NEVADA Corporation & LLC
Economists foresee a sustainable economic growth in the next few years in Nevada. Every day, new businesses are formed in Nevada and this ranges from LLCs to corporations and from sole proprietorships to partnerships. Incorporating your business in the state of Nevada will offer you several benefits that will aid in the growth of your business, including no corporate income tax and no taxes on corporate shares.
Incorporate in Nevada Online
You can now incorporate your business in Nevada online with specialist services provided by incparadise.net, a registered agent for business incorporation services in Nevada. Some of the services provided include:
- Drafting of custom NV incorporation articles for Nevada Corporation
- Filling and filing Nevada business registration form
- Receipt of filed business incorporation documents within a period of 7 to 10 business days since the date of filing.
Time to set up a company
The time taken to process your corporation formation documents normally takes 4 – 6 weeks. You can also opt for Expedited Processing by paying an extra fee. Expedited Processing costs in Nevada for articles of organization and registration is $125.
If you file the Nevada corporation form online with incparadise.net, then the process will take no more than 7 to 10 business days.
Incorporation of businesses in Nevada are on the basis of the Nevada Corporate privacy statutes, started in 1991 based on the corporate statutes Delaware. This ensured a dramatic increase in new incorporations in Nevada. Some of the advantages of forming a corporation in the state of Nevada include:
- Nevada does not tax the income of state’s citizens and corporations
- Nevada corporations are not subjected to hidden taxes like capital stock taxes, franchise taxes, or even inventory taxes.
- In Nevada, sales tax is applicable only on products that are sold within the state.
- Nevada has established a corporate structure that ensures owners and investors in Nevada corporations enjoy increased privacy.
- Nevada is the only state in the USA that does not have a formal information-sharing agreement with the IRS
- Nevada is also the only state which allows the issuing of bearer shares
- In Nevada, incorporation can take place without the need for any minimum initial capital
- Corporate directors and officers of a Nevada corporation are protected from any type personal liability for lawful acts on behalf of corporation
LLC, Corporation S or C
LLCs, C corporations, or S corporations provide personal liability protection. LLCs and S Corporations are commonly used by small business startups as they will enable you in growing your business as well as adding new owners. The cost for setting up S Corporations and LLC are almost the same, although a key difference lies in owners being affected by employment taxes.
Initially, when a corporation is chartered in the state of Nevada, it is given the status of a Corporation C. A Nevada C Corporation becomes an S Corporation when a special tax treatment (pass-through taxation) is sought after with the consent from all shareholders of the C Corporation. The change to an S Corporation can be sought by filing the “Form 2553” with IRS in accordance to Sub-chapter S of the Internal Revenue Code.
A C Corporation or C Corp is considered as a separate taxpayer and the income as well as expenses are taxed to the corporation. A C Corporation is the right type of business if you are looking for flexible profit-sharing among owners or want the company earnings to stay within your business and grow. C Corporation provides flexibility towards setting salaries for owners or employees in order to minimize Medicare taxes and Social Security.
A S Corporation is the right type of business if you are looking towards taking advantage of pass-through taxation and desire lower risk of IRS audits.
A Nevada corporation can be incorporated in the state of Nevada under Chapter 78 of the Nevada Revised Statutes of the state. In order to incorporate a Corporation in the state of Nevada, you will require a Nevada state business license. This license has to be renewed each year by paying an annual fee. If you fail to submit the annual fee by the required due date, then you will be fined $100 as a penalty.
- Annual list of officers and directors (or managers) We will remind you when the list is due and can file it for you.
- State Business license and it is renewed together with Annual list.
- Nevada Commerce Tax – Due in August.
- Registered Agent annual fee is $89, but if you pre-pay, we give you additional years for only $40.
- Annual minutes for Meetings of Directors and Shareholders. Free forms included on your account or full service provided.
Cost to incorporate in Nevada
To incorporate a for-profit Corporation in the state of Nevada pursuant to NRS Chapter 78, 80, 78A, and 89 for Domestic and Foreign Corporations, Close Corporations and Professional Corporations, the fee charged by incparadise.net is $889.00. The fee takes into account filing of Articles of Organization, Initial List of Managers or Members and/Annual or Amended List of Managers or Members, and business license.
