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S Corporation FAQ

Date: 06/19/2020 | Category: | Author: Martin Pouzar

S CORPORATION FAQ

An S-corporation in the USA is a closely held corporation that makes a valid election of being taxed under the Subchapter S of Chapter 1 of the Internal Revenue Code. Basically, unlike the C-Corporation, the S-Corporation does not have to pay any corporate income taxes.

What is an S Corporation?

An S-Corporation refers to a type of corporation that meets specific Internal Revenue Code requirements. It is also known as an S subchapter. The requirements offer corporations with 100 shareholders or less the benefit of the incorporation while being taxed as a partnership. In addition to this, it also has to be a domestic corporation where it can have only eligible shareholders and have only one class of stock. This means that the corporation has the right to pass income directly to the shareholders and avoid double taxation that the C-corporation suffers from.

To explain better, the corporation taxes filed under the Subchapter S may pass the business income, losses, deductions, and credits to shareholders. Shareholders report the losses and income on the individual tax returns, and pay taxes at ordinary tax rates. S corporations pay tax on specific built-in gains and passive income at the corporate level.

Additionally, the shareholders in the S-corporation have to be individuals, estates and specific trusts, or certain tax-exempt organizations (501(c)(3)). Corporations, partnerships and nonresident aliens are not qualified as shareholders for an S-Corporation. Along with this, the domestic international sales companies, insurance companies, and specific financial institutions are also not qualified.

What are the main benefits of forming S Corporation?

There are a lot of things that need to be considered when forming a business entity. An S-Corporation has a lot of benefits that would make you want to choose it as an option for your company. Here are the main benefits that you enjoy by forming an S-Corporation:

  • Unlimited management personnel with no state residency requirements
  • Limited liability for shareholders and management
  • Good privacy protection, especially if you decide to open the s-corp in Wyoming and Nevada.
  • Flow-through taxation – the profits are distributed to the shareholders who are then taxed on the profits on their personal income tax return.
  • Distinct and court-recognized existence helps protect you from personal liability that can cause you to lose all the personal wealth that you have including your nest egg, car, and/or home.
  • Great income-splitting potential for employees/owners. The owners can take a small salary and pay income taxes and regular payroll deductions. Then, the remainder of the profit can be taken as a distribution which would be subjected to income tax only.

S-Corporations are great for the businesses that:

  • will not have significant start-up costs
  • will provide a service
  • will not need to make major equipment purchases before the starting of any operation
  • will make a sizable amount of money without a great deal of effort and expense

What is the purpose of Form 2553?

The moment a business owner decides to register their small business as a corporation with the IRS, they are incorporated as a C-Corporation by default. That is when businesses can file the IRS form 2553, which is also called the Election by a Small Business Corporation and elect to form an S-corporation instead of a C-Corporation. The form 2553 permits the small business to register as an S-Corporation rather than a C-corporation.

This comes with the significant tax benefits that can save your company money during the tax season. S-Corporations are not subjected to the double taxation that the C-corporation suffers from. The S-corporation taxation method is very similar to that of a limited liability company (LLC) or a partnership. In short, by filing Form 2553, you are reducing your tax liability. So, instead of paying up to 35% of corporate tax, the form turns your company into a “pass-through company” for tax purposes. That is where the income tax is taxed to its shareholders, not to the corporation itself.

How S corp is taxed?

S-Corporation is taxed very differently from the C-corporation. To begin with, the C-corporation files its annual return using the Form 1120S, unlike the C-corporation that uses 1120 for filing its annual return. Moreover, the 1120S is an informational return that simply informs the federal tax authorities of the amount of net profits or losses accrued by the company. And about the proportion by which the profits or losses are to be distributed to the shareholders.

Just to be clear, there is no tax payment or refund associated with the 1120S tax return as the S-Corporation does not have the independent tax status that a C-Corporation has. Instead, the losses or profits are considered and distributed to the shareholders in the proportion to the ownership interest of the shareholders.

FORM A S CORPORATION IN ANY STATE

C Corporation FAQ

Date: | Category: | Author: Martin Pouzar

C CORPORATION FAQ

A C-Corporation refers to any corporation that is taxed separately from its owners in the USA. It is the most common type of corporation in the USA as it offers unlimited growth potential through the sale of stocks. This means that you can attract wealthy investors as well. Additionally, there isn’t any limit to the number of shares that the c-corp can have.

What does C in C Corp stand for?

A c-corporation or c-corp is a legal business structure for a corporation in which the owners or shareholders are taxed separately from the entity. The C in the “C corporation” or “C corp” stands for “corporation.” It comes from the fact that C corp income is taxed under the subchapter C of the Internal Revenue Code. It is the most prevalent of corporations and is also subjected to corporate income taxation. For a c-corp, the taxing of profits takes place both at the corporate and personal levels, creating a double taxation situation.

