Forming a Corporation Sole In Nevada - Betting On A Clean Run
November 18, 2004
By Katherine Curtis
The tricks to forming a corporation sole
in Nevada involve trust in one's personal affairs
and the affairs of the business. Not all business
owners want their name tied in so closely with the
affairs of a business.
However, some owners weigh the odds and
risk it all to maintain the family name, save double-taxation,
and keep the business operating on their own terms.
Handing Over A Sole Legacy.
Associating solo with sole would be an error. Most businesses operate
solo from the owner. The formation of a corporation sole in Nevada
shows no distinction between the two; the owner is liable for the
business and the business is tied to the owner. Hence, the term
sole represents for one and only. When litigation goes after a sole
corporation, the owner's private possessions may be sought as well.
In the long run, unless the affairs of the business are kept clean,
an owner's reputation may be ruined. Not to mention, keeping away
the Big Bad Wolf is much harder when an entity carries the title
of Sole Corporation.
The safest way to approach forming an S corporation in Nevada is
to contact a corporation service professional. These services expedite
the process much faster than if the owner elects to contact the
office of Nevada's Secretary of State independently. While the articles
and amendments are not hard to come by and cost considerably less
many other entities, selecting the correct forms in the correct
order can be slightly confusing and very time consuming. Additionally,
while a professional team can complete the filing in a few months
or less, an owner can expect half a year or more to finish the process
on his own.
The benefit of employing a professional team is more than timesaving
to the corporation sole; protecting the S Corporation and its owner
is much riskier without a professional team. Costs involved in retaining
a professional team is much less than loosing it all to invasive
claims later on.