Limited Liability Corporation In Nevada - The Castle LLC To Beat
All Castles
November 8, 2004
By Katherine Curtis
The enchanting advantage of a limited
liability corporation in Nevada is not how the state
miraculously veils its businesses from tax burdens
and tedious reporting of all directors and stockholders;
establishing lawsuit protection for a business is
sufficient reason for a business to call Nevada home.
A business generally decides to become an LLC (limited
liability corporation) rather than an "Inc."
in Nevada to build a deep moat around the business
and to detach the owner from the operations. The laws
veiling limited liability corporations in Nevada are
some of the best in the nation. As Nevada laws become
friendlier to in-state and foreign businesses, more
companies are forming their businesses under Nevada's
jurisdiction.
Forming A Mighty Fortress On A Mountain Or Deep In The
Valley.
To Nevada, the location of the LLC and its owner is not an issue.
Neither needs to reside within the state. When an LLC is formed
in Nevada, the LLC follows Nevada laws and litigation proceedings.
However, an LLC must still qualify in another state before it can
operate other than where it was formed. An LLC that is foreign -
that is, residing outside the state - is eligible for Nevada's personal
liability laws to creditors.
While the fees associated with forming an LLC in Nevada are not
inexpensive compared to other state, an LLC in the Silver State
is cloaked by privileges that many other states do not offer. For
example, stockholders are not public record in Nevada. Thus, anonymity
holds back prying eyes and IRS investigations. Other privileges
exclusive to Nevada are tax exemptions. Some of these exemptions
may include corporation profit does not have state tax, and neither
state annual franchise tax or state personal income tax exists.
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