How a C corp is taxed?

C-corps pay taxes at the corporate level first and after that, the individual shareholders pay taxes on the dividends received by the corporation. This causes double taxation on the profits of the company. The corporate tax is paid using the form 1120. And the first $50,000 of net income is only federally taxed at a 15% rate, and the next $25,000 is taxed at a 25% rate. Different states have different rules on how they tax corporations.

And yes, the idea of double taxation can be daunting, but it is an avoidable problem. Here is how it works: One, a c-corp does not pay taxes on every dollar that it earns. Instead, they deduct their operating expenses from their revenues, reducing the business’ taxable income. For instance, if the company earned about $120,000 in revenue in a fiscal year and spent about $80,000 in operating expenses, the taxable income of the business is $40,000 and not $120,000.

Next, shareholders in the c-corp only get taxed if dividends are given to them by the company. In case a c-corp decides to not give out dividends to the shareholders, and instead retain the profits, the double taxation issue would be avoided as no dividends exist. In other words, a C-Corp will pay double taxation only if it makes profits and distributes dividends to shareholders.

What are the main benefits of filing a C Corporation?

When you are making a decision of whether or not you want to convert a company to a C-corporation, business owners need to consider if the level of paperwork and taxation structure is the right fit for the business. Incorporation adds legal protections that can help keep personal assets safe and even reduce the taxes. Additionally, you can have as many shareholders as you want in a C-corporation making it even easier for it to go public someday.

As compared to the LLCs and S-corporations, if the C-corporation faces financial losses, the shareholders would not get the hit on their tax returns which would happen for the LLCs and S-corporations. This is because both LLCs and S-corporations pass profit and losses to individuals with a stake in the company. Other benefits of the c-corp include the medical reimbursement plans that employees can receive tax-free, the opportunity to collect future expansion earnings at a lower cost, and the added ownership arrangement flexibility for venture capitalists who want to invest in the startup.

How a Corporation is managed and structured?

A corporation is normally managed and run by its directors and officers. The directors are appointed by the shareholders of the company and are responsible for the complete management and corporate governance of the company. The corporate bylaws that are created when the corporation is organized initially, tells how the directors will be elected or removed, which is normally done by a voting system. The directors appoint the officers who are responsible for all the daily operations and management of the company.

Again, the bylaws of the company would direct how the officers are elected and removed. Typically, this is done by a simple majority vote. These officers in the corporation include the president, secretary, treasurer, vice-president, and many more. The titles of the officers would depend on their roles and tasks. At times, different titles are also used for the officers, like CEO, CFO, and so on based on their roles. In a lot of states, a corporation only needs one officer and one director. This can normally be the same person. To know what your state demands, check the Secretary of State website for your state to know more.

In short, a corporation has 3 levels: Shareholders -> Directors -> Officers. In a lot of cases, especially with small businesses, one person acts as all of the above: the sole director, sole shareholder, and all of the officers. Nonetheless, the company still has the flexibility to add as many shareholders in the future to eventually add more directors and officers in the future.

How many shares of stock should my corporation have?

Every corporation is assigned the number of initial shares that can be distributed. The number of shares that are authorized can be seen on the Articles of Incorporation. To give the exact number of shares that your company should have or gets is not possible since the actual number is more or less arbitrary. We normally consider a company to start with 1000 shares with the par value of each share at 0.001 USD.

Some states charge more to form a corporation with a huge number of shares and/or high par value. Also, the number of shares assigned to the company is normally based on the industry type as well. So, no one can give you an exact number of the shares that your corporation will get once incorporated. Just so you know, regardless of the initial number of shares that the corporation gets, you can easily get more shares added later on as the company grows. So, you do not need to worry much about this.

What is the Par Value of a stock?

Par Value is a nominal dollar amount that is given to corporate shares. This doesn’t necessarily reflect their real value and is normally set at a low value, that is one dollar or one cent. The par value of a share is the minimum price at which it can be sold to the shareholders in the company. The par value has to be the same for all the shares that are in the same class. The shares can be sold to the initial shareholders in the company, at par value or more, but the price has to be the same for each of the shares sold. Not all states need a par value. Learn more about your state from your state’s official Secretary of State website, for example Nevada Secretary of State.

FORM A C CORPORATION IN ANY STATE

LLC FAQ

Date: 06/17/2020 | Category: | Author: Martin Pouzar

LLC FAQ

A limited liability company, also known as an LLC is the US-specific form of a private limited company. It is a business structure that combines the limited liability of a corporation with the pass-through taxation of a partnership.

What is an LLC?

