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If you don’t live or work in the state of Nevada it might be a foreign idea to set up your business as a Nevada Limited Liability Company. Even if your company isn’t based in Nevada limited liability company there are many benefits and advantages of incorporating in Nevada.
If you are seeking to protect your assets by becoming a limited liability company, Nevada offers some of the best benefits to do so. By setting up an LLC in Nevada, you are getting the most personal asset protection available. The laws Nevada limited liability company has in place to protect business are tough and iron clad. When your business is a limited liability company your personal assets are protected from the debt of your business or if your business is sued. In some situations the legal system can argue the legality of your LLC and the corporate veil can be pierced, meaning you are personally liable and may have assets seized or end up paying for debts or lawsuits. There have only been two cases like that in Nevada in the past thirty years. In other states like California it happens all the time. For a small business owner, this can be financially devastating.
Other benefits of setting up your company as a Nevada limited liability company are:
- Privacy
- No State or franchise taxes
- Low set up fees
- Thin capitalization
Privacy is well guarded for businesses in Nevada limited liability company. Members of the Nevada limited liability company are not required to be listed in state records. This anonymity protects them from be listed in law suits associated with the business. Also, Nevada does not report any information to the IRS.
Due to the fallbacks of the gaming industry the state does not require a Nevada limited liability company to pay state taxes. There are few states that offer this benefit.
When you are starting your own company you want to keep start up costs as low as possible. Nevada offers low franchise fees when becoming a Nevada limited liability company. Many states require a large amount of capitalization. You can become an LLC in Nevada with a very think capitalization. Most of the time businesses can start with as little as one hundred dollars.
Not only will your company benefit from becoming a limited liability company, the benefits increase when you set up your company in the state of Nevada. |
