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Virtual Address to Register Your Nevada LLC or Corporation

Date: 03/23/2020 | 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!

Benefits of using virtual mailbox for your Wyoming Business

Date: | 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

Use Our Virtual Office Services for Mail Forwarding in Wyoming

Business Entity Conversion in Nevada

Date: 01/13/2020 | Category: | Author: Martin Pouzar

BUSINESS ENTITY CONVERSION IN NEVADA

There are different types of businesses that can be formed in the state of Nevada and each form of business has its own advantages as well as tax benefits. Now, the question if you want to change the type of business from say, an LLC to Corporation, is such an entity conversion Nevada possible?

What is Business Entity Conversion in Nevada?

An entity conversion in Nevada is a process that allows a specific form of business entity to change its jurisdiction or state of formation or incorporation as well as the type of entity it currently is. Let’s look at an example to understand what conversion is:

  • If the existing business entity is a Nevada LLC and you want to convert it into a corporation then that is possible in this state.
  • If the existing business entity is a foreign LLC or a corporation and you want to change it to a Nevada LLC or corporation then entity conversion in Nevada for a foreign entity will also be possible if the jurisdiction in the state of formation has a reciprocal statute that allows the conversion process to take place.

It is important to know that if you convert LLC to corporation in Nevada or vice versa then you are not required to dissolve the existing entity. Instead, this conversion to another form of business entity will be seen and accepted as a continuation of the entity undergoing conversion.

Types of conversion

The merger, conversion, exchanges and domestication of business entities in the state of Nevada is governed by Chapter 92A of the 2017 Nevada Revised Statutes. Entity conversion Nevada can be categorized under three specific types.

Statutory Conversion

This is a new and streamlined process of conversion available to business entities in Nevada. Statutory conversion in Nevada allows you to convert your existing business entity to a new form of business entity like LLC to corporation or vice versa. The rules for statutory conversion vary from one state to another.

Statutory Merger

The process of statutory merger to convert corp to an LLC in Nevada or vice versa is more complicated as compared to the process of statutory conversion. This method is opted for by foreign business entities where the original jurisdiction or state of entity formation does not allow statutory conversions.

Non-statutory Conversion

This is considered to be one of the most expensive and complicated process of conversion. If you were to convert an LLC to a corporation in Nevada using this process then you will have to form a new business entity first and then transfer the assets and liabilities of your existing company into the new company.

Converting Nevada Corporation to Nevada LLC

If you are planning to convert a corporation to an LLC in Nevada, what is the process? In order to help you understand the process, we have created a brief reference guide of this conversion. In the state of Nevada, a statutory conversion is governed by Nevada Revised Statutes § 92A.105 (2017). According to the statutes, one domestic business entity like a Nevada Corporation can convert into a different type of domestic entity like an LLC if a plan of conversion is approved.

The steps to convert a corporation to an LLC in Nevada are:

  1. Create a plan of conversion in writing
  2. The plan of conversion must contain the following information:
    • Name of the existing business entity (corporation) and the proposed name for the converted entity (LLC)
    • Jurisdiction of the law that governs the existing business entity (corporation)
    • Jurisdiction of the law that will govern the converted entity (LLC)
    • In order to convert a corporation to an LLC in Nevada, all terms and conditions pertaining to the conversion needs to be provided
    • Manner and basis, if there are any, of converting the owner’s interest in the existing entity into the owner’s interests and other securities in the converted entity
    • A full text of the charter documents of the converted entity or Limited Liability Company
  3. The directors of the said corporation need to approve this conversion to a limited-liability company
  4. The directors have to recommend the approval of this entity conversion in Nevada as well as the plan to the respective stockholders
  5. You need to earn a majority of votes from stockholders approving this conversion
  6. Upon approval of the plan, you will be required to file “articles of conversion” with the Nevada Secretary of state pursuant to NV Rev Stat § 92A.205 (2017).
  7. The plan of conversion should be attached with the articles and submitted along with the filing fee.
  8. You will also have to submit Articles of Organization to convert corp to an LLC in Nevada.

Once the conversion is approved by the state, you will be required to complete documentation necessary for forming the Limited Liability Company like submitted initial list, operating agreement etc.

NOTE: You will require social security number (SSN) or employer identification number (EIN) for filing all federal income tax for Nevada LLC.

Converting Nevada LLC to S Corporation

The most common reason to convert an LLC to an S Corporation is because of the tax benefits. If you are an owner of an LLC and are wondering how to convert an LLC to a corporation in Nevada then here is a brief reference guide that will provide you with an insight into the process.

The steps to convert an LLC into S Corporation in Nevada are:

  1. Create a plan of conversion in writing, which should include the following:
    • Name of the existing business entity (corporation) and the proposed name for the converted entity (LLC)
    • Jurisdiction of the law that governs the existing business entity (corporation)
    • Jurisdiction of the law that will govern the converted entity (LLC)
    • In order to convert a corporation to an LLC in Nevada, all terms and conditions pertaining to the conversion needs to be provided
    • Manner and basis, if there are any, of converting the owner’s interest in the existing entity into the owner’s interests and other securities in the converted entity
    • A full text of the charter documents of the converted entity or Limited Liability Company
  2. The members of the existing LLC need to approve the conversion to an S Corporation
  3. There has to be a conversion vote. According to Nevada laws, a majority of members or owners of the LLC have to agree to the business entity conversion in Nevada
  4. Upon approval of the plan, you will be required to file “articles of conversion” with the Nevada Secretary of state pursuant to NV Rev Stat § 92A.205 (2017).
  5. Upon approval of the plan, you will be required to file “articles of conversion” with the Nevada Secretary of state pursuant to NV Rev Stat § 92A.205 (2017).
  6. The plan of conversion should be attached with the articles and submitted along with the filing fee

NOTE: After you convert LLC to corp in Nevada, it is important to adjust the newly converted entity’s tax designation by the IRS.