LLC stands for “Limited Liability Company” and is one of the many kinds of businesses that you can create in the USA. In fact, it is the most common kind that many entrepreneurs tend to open. An LLC offers a lot of distinct advantages to a business owner, which includes easier administration, tax advantages, and liability protection. In addition to this, it also offers easier administration as compared to some of the other types of entities.

An LLC is a business entity that can be created by one or more people. As soon as an LLC is created, it effectively becomes a separate company that you can use to run every aspect of your business. LLCs are very easy to set up and have the lowest costs for administration.

Is an LLC best for my business?

Yes, with the way the economy is going and how the business world moves, the best choice for a startup is an LLC. One of the main advantages of an LLC is flexibility, which means that it can be operated in many different ways. Basically, it can operate as a corporation where there is a board of officers and managers or it can also function as a sole proprietorship with one individual appointed as a manager. It can also be a general partnership with all members designated as “managers.”

There is also flexibility in the tax preparation. This means that the LLC can be taxed as an S-corporation or a C-corporation, based on its choice. Regardless of how they choose to be taxed, they usually benefit from the pass-through treatment with the LLC. The profits of the LLC flows directly through the entity to the individual members, which means that the members can write off certain company losses and avoid the double taxation that the corporation suffers from.

Can an LLC have only one member?

Yes, an LLC can have only one member. There was a time when almost every state required the LLCs to have two or more members. But this has changed. The IRS regulations were revised and now permit single-member LLCs. This means that if you want to be the sole member of the LLC, you can easily do it. Every state in the US allows the formation of the single-member limited liability company or LLC.

But you need to understand that this choice might not give you the same benefits as a multi-member LLC. You will come across the following issues:

  • Liability concerns: Two basic liability protections are offered by the LLC. The members are not personally liable for the company’s debts, so their personal assets cannot be used to satisfy the business’ debts. And this structure prevents a member’s personal creditors from going after the company’s assets due to the charging order mechanism. Both these protections are less robust for a single-member LLC.
  • Piercing the corporate veil: This happens when the court decides that a business owner is no more insulated from the liability of the business debts. This normally happens when the person and business assets are not kept separately. It also happens when the owner’s individual culpability for the debts is in question. Normally, the court is likely to disregard an LLC as a separate entity when it has a single member.
  • Charging Orders: A charging order permits the business owner’s personal creditors to use the business and its assets to satisfy the owner’s personal debts. For a multi-member LLC, only the indebted member’s shares are used while the others are protected. For single-member LLCs, it happens just like that for the multi-member LLC but since only one member is there, the company can be at risk.
  • Tax Considerations: The IRS treats a single-member LLC as a “disregarded entity” for tax purposes unless the company elects otherwise. The IRS acts as though there is no LLC where the profits and losses pass through and is reported by the owner on their personal income tax. There is a way for the company to be considered as an LLC by the IRS – this is done by filing the Entity Classification Election form (Form 8832) with the IRS. This will allow them to pay tax on their income, but the owner would also have to pay tax for the profits he/she gets on their personal income causing double taxation.

So, if you want to do business by yourself, an LLC is a great choice but it is not recommended. It is better if you have other members as well to avail all the benefits that the LLC has to offer.

What are the steps to starting an LLC?

Starting an LLC is very easy. Here are the steps to it:

  1. Choose an LLC name – Ensure that the name is not used by any other company. Also, the name has to end with the LLC designator such as “Limited Liability Company” or “Limited Company,” or an abbreviation of one of these phrases (“LLC,” “L.L.C.,” or “Ltd. Liability Co.”).
  2. File the articles or organization – IncParadise can help you with this and you just need to share your details such as the address, name, and the member’s details. Contact us to know more.
  3. Assign a Registered Agent – For you to get your company incorporated as an LLC, you will need a registered agent who is not someone from your company. IncParadise offers this service and is happy to act as your registered agent for any state in the USA.
  4. Create an LLC operating agreement – This would hold the rules of ownership and operation of the business.
  5. Obtain licenses & permits – You will also need to get any additional local, state and national license based on your business location and the type of business you are running.
  6. Retain your limited liability – Open a bank account to keep your business expenses different from the personal ones and retain your limited liability like this. Find out more on how to retain your LLC status here.

To get your LLC formed now, contact us at IncParadise. You can find most of the information required to start Nevada LLC on our website.

Can a foreigner be part of an LLC?

Yes, a US LLC can be owned entirely by foreign persons as there are no citizenship or residence requirements for ownership of an LLC. But you need to keep in mind that you will need a state street address for the state to forward the official legal and tax correspondence along with the registered agent address. Along with this, there are other requirements including that the owner needs to have a US taxpayer Identification Number (ITIN), especially if the company will be making money from offering services in the USA.

