If you have heard of bearer bonds (which is evidence of debt) bearer shares are evidence of equity in a company. This affords the bearer annonimity and privacy. The aformentioned state tax benefit is a bonus (no state of Nevada corporate income tax). You will still have a federal corporate income tax to pay if your corporation has a net profit just like any other state registered corporation. Hope this helps.
Nevada has no state tax due to the gambling revenue. This is what I have been told I am not a CPA so check with your CPA before you make a decision like that.
[ Edited by ccreia on Date 03/01/2002 ]
Yes it is true about no state personal income tax but the best real reason for having a Nevada Corp is the inability to "Pierce the Corporate Veil" and the fact it is one of the easiest states to incorporate in.
Your corporation may originate in Nevada but can operate anywhere. Since I live in Las Vegas of course I would work under a Nevada corporation.
Disclaimer: I am not an attorney and I am not giving you any legal advise except to contact your attorney before incorporating anywhere.[ Edited by jfmlv1950 on Date 03/01/2002 ]
I found out this weekend from a Tax Strategy Seminar that the Nevada Corporation wouldn't be wise to do unless you are a big corporation. The tax law states that you have to have a presence in Nevada to be legit. So you would have to have a lady answering phones, etc. There are companies that do provide this type service for people, but the guy that I talked with said that for the individual investor is isn't really worth your time.
The whole purpose is to save on taxes, but you will be paying more so if you hire a company in Nevada to be your presence.[ Edited by joel on Date 03/02/2002 ]
Joel
What I think he was referring to was a "Resident Agent". This person must be designated in the corp to accept process in behalf of the corporation. There are companies here that can perform this service for you (app $120.00yr) in addition to creating the corporation for you. I don't think the owners of this site allow "ads" in posts so I won't mention any of the companies I know; just check the net under Nevada Corporations.
You can't submit the weblink here in the forums, but you can on the web links page. The link will be reviewed and might be added later. Feel free to add in any weblinks that you feel are neccessary to other investors.
I know many companies which charge only about $70-$80 per year for registered agent. For example www.incparadise.com
That might be a viable solution for somebody looking to do a Nevada Corp. Thanks for the help guys.
One of the main reasons as I understand it why having a Nevada Corporation is advantagous is because Nevada does not share the names of the shareholders with other government agencies in particular the IRS. Therefore, shares of a Nevada corporation are in essence 'bearer shares'. Meaning who ever has possession (bearer) owns the shares of the corporation. If you have heard of bearer bonds (which is evidence of debt) bearer shares are evidence of equity in a company. This affords the bearer annonimity and privacy. The aformentioned state tax benefit is a bonus (no state of Nevada corporate income tax). You will still have a federal corporate income tax to pay if your corporation has a net profit just like any other state registered corporation. Hope this helps.