When starting a business, many business owners find it advantageous to set up a business entity to protect themselves from personal liability for the business. One option is to form a Limited Liability Corporation (LLC). There are many advantages to setting up a LLC in Nevada.
Privacy and Asset Protection
Nevada does not list owners or board members of a LLC on public record. The owner is in no way tied to the LLC in the case of the lawsuit. In addition, Nevada does not require a company asset list to be file, so assets are also protected from lawsuits. This information is only released if the company proves to be involved in fraudulent activities.
One of the biggest advantages of forming a Nevada LLC is that the state does not charge taxes on corporate shares or stock transfer tax; there are also no franchise taxes, no gift taxes, no business and occupation tax, and no personal state income tax. In addition, Nevada does not share stockholder or board member information with the Internal Revenue Service (IRS).
There are several other benefits to forming an LLC in Nevada. Incorporating in Nevada is inexpensive. In 2010, according to Nevada Corporate Headquarters, an LLC could be formed for as little as $125. In addition, the owner and any other members of the company are not required to live or visit Nevada at any time. In fact, an individual does not even have to reside in the United State to form a Nevada LLC.