In fact, a foreigner can only open a company once they have their Taxpayer Identification Number. The process to get a TIN is not a complex one but it can be lengthy. Once the application is submitted, it can take up to 18 weeks for your ITIN to be assigned.

FORM AN LLC IN ANY STATE

Non Profit FAQ

Date: | Category: | Author: Martin Pouzar

NON PROFIT FAQ

A nonprofit organization is a business which has been granted the tax-exempt status by the IRS since it was created for a social cause and offers public benefit.

What is a non profit corporation?

A nonprofit corporation is an organization that is formed to serve the public including charitable, educational, religious, or other public service reasons. Basically, it is not created to earn purely profits for itself, just like other businesses aim to do. One of the biggest benefits of this form of entity is that it is exempt from paying federal and state taxes on any income the corporation earns, unlike the for-profit corporations.

The tax exemption comes from the Internal Revenue Service (IRS) Code Section 501(c)(3), which is why such organizations are often called 501(c)(3) corporations. But the process of creating a nonprofit corporation mirrors that of starting a corporation for business, or profit, purposes.

What are the steps to starting a nonprofit organization?

It is quite easy to open a nonprofit in the USA. Here are the steps to form your own nonprofit 501(c)(3) corporation:

  1. Choose a name – Select a name for your non-profit making sure that it is not the same as any other business name. It will also have to end with a corporate designator, such as “Corporation,” or “Incorporated,” or an abbreviation of any of those words.
  2. File the articles of Incorporation – You will need to fill in the basic business information for this form just like you would for any other normal business. IncParadise can help you with filing for this.
  3. Apply for your IRS tax exemption – Once you are done, you need to file the federal 501(c)(3) tax exemption application to the IRS along with your article of incorporation to get the nonprofit status. Again, this is something IncParadise can help with; connect to know more.
  4. Apply for state tax exemption – After your federal tax exemption has been applied for, in some states, you will have to apply for the state tax exemption as well. Contact your state tax agency to learn more.
  5. Draft bylaws – These are the internal governing rules of how the meetings would be held, electing officers and directors, and voting issues.
  6. Obtain licenses & permits – Check with your state and local government agencies to see if you need additional licenses or permits for your business and get it.

For help in registering your nonprofit, contact us at IncParadise so that we can take all the headache of the incorporation and you can concentrate on the business.

How to choose a name for a non profit corporation?

Just like for every other business, the name of your nonprofit cannot be the same as another business. Additionally, the name has to end with a corporate designator, such as “Corporation,” or “Incorporated,” or an abbreviation of any of those words.

A tip: Choose the name that represents the purpose of your nonprofit.

What is the difference between Nonprofit and Tax-Exempt Status?

Both are not the same. If you are forming a nonprofit corporation, it does not automatically mean that the corporation is tax-exempt for the federal and/or state tax. A tax-exempt corporation is an entity that has gained the exemption from the income tax liability. And a nonprofit is not eligible for the exemption from the income tax liability until it applies for the tax-exempt status and the IRS has approved it.

Additionally, the nonprofit status refers to incorporation status under state law. And the tax-exempt status refers to federal income tax exemption under the Internal Revenue Code. This kind of business is usually barred from distributing profits and accumulating equity appreciation for private benefit. All the money is reinvested to make the lives of others better.

Are non profit directors and officers the same?

No, they are not the same. In fact, many nonprofits fail to respect the differences between officers and directors. When an individual holds both the position of director (i.e., board member) and an officer position (e.g., chair of the board), we often see such individuals elected for only the officer position. It is assumed that such people automatically become a director as well, but this only happens if the governing documents of the nonprofit provide that the officer is an ex officio director. And most of the nonprofits do not have this clause in their documents.

So, what are the differences nonprofits must respect here? Each has been explained below:

  • Directors – A director is a member of the board of directors and has a vote on each matter that comes before the board. As an individual, the director does not have any inherent powers, except for the right to vote, to sue the corporation and other directors, to receive certain reports, and to inspect the corporation’s documents and properties. A single director never has any control in managing the company. The ultimate power just lies in the company board of director’s hands.
  • Officers – Unlike directors, officers are hired by the board of directors and have individual duties related to managing some aspects of the corporation’s affairs and activities. These duties are not defined by the corporate law but by the bylaws of the company, on how the company needs to be run. State laws typically require a president or chair of the board, treasurer, and secretary. Corporations can choose more officers based on their needs and structure.

And to be clear, the officers do not have any position on the board of directors, that is they are not one of the directors themselves just like the directors work isn’t to manage the company and operate it, unless they have been elected by the board of directors to do so. So, it is always better to keep the duties clear and the differences clear as mixing them up can lead to a bad structure of the company. A bad structure can end up bringing confusions in the long ran and resulting in a badly handled business.

