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.
The state of Nevada has many laws on the books that are helpful for business owners, no matter what industry your company happens to be in. First, they have no tax rate on corporate shares or income. Second, there is no franchise or equity transfer penalties to pay. Finally, with no state income tax, you can attract top talent to your firm since their dollar goes further.
For proper incorporation that is legal, you must complete a list of steps, the first of which is simply to give the business a name. You will want to think long and hard on this, to ensure it is something that is easy for customers to remember and will attract future customers as well. Then, you must do an online name check to ensure no other company has selected and is currently using the name.
No company can be run well without leadership, and in order to properly incorporate, you must hire your leadership. These managers or directors must be at least 18 years of age to be named as management on your paperwork. They do not have to reside in Nevada though, so they can be located anywhere.
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.
You must also have proof that you have opened a bank account specifically for the business. State laws say that you must keep personal funds and business funds completely separate, so make sure you take this very important step.
Once you receive your license from the state and any local permits, you can finally begin working. However, the law does require that you renew your paperwork and permit each year and file an annual report, both of which will cost you some money. Corporations pay $500 per year for the business license and $150 for the report filing. LLCs must pay only $200 for the license, and $200 for licensing.
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.
The state of Nevada has many laws on the books that are helpful for business owners, no matter what industry your company happens to be in. First, they have no tax rate on corporate shares or income. Second, there is no franchise or equity transfer penalties to pay. Finally, with no state income tax, you can attract top talent to your firm since their dollar goes further.
For proper incorporation that is legal, you must complete a list of steps, the first of which is simply to give the business a name. You will want to think long and hard on this, to ensure it is something that is easy for customers to remember and will attract future customers as well. Then, you must do an online name check to ensure no other company has selected and is currently using the name.
No company can be run well without leadership, and in order to properly incorporate, you must hire your leadership. These managers or directors must be at least 18 years of age to be named as management on your paperwork. They do not have to reside in Nevada though, so they can be located anywhere.
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.
You must also have proof that you have opened a bank account specifically for the business. State laws say that you must keep personal funds and business funds completely separate, so make sure you take this very important step.
Once you receive your license from the state and any local permits, you can finally begin working. However, the law does require that you renew your paperwork and permit each year and file an annual report, both of which will cost you some money. Corporations pay $500 per year for the business license and $150 for the report filing. LLCs must pay only $200 for the license, and $200 for licensing.
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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