No, you do not have to live in Nevada to register an LLC. We are headquartered in California and use Delaware and Nevada entities all the time. You may have to qualify to do business or register in the state for which you are located as well, but you will need to run that past a corporate attorney in your particular state.
[addsig]
Thank for your reply Mr. Bill Exeter. Now I have another question, can I register the LLC through Nevada via websites that specializes in registering businesses and still be able to register in my state or do you suggest that I go through an attorney?? Please advise Mr. Exeter or anyone else. Thank you
5th August, 2003
Anyone can incorporte in Nevada. My question is why.
Cost of Incorporation? Why pay the relatively high cost to incorporate in Nevada only then to pay additional fees to register as a DBA in your own state?
Privacy? Once you register as a DBA in your own state- forget the 'privacy' Nevada claims to offer.
Liability protection? Any DBA entity is still bound by the statutes of your own state- no benefit there. And, Nevada must recognize all litigation settlements made within any other state jurisdictions. No additional liability cloak there either.
Taxes? Any DBA entity is still bound by the state tax code in which it does business- not to mention Uncle Sam.
Bearer Shares: this is the ONLY sizzle that Nevada really offers- and it is one well worth to avoid. Unless a someone makes a conscious decision to lie to the IRS about such shares (a BIG mistake)- this "advantage" is also useless (in fact it's frought with criminal and civil implications).
So- what's the 411 on Nevada? I'd LIKE to incorporate there (business friendly)- but I just can't see the business case.
Quote:
On 2003-08-05 20:20, REIMan wrote:
Anyone can incorporte in Nevada. My question is why.
Cost of Incorporation? Why pay the relatively high cost to incorporate in Nevada only then to pay additional fees to register as a DBA in your own state?
Privacy? Once you register as a DBA in your own state- forget the 'privacy' Nevada claims to offer.
Liability protection? Any DBA entity is still bound by the statutes of your own state- no benefit there. And, Nevada must recognize all litigation settlements made within any other state jurisdictions. No additional liability cloak there either.
Taxes? Any DBA entity is still bound by the state tax code in which it does business- not to mention Uncle Sam.
Bearer Shares: this is the ONLY sizzle that Nevada really offers- and it is one well worth to avoid. Unless a someone makes a conscious decision to lie to the IRS about such shares (a BIG mistake)- this "advantage" is also useless (in fact it's frought with criminal and civil implications).
So- what's the 411 on Nevada? I'd LIKE to incorporate there (business friendly)- but I just can't see the business case.
1. Anyone who plans to incorporate know they are in the business to make money. To make money it will cost money. Incorporation fees in different states, nominal issue.
2. Most people who have NV corps who seek privacy could use a two corporation set up. NV Corp leases, loans, purchases items to the home state corp that operates as the intended revenue business. Privacy remains intact and you drain your home state corp of some profits.
3. See no 2. Land trusts, no PG'ing increases privacy. Resident agents in NV corp and home state corp. Acting as VP in NV corp (name is not recorded in public records).
4. See no 2. In state corporation owes debt to NV corp for expenses; therefore, less income is taxed at the federal and state level.
5. Great thing about bearer shares is one person can own the share (nominee) and another hold the power of the vote (you). So technically you do not own shares only the vote that holds no monetary value.
*this is not legal advice. [ Edited by sbc on Date 08/05/2003 ]
5th August, 2003
SBC: Interesting. Any suggestions for further reading and or sites on this?
I'm likly not at a posting level to post links on the board. You can do searches on Nevada incorporation (or Wyoming as it holds very similar benefits). Much of this information came from speaking with owners of incorporation companies. You will get a wealth of answers from them.
Robert Allen's Multiple Streams of Income (unlimited wealth) addresses the two corporation strategy. Offhand, I cannot recall any other books.
Great Question!! Looking to know that one too
No, you do not have to live in Nevada to register an LLC. We are headquartered in California and use Delaware and Nevada entities all the time. You may have to qualify to do business or register in the state for which you are located as well, but you will need to run that past a corporate attorney in your particular state.
[addsig]
plus it is cheaper to renew in those states also..
Thank for your reply Mr. Bill Exeter. Now I have another question, can I register the LLC through Nevada via websites that specializes in registering businesses and still be able to register in my state or do you suggest that I go through an attorney?? Please advise Mr. Exeter or anyone else. Thank you
Anyone can incorporte in Nevada. My question is why.
Cost of Incorporation? Why pay the relatively high cost to incorporate in Nevada only then to pay additional fees to register as a DBA in your own state?
Privacy? Once you register as a DBA in your own state- forget the 'privacy' Nevada claims to offer.
Liability protection? Any DBA entity is still bound by the statutes of your own state- no benefit there. And, Nevada must recognize all litigation settlements made within any other state jurisdictions. No additional liability cloak there either.
Taxes? Any DBA entity is still bound by the state tax code in which it does business- not to mention Uncle Sam.
Bearer Shares: this is the ONLY sizzle that Nevada really offers- and it is one well worth to avoid. Unless a someone makes a conscious decision to lie to the IRS about such shares (a BIG mistake)- this "advantage" is also useless (in fact it's frought with criminal and civil implications).
So- what's the 411 on Nevada? I'd LIKE to incorporate there (business friendly)- but I just can't see the business case.
Thoughts?
REIMan
Quote:
On 2003-08-05 20:20, REIMan wrote:
Anyone can incorporte in Nevada. My question is why.
Cost of Incorporation? Why pay the relatively high cost to incorporate in Nevada only then to pay additional fees to register as a DBA in your own state?
Privacy? Once you register as a DBA in your own state- forget the 'privacy' Nevada claims to offer.
Liability protection? Any DBA entity is still bound by the statutes of your own state- no benefit there. And, Nevada must recognize all litigation settlements made within any other state jurisdictions. No additional liability cloak there either.
Taxes? Any DBA entity is still bound by the state tax code in which it does business- not to mention Uncle Sam.
Bearer Shares: this is the ONLY sizzle that Nevada really offers- and it is one well worth to avoid. Unless a someone makes a conscious decision to lie to the IRS about such shares (a BIG mistake)- this "advantage" is also useless (in fact it's frought with criminal and civil implications).
So- what's the 411 on Nevada? I'd LIKE to incorporate there (business friendly)- but I just can't see the business case.
1. Anyone who plans to incorporate know they are in the business to make money. To make money it will cost money. Incorporation fees in different states, nominal issue.
2. Most people who have NV corps who seek privacy could use a two corporation set up. NV Corp leases, loans, purchases items to the home state corp that operates as the intended revenue business. Privacy remains intact and you drain your home state corp of some profits.
3. See no 2. Land trusts, no PG'ing increases privacy. Resident agents in NV corp and home state corp. Acting as VP in NV corp (name is not recorded in public records).
4. See no 2. In state corporation owes debt to NV corp for expenses; therefore, less income is taxed at the federal and state level.
5. Great thing about bearer shares is one person can own the share (nominee) and another hold the power of the vote (you). So technically you do not own shares only the vote that holds no monetary value.
*this is not legal advice. [ Edited by sbc on Date 08/05/2003 ]
SBC: Interesting. Any suggestions for further reading and or sites on this?
REIMan
I'm likly not at a posting level to post links on the board. You can do searches on Nevada incorporation (or Wyoming as it holds very similar benefits). Much of this information came from speaking with owners of incorporation companies. You will get a wealth of answers from them.
Robert Allen's Multiple Streams of Income (unlimited wealth) addresses the two corporation strategy. Offhand, I cannot recall any other books.