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Benefits of using virtual mailbox for your Wyoming Business

Date: 03/23/2020 | Category: | Author: Martin Pouzar

BENEFITS OF USING VIRTUAL MAILBOX FOR YOUR WYOMING BUSINESS

A start-up in Wyoming is definitely a great decision especially because the state is known for its pro-business environment. Most entrepreneurs believe that starting a business is not easy and there are so many considerations that need to be made especially when it comes to cutting down start-up costs. One of the ways to cut down costs and yet operate a business is by owning a virtual office or a virtual mailbox in Wyoming. A virtual office fulfills the need for a business address and also provides the flexibility to an entrepreneur to work from anywhere.

An Introduction to Wyoming for Businesses

Whether you are planning to rent commercial space or own a virtual office, with Wyoming mail forwarding; the state offers several benefits to small businesses. In fact, the Cowboy State is considered as one of the best states for new businesses. It is ranked #1 in the State Business Tax Climate Index by Tax Foundation and this is largely due to the fact that the state doesn’t have any corporate or individual income tax. The real GDP of Wyoming in 2018 was $38.37 billion and according to Forbes, the state offers a strong regulatory environment as well as economic climate.

Why is Wyoming the best state to start a business?

The Cowboy State is home to over 65,000 small businesses and these vary from home based start-ups to partnership firms and from LLC to business corporations. Small businesses have always played an integral role in the state’s economy and today there is a new legion of entrepreneurs that are helping drive the economy. The entrepreneurs today are opting to work from their virtual offices as it provides them with privacy, flexibility, and Wyoming mail forwarding services. The Kauffman Indicators of Entrepreneurship research study revealed that 88.28 percent entrepreneurs in Wyoming created their business out of choice and not out of necessity. One of the primary driving forces behind the rise of the entrepreneurs in the state is the various benefits offered to start-ups. Some of the benefits include:

  • Good tax climate: There are more and more start-ups opting for virtual offices to benefit from virtual mailbox Wyoming services but more than that, it is the tax climate that makes the final impression. Some of the tax benefits that your start-up will enjoy include:
    • There is no personal incomes tax for entrepreneurs
    • Small businesses don’t have to pay corporate income tax
    • There is no inventory tax in the state
    • You will not be required to pay any franchise tax
    • You will not be required to pay any value-added tax
    • You will not be required to pay any occupation tax
  • Start-up Wyoming Services: There are a range of services, programs, and resources offered by the Wyoming Business Council to help build the entrepreneurial ecosystem of the state. The most popular among these are the Small Business Innovation Research (SBIR) or Small Business Technology Transfer programs. The objective of these programs is to provide necessary aid in the form of grants or contracts to small businesses, so that they can conduct research and development (R&D). A virtual mailbox in Wyoming service offered by providers like IncParadise can also play a very important role in minimizing overall startup cost.
  • Finance and Grants: Different start-ups have different requirements and Wyoming believes that a small business should not suffer a setback for the lack of finance. There are several loan programs in place that can help small businesses acquire the necessary capital. Some of the loan programs include Community Development Block Grant (CDBG) Program, Small Business Investment Credit Program, Wyoming Partnership Challenge Loan Program, and Kickstart-Wyoming Grant Program among others.

Virtual Mailbox for Wyoming Business

If you are an entrepreneur then Wyoming is just the perfect destination. The Cowboy State offers a pro-business environment and the overall cost of doing business is lower than most of the other states. You can even opt for a virtual office as this will provide you with a street address so that you can work from anywhere and yet enjoy the benefits of Wyoming mail forwarding and state based incentive programs targeted at new businesses.

Why use Virtual Mailbox for your Wyoming business?

The internet has never been more interesting than ever before especially because there are more online businesses vying for an inch of this virtual space. Even with the increasing markets online, a virtual mailbox in Wyoming is one of the most sought after services simply because it provides several benefits especially to start-ups and entrepreneurs. The internet is just the right place for those who believe in a “work from anywhere” lifestyle and this is one of the driving forces behind the increasing popularity for virtual offices. There are several other reasons why Wyoming businesses are opting for virtual mailboxes and some of them are:

  • Lower initial cost of setting up a business
  • A street address at a prominent location
  • Benefit from mail forwarding
  • Work flexibility
  • Privacy and Security
  • Balance of work and personal life

Advantages of using Virtual Mailbox and Mail Forwarding

A virtual mailbox in Wyoming is an integral part of a new age service called the “virtual office”. Although many business owners think that virtual may relate to the internet, that is not the case. In fact, a virtual office is more like an office space at a prominent location where you can receive all your business and personal mail. These services are attracting business owners and entrepreneurs who work from home, or while traveling across the world, or are based in another country. You are probably wondering how the virtual mail center service can help you or your business and the best way to know that is by looking at the following advantages.