24-Hour expedite fee for a Profit corporation filing is $125.00
Nevada additional services
Incorporate in Nevada Online
You can now incorporate your LLC in Nevada online with specialist services provided by incparadise.net, a registered agent for LLC incorporation services in Nevada. Some of the services provided include:
- Drafting of custom NV incorporation articles for Nevada LLC
- Filling and filing Nevada LLC registration form
- Receipt of filed business incorporation or LLC documents within a period of 7 to 10 business days since the date of filing.
Time to set up a company
If you file the Nevada LLC form online with incparadise.net, then the process will take no more than 7 to 10 business days.
If you file the Nevada LLC paper form, then the processing time taken can vary from 2-3 weeks. In such a case, the documents pertaining to incorporation of your LLC will have to be mailed or faxed to the Nevada Secretary of State.
You can incorporate a Limited Liability Company in Nevada on the basis of the Nevada Corporate privacy statutes started in 1991. Some of the advantages of forming an LLC or corporation in the state of Nevada include:
Nevada does not tax the income of state’s citizens and LLCs as:
- No personal income tax
- No corporate income tax
- No franchise tax on income
- No unitary tax
- No admissions tax
- No estate tax or gift tax
As a corporate director, manager, or officer of a Nevada LLC, you are protected from any type of personal liability for unlawful acts on behalf of the corporation.
As compared to other states, Nevada doesn’t require LLCs to file a list of company assets.
It is not mandatory for directors, shareholders, and officers of an LLC in Nevada to be Nevada residents.
LLC (S Corporation or C Corporation)
One of the most important aspects of forming a corporation in Nevada is the understanding of the difference between an LLC, S Corporation or C Corporation and the process through which a Nevada C Corporation can become a Nevada S Corporation.
It is also important to be aware of certain restrictions that are applicable to Nevada S Corporations, but are not applicable for C Corporations. If you have a specific situation and require advice for choosing between an S Corporation and a C Corporation status in the state of Nevada, then it is highly recommended to discuss this with your tax advisor, attorney or accountant.
In order to incorporate your business as an S corporation, C Corporation or LLC, Articles of Incorporation for corporations as well as Articles of Organization for LLCs are required to be filed with the Nevada state agency.
Initially, when a corporation is chartered in the state of Nevada, it is given the status of a C Corporation. A Nevada C Corporation becomes an S Corporation when a special tax treatment (pass-through taxation) is sought after with the consent from all shareholders of the C Corporation. The change to S Corporation can be sought by filing the “Form 2553” with IRS in accordance to Sub-chapter S of the Internal Revenue Code.
A limited liability company (LLC), seen more as a traditional business designation, can exist as a sole proprietor/partnership, S-corp or a C-corp. LLCs in Nevada offer greater flexibility in terms of choosing the tax identity that will most benefit the members.
Once a limited liability company (LLC) Nevada is formed, there are certain yearly requirements that need to be fulfilled to ensure your business is in compliance with Nevada Limited-Liability Company Articles of Organization (NRS Chapter 86) and state laws. These requirements are important for upholding the limited liability that an LLC provides to its owner. The yearly requirements for Nevada LLCs are:
- Annual report requirement: Nevada requires LLCs to file their Annual List of managers and members. The filing fee is $150 for the Annual report.
- Business license requirement: Nevada requires LLCs to renew their business license registration. The fee is $200 for the business license registration.
- Federal tax identification number (EIN): An LLC that has employees will require an EIN. It is also a mandatory requirement for opening business bank account.
- State tax identification number: Nevada LLCs will require a state tax identification number.
Cost to incorporate in Nevada
The cost to incorporate a Limited Liability Company (LLC) in Nevada pursuant to NRS 86 for both domestic as well as foreign LLC’s is $589. The fee includes filing of Articles of Organization, Initial List of Managers or Members and/Annual or Amended List of Managers or Members, and business license.
24-Hour expedite fee for LLC incorporation filing is $125.00