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MOVING YOUR BUSINESS LLC OR CORPORATION TO NEVADA

Nevada is one of the top states for business formation in the nation and one of the primary reasons being a very competitive cost of conducting business. Whether you plan on moving LLC to Nevada or your business corporation, there are definite advantages for your business that will ensure growth and expansion in the long run.

Introduction – Why Nevada?

A report released by the Office of Advocacy, U.S Small Business Administration reveals that more than 250,000 small businesses have been registered in the state since the third quarter of 2017 including 2,617 small business exporters. This brings us to the question, why are businesses attracted to Nevada?

Whether you are moving Corporation to Nevada or a Limited Liability Company, what makes the state lucrative are the several benefits it provides to a wide variety of businesses. It provides a platform that is just perfect for moving your business to this state. Let’s look at some of the benefits:

  • Tax Benefits: One of the biggest advantages of moving LLC to Nevada is the varied amount of tax benefits that are applicable to LLC’s as well as business corporations like:
    • The business registration fees are lower than most states
    • According to the constitution of Nevada, state personal income taxes are prohibited
    • There is no franchise or corporate taxes
    • There are no taxes on corporate profit or shares
    • The tax policies in Nevada ensure that the recipient of your gifts is not liable to pay inheritance tax in the state
    • There is no formal agreement for information sharing with the IRS
  • Business Protection Policies: Nevada has a strong asset protection and privacy protection policy for business owners thus helping them retain anonymity. The privacy standards for businesses in the state are quite high and if you are moving Corporation to Nevada or an LLC then you will not be required to list the owners or members with the state. If your business has any investors then their identities will also remain anonymous.
  • Other Salient Benefits: Some of the other salient aspects that will benefit a wide range of businesses include:
    • Moving LLC to Nevada doesn’t require you to reside in the state
    • A strong corporate veil in Nevada that provides protection to officers, directors, employees, and agents from liability
    • The state of Nevada ensures businesses don’t have any restrictions on the number of members in any Limited Liability Company
    • Bearer shares are prohibited in Nevada
    • There are a range of programs that LLC’s and Corporations can benefit from like the Emerging Small Business (ESB) Program, Opportunity Zone Incentive Programs, Government Grant Programs, Foreign Trade Zone Programs, and Sales and Use Tax Abatement Programs, among others.

Steps to Move an LLC to Nevada

Moving LLC to Nevada is a highly beneficial decision as the state offers several advantages to small and medium businesses or owners including new and existing businesses. If your business is registered in another state and are planning to establish in Nevada then it should be an informed choice. You need to be aware of the options for moving your business, and information regarding the process.

The Registration Options

It is important to identify, how you would want to register your business identity. There are 3 options to choose from:

  • Dissolve home LLC and Establish New LLC: This is the option to choose if your home state doesn’t allow domestication of LLC to Nevada. As such there are no tax consequences but since assets and debts have to be transferred prior to dissolving, you may have to pay taxes for such transfers. Apart from this, you will be required to apply for a new Tax ID number.
  • Domesticate LLC in Nevada: If you already have registered your business in another state and are planning on moving LLC to Nevada then one of the options is to domesticate LLC in the state. This is one of the easiest ways to relocate your business to this state. You need to check if your state allows domestication in Nevada like New York doesn’t allow but Wyoming or Mississippi allows businesses to domesticate. In order to domesticate, you will be required to file the Articles of Domestication pursuant to NRS 92A.270 with the Secretary of State.
  • Register as a Foreign LLC: The final option for moving LLC to Nevada is to register your business as a Foreign LLC in Nevada pursuant to NV Rev Stat § 86.544 (2013). This option will help you continue the LLC in current state as well, which also means that you will be required to file annual reports in both Nevada and your home state. If you are planning to register as a foreign LLC then you will be required to file an Application for Registration of Foreign Limited Liability Company pursuant to NRS 86.544 with the Secretary of State.

Whatever option you choose, IncParadise can provide guidance and services for moving LLC to Nevada.

We will help you move your LLC to Nevada!

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Steps to Move a Corporation to Nevada

Are you thinking of moving Corporation to Nevada? There are several benefits of moving your business to Nevada but how does this work? Is there a process? The process is similar to that of a Limited Liability Company although the tax consequences will be different.

The Registration Options

It is important to identify the options for moving Corporation to Nevada. There are 3 options to choose from:

  • Dissolve home Corporation and Establish New Corporation: If your home state doesn’t allow domestication to Nevada then this option is valid. There could be certain tax disadvantages of this process. You will be required to apply for a new Tax ID number in Nevada. you will be required to file the following documents with the Nevada Secretary of the state:
    • You will be required to file the “Articles of Incorporation Domestic Corporation” pursuant to NRS 78 or “Articles of Incorporation Professional Corporation” pursuant to NRS 89.
    • Certificate of good standing from the existing state of the business entity
    • Registration of Business Name
    • State Business License Application
    • Registered Agent Acceptance/Statement of Change pursuant to NRS 77.310, 77.340, 77.350, 77.380
  • Domesticate Corporation in Nevada: If you already have registered your business in another state and are planning on moving Corporation to Nevada then domestication is another option. The board of directors should approve domestication and you will be required to file the following documents with the Nevada Secretary of the state:
    • Articles of Domestication pursuant to NRS 92A.270
    • Charter document of the existing Corporation
    • Charter document for the new Corporation
    • Certificate of good standing from the existing state of the business entity
  • Register as a Foreign Corporation: One of the ways of moving Corporation to Nevada is to register your business as a Foreign Corporation pursuant to NV Rev Stat § 80.010 (2014). This option will help you continue the business corporation in the current state (state of incorporation) as well. In such a scenario, you will be required to file annual reports in both Nevada and your home state. If you are planning to register as a foreign Corporation then you will be required to file the following documents with the Secretary of State:
    • Qualification to do Business in Nevada pursuant to NRS Chapter 80
    • A declaration of the existence of the business corporation
    • A declaration that the said corporation is in good standing
    • Information pertaining to authorized stock of the corporation

Whatever option you choose, IncParadise can provide guidance and services for moving Corporation to Nevada.

Moving Your Corporation to Nevada is Easier than Ever Before with Us!

CONTACT US

Move Your Business to Nevada with IncParadise

If your business exists in another state and you are overwhelmed by the entire process of moving LLC to Nevada or any other type of business then IncParadise is there to ensure the transition is smooth. We are experts in moving or transfer of businesses to other states and can help file the right documents.

You can call us at 702-871-8678 to speak with a representative today.

WE WILL MAKE MOVING YOUR BUSINESS TO NEVADA A SMOOTH PROCESS!