  • Provides a Professional Image: One of the salient advantages of using a virtual mailbox in Wyoming service is that you will be allotted a proper street address in one of the prominent locations in the state. Even if you are working from home or “on the go”, this street address helps in building a professional image and creates a good first impression with prospective clients and customers.
  • Protects Your Privacy: Most business owners working from home or entrepreneurs working from another state don’t want their locations to be disclosed as they may be burdened by junk mail and customer feedback & queries. The virtual mailbox in Wyoming service protects your privacy by providing an alternate address where you can receive all your business as well as personal mail. Apart from this, once you register your business with the Wyoming Secretary of State, the address will be made public. In such a scenario, it is better to register with a virtual address as compared to your home address.
  • Mail Forwarding Services: Every business receives mail and this could vary from important business documents from the state and clients to sensitive information forwarded by your bank or a financial institution. A reputable Wyoming mail forwarding service like IncParadise ensures that all your important mail and documents are received securely at the address allotted to you. The mail forwarding services also helps in minimizing the risk of documents and mail getting misplaced, lost, or stolen.
  • Access to Other Services: Depending on the Wyoming mail forwarding service you choose, there will be a host of sub-services that you can choose from. One of the quite common is mail scanning and cloud storage. You can request for specific mail to be scanned and uploaded to your cloud storage. This is quite useful especially if you require a specific document at a future date. In the normal scenario, most mail and documents are shredded after they are read and if you require a document after a month, it will not be available. The mail scanning service ensures you always have a digital copy of the mail or document in your cloud storage.
  • Streamlining work flow: One of the key advantages of a virtual office with a Wyoming mail forwarding service is that it will help in streamlining business related administrative tasks especially those related to snail mail delivery and sorting. All the correspondence that is received at the digital mail center will be sorted out by an experienced team of administrative staff.

Increase business efficiency using our Wyoming Virtual Mailbox

Wyoming Virtual Mailbox & Mail Forwarding Service

The state of Wyoming is considered one of the best states for start-ups as it provides the right platform for innovations and ample opportunities for small businesses to grow. One of the primary requirements for setting up your business in the Cowboy State is having a proper office address and not a P.O. Box. Whether you are an entrepreneur working from home or a small business owner working while traveling, a street address will project the right brand image. At the same time, you may not be ready to own a commercial space in Wyoming. Is there a way to have a business address without having a brick and mortar office? The IncParadise virtual office and Wyoming mail forwarding service can provide just the perfect solution for you.

Why choose IncParadise Wyoming Virtual Mailbox service?

IncParadise, a reputable Wyoming mail forwarding service provider and one of the top registered agents in the state offers a virtual office and mailbox service intended to help small businesses. We believe that every business is different and hence their requirements are also different. Hence, we have created a Corporate Office Program that offers easy accessibility, high flexibility, and is budget friendly. As a part of this program:

  • You will never lose any important mail whether you are based in Wyoming or traveling
  • Your mail will be received at our digital mail center where it will be sorted and scanned
  • You will get a proper physical address at a prominent location in Wyoming thus increasing business credibility
  • You can use the IncParadise virtual mailbox in Wyoming service for scanning of any important mail
  • You can use the street address in all your business related documents including business registration and incorporation documents
  • The virtual mailbox in Wyoming service will provide you access to a shared working area and conference room

Wyoming Mail Forwarding service & How it works

One of the primary requirements for businesses as stated by the Wyoming Secretary of State is to have a physical address where state documents can be sent to. If you are an entrepreneur or a small business owner, the initial cost of owning office space can be expensive. In such a scenario, opting for a virtual office with Wyoming mail forwarding services can help you save on the initial cost of setting up your business in the state. Simultaneously, you will also be able to provide an actual street address to fulfill the requirements of the Secretary of State.

The virtual mailbox in Wyoming services make it easier to handle your mail while ensuring there is always a digital copy that you can access. The service process of a reliable mail forwarding provider like IncParadise works in the following steps:

Wyoming Mail Forwarding

  • Step#1: When you opt for the virtual mailbox Wyoming service, you will be provided with an address in a prime location in the state
  • Step#2: All your business and personal mail will be received at this address
  • Step#3: You will be notified of all mail received through email and and if you are using our mail forwarding app then you will also receive a notification here every time a mail is received.
  • Step#4: All your mails will be sorted.
  • Step#5: If you request for scans of specific correspondence then the envelope will be opened, the content will be scanned, and a digital copy will be made.
  • Step#6: We will email the digital copy of your mail. You will also be able to access it using the IncParadise Wyoming mail forwarding app. We can also upload the digital copy on cloud storage like your Google Drive account.

IncParadise Mail forwarding App

You are probably wondering why IncParadise created an application for mail forwarding services. This is the internet age and most entrepreneurs are working online and hence, quick access to mail and reply to customers is crucial for businesses to sustain long-term. This is the methodology and idea behind the IncParadise App – to provide you with quick access to your mail anytime, anywhere. Some of the salient highlights of this app are:

  • The virtual mailbox app works with both Android and iOS devices
  • Whenever a mail is received at the digital mail center, there will be a notification on this app
  • The app makes services more personal and provides privacy as each business or customer has their separate account
  • You can use this app to request other Wyoming mail forwarding related services like putting your mails on hold, changing the schedule of mail delivery, changing the mailing address etc.
  • You can use this app to order services like request for scanning of specific mail and uploading to your online cloud storage account

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Virtual Address to Register Your Nevada LLC or Corporation

Date: | Category: | Author: Martin Pouzar

VIRTUAL ADDRESS TO REGISTER YOUR NEVADA LLC OR CORPORATION

Nevada is one of the favorite destinations for registering a new business and this is more so because of the several advantages that start-ups enjoy in the state. The “No State-Level Taxes” environment of Nevada is promising for entrepreneurs and start-ups to form an LLC or a business corporation. In fact, there are a rising number of start-ups opting for a virtual address in Nevada to carry out their business activity as compared to the traditional brick and mortar office spaces.

An Introduction to Business in Nevada

Kauffman Index of Entrepreneurship is a research study focusing on the start-up activity in different states and Nevada has been listed among the top 5 small states. Nevada along with Idaho, Oklahoma, Montana, and Wyoming has shown higher start-up activity as compared to other states. The state witnessed a rising number of start-ups opting for virtual addresses in Nevada so that they can work from anywhere. The research also shows that the start-up density, start-up activity, and “Rate of New Entrepreneurs” in Nevada has increased in the last 5 years. The Kauffman Start-up Activity Index for 25 smallest U.S. States by population ranks Nevada at #1 with a rate of new entrepreneurs at 0.41%.

Why is Nevada a preferred state to start a business?

Whether you go with a virtual address in Nevada or rent a commercial space, this is a state that offers start-ups and entrepreneurs with a good business climate. According to Forbes, the state is rated #13 in the list of best states for business. There are several reasons why Nevada is a preferred state among business owners and startups.

  • A strong tax shelter: Businesses are opting for a virtual address in Nevada to ensure that they can benefit from the various tax advantages. Whether you are planning to form a Limited Liability Company or a business corporation in Nevada, your business will have the following tax benefits
    • There are no state-level taxes for LLC’s
    • Start-ups don’t have to pay corporate income tax
    • There is no personal income tax for entrepreneurs
    • You will not be required to pay any unitary tax
    • Start-ups don’t have to pay franchise tax on income received
    • The state doesn’t have admissions tax
    • You will not be required to pay any gift or estate tax
  • Access Business Privileges using a Virtual addresses: A virtual address in the state provides businesses with mail forwarding in Nevada options and a street address. This street address can be used by businesses in their formation documents in order to enjoy all the privileges of an LLC or corporation.
  • Asset Protection: Nevada is one of the few states that has put forth strong and favorable asset protection laws for the long-term benefit of businesses forming in the state. Asset protection is available to entrepreneurs in several different forms varying from the opportunity to form an LLC to choosing a domestic asset protection trust.
  • The Catalyst Fund: This is a very special type of fund that has been created primarily to attract new businesses to the state. Your residence may be in another state and yet, using a virtual address in Nevada, you can form a business in this state and take advantage of the discretionary grant available through the catalyst fund.

Business Address for Nevada LLC or Corporation Box

A business address is essential for any Nevada LLC or Corporation if they want to register in the state as a domestic entity. Even if your entire business operation is online like an e-commerce website, providing a physical address to the secretary of state is mandatory. It can actually be quite an expensive affair to own actual commercial space and hence a virtual address in Nevada works very well for start-ups as it provides a business with an actual street address.

Why do you need a physical address for a Nevada business?

Even though this is the age of the internet and more and more businesses are moving into the online space, the need for a physical address is still as important as it always was. There are several reasons why an LLC or a business corporation may require a physical address and some of them are:

To Conduct Business

The very basic requirement for conducting a business in the state of Nevada is to have a physical address. It is important to know that the address should be registered with the Secretary of State office. This requirement is valid for both domestic and foreign business entities. Of course, if you don’t require an office but still want most of the important services like mail forwarding in Nevada, administrative staff, receiving of calls from clients etc., then opting for a virtual office would be just perfect. A virtual office means that you will have a physical address without needing to rent commercial space.

To receive documents

One of the important aspects that all businesses whether LLC or corporation share is receiving mail and documents pertaining to the business. The last thing you would want is to lose important documents containing sensitive information like bank statements, tax related mail, legal documents, and mail from the Secretary of State among others. A virtual address in Nevada plan will provide you with a physical address to ensure you receive all business related mail at a specific address. You can also use this address to receive mail from anywhere in the world.

Easy setting up of a Business

It is never easy to set up a new business and there are several areas that you need to focus on simultaneously. Getting a virtual address in Nevada is one of the first steps as you will be provided with a street address. This street address can be used by the business for the following:

  • Opening a bank account or even a merchant account
  • To register a business domain name
  • To share correspondence with vendors and suppliers
  • To receive business license, permits and business contracts
  • To receive mail from customers
  • It will help you list your business on Yellow Pages, Yelp, Google Places etc.

Ways to get a physical address for a Nevada business

In order to operate in the state of Nevada, you will have to register your start-up with the Secretary of State. It is important to understand that when you register the address of your LLC or Corporation with the secretary of state, it becomes public record. Whether you are working from home or completely online, once your address is public record, you may end up receiving junk mail. This also means that there will be no privacy and hence having a virtual address in Nevada can really be useful. The question is how do you get a physical address in the state?

  • PO Box: One of the most common options is to choose a P.O. Box as your physical address. P.O. Boxes are available with post offices and they are quite secure especially for mail forwarding in Nevada. If you are planning to register in Nevada, you need to find out if P.O. Boxes are accepted by the secretary of state as a valid business address.
  • UPS Store Mailboxes: UPS Store mailbox services provide mail forwarding services in Nevada and provide a real street address as well. You can choose between business and personal mailboxes.
  • Private Mail forwarding services: The third option is to go with private providers of virtual addresses in Nevada like IncParadise. These services will not only provide you with a proper street address but you will also be able to benefit from additional services like virtual office, mail forwarding, administrative staff services, and conference room capabilities among others.

Are you looking for a virtual address in Nevada?

Nevada Virtual Office & Mail Forwarding Service

Whether you are planning to register an LLC in Nevada or a business corporation, you will require a physical address to ensure you are able to conduct your business properly. You may not be ready to invest in a commercial space or a brick and mortar office but you are wondering if it is possible to get a business address without an office. It is most definitely possible with the IncParadise Virtual Office; a specialized service focused at providing a virtual address in Nevada and taking care of your essential business requirements.

Why use IncParadise Virtual Office for your Nevada business?

IncParadise, one of the top mail forwarders, and registered agents in the Nevada state have created a virtual office program that is perfect for start-ups and entrepreneurs. The primary objective behind this is to ensure you are able to conduct business in Nevada without having to rent expensive commercial space. This is a Corporate Office Program that provides you with a virtual address in Nevada where you can receive all your important mail and also use the co-shared working area and conference room to fulfill any business requirement. This virtual office will be the link between your LLC or corporation and the state of Nevada.

Mail Forwarding Service & How it Works?

Nevada Mail Forwarding Service
One of the reasons why most new businesses opt for a virtual office is because it provides a physical address, which enables mail forwarding in Nevada. Mail forwarding is a service with requirements varying from one business to another. The reason why businesses choose to forward mail is to ensure they never lose any of their important correspondence especially when they are traveling or based out of the state. Once you choose a reliable mail forwarding service like the one offered by IncParadise, it works in 5 stages:

  • Stage#1: Receive all your mail at a single location or our mail delivery center
  • Stage#2: You will be notified directly on your email as well as the mail forwarding app if you are using it
  • Stage#3: All your mails will be sorted
  • Stage#4: If you have requested for scans of a specific mail then the envelope will be opened, the content will be scanned, and a digital copy made.
  • Stage#5: The digital copy of your mail will then be sent to your email or the mail forwarding Nevada app. The digital copy can also be uploaded on cloud storage like Google Drive.

IncParadise Mail Forwarding App

In this age of the internet where there is an app for almost everything then why not a mail forwarding in Nevada App? At IncParadise, we believe that our customers should derive maximum benefits from our virtual office and mail forwarding programs. Hence, we have created an application for both Android and iOS devices. The app functions as the link between the mail delivery center and you. Every time your mail is received at the center; you will receive a notification on the app.

Our mail forwarding in Nevada app can be used for ordering other services or making specific requests. If at any given point in time, you want to change the schedule of mail delivery from monthly to weekly, you can do it using the app. You can even request scanning services for specific letters or documents.

Mail Forwarding Services for all your Business Needs!