Moving your business from another state to Nevada

Due to attractive business incentives and no corporate or personal tax, many entrepreneurs and small businesses like to locate or establish their business in Nevada. The question is how do you move your existing business to Nevada especially if your current jurisdiction doesn’t allow entity conversion in Nevada?

According to the Nevada Revised Statutes, there are three options for moving your business from another state and they are:

  • Dissolve home business entity and establish a new business: You can move your business instead of entity conversion Nevada by simply dissolving your existing business in the state of formation and apply for a new business. Example: If you have an LLC or Corporation in New York then you will need to dissolve it and then apply for a new business in Nevada.
  • Domesticate: If the current state or jurisdiction doesn’t allow entity conversion in Nevada then domestication would be the best possible option. Domestication is another statutory process through which a foreign business entity is allowed to become a domestic business entity in Nevada.
  • Foreign Registration: You can also move your business to Nevada by registering it as a foreign entity. You will be required to apply for Qualification to do business in Nevada.

NEED HELP MOVING YOUR BUSINESS TO NEVADA?

Nevada Foreign Corporation

Date: | Category: | Author: Martin Pouzar

NEVADA FOREIGN CORPORATION

Nevada is a land of exciting business opportunities and with no corporate and personal income tax, it presents just the right environment for a small business. This is one of the many reasons why businesses based in any other state want to explore the Silver State for growth opportunities. If your business has been registered in another state, can you register in Nevada? Yes, it is possible by registering as a Nevada foreign corporation.

What is Foreign Corporation in Nevada?

A foreign corporation is a business entity that conducts its business in a jurisdiction or state other than where it had been originally incorporated. A Nevada foreign corporation will be a business entity that conducts its business in any other state except Nevada. The foreign corporation can be an existing corporation in any other state or any other type of corporate entity like a limited liability company (LLC). Such a business entity can be a domestic corporation incorporated in another state or corporation registered outside the USA. Let’s look at an example:

A business “ANBC Inc.,” was formed in 2010 in California and is looking to expand. If the said entity wants to conduct its business in Nevada then they will have to register with the state first. It is important to know that different states have different laws and requirements for registering a foreign business entity.

How to File a Foreign Corporation in Nevada

If you already have an established business corporation in another state but want to establish it in Nevada then it needs to be registered as a foreign corporation. The formation of foreign corporations in Nevada is governed by Chapter 80 of the 2017 Nevada Revised Statutes. You will be required to file a “Certificate of Authority” with the Secretary of State pursuant to NV Rev Stat § 80.010 (2017).

The process of forming a Nevada foreign corporation is not difficult but you have to be careful and provide specific information required by the office of the Secretary of State. In order to help you identify the process for filing a foreign corporation in Nevada, we have created a step-by-step approach.

Step#1

The first step is to download the “Qualification to do Business in Nevada” form available with the Secretary of State. You can fill the information required and process to be followed as mentioned in the following steps.

Alternatively, you can save time by ordering it through us! All you have to do is just provide the necessary information regarding your business and we will take care of the rest as your registered agent in Nevada. You can also be your own registered agent and order it directly from incparadise. Through this process, you will not be required to follow any of the steps mentioned below and your application will be submitted on the same day.

Step#2

You will have to provide specific information in the certificate of authority or qualification to do business in Nevada document pursuant to NV Rev Stat § 80.010 (2017). The information required includes:

  • Name of the foreign corporation
  • Original jurisdiction or state of incorporation
  • A declaration or letter of good standing of the corporation from the state of jurisdiction or incorporation
  • Details pertaining to being a registered agent in Nevada pursuant to NRS 77.310
  • If you are registering for Profit Corporation then information pertaining authorized stock including number of shares with par value has to be provided
  • The purposes of the said corporation
  • Name, title and signature of the officer preparing the certificate of authority or qualification to do business in Nevada
  • Signature of the Nevada registered agent along with the date signed on

Step#3

Once you have completed the certificate of authority or qualification to do business in Nevada application, you will have to fill out the customer order instructions. This document is used for indicating the payment method you have chosen to submit the required fee. You will have to provide the following information in the customer order instructions:

  • The type of processing requested by you – regular or expedited
  • Name of the business entity or corporation
  • A return address
  • Contact name
  • Phone number
  • Return delivery instructions like email, fax, etc
  • The total filing fee
  • Method of payment

Step#4

The final step for registering a Nevada foreign corporation is to make the payment. The filing fee for stock corporations is dependent on the total number of authorized shares.

What does it cost to register a foreign corporation in Nevada?

The cost of registering a Nevada foreign corporation can vary according to the total number of authorized shares that the entity has. The fee based on shares is as follows:

  • If you have shares worth $75,000 or less, the fee is $75
  • If the authorized shares are over $75,000 and less than $200,000 – Fee is $175
  • If the authorized shares are over $200,000 and less than $500,000 – Fee is $275
  • If the authorized shares are over $500,000 and less than $1,000,000 – Fee is $375
  • If the authorized shares are over $1,000,000 then the fee for the first $1,000,000 will be $375
  • For each additional $500,000 worth authorized shares or any fraction thereof will have a fee of $275
  • The Maximum fee applicable will not exceed $35,000

How long does it take for the state to process the Nevada Certificate of Authority?

The normal time it takes to process the certificate of authority or qualification to do business in Nevada application is around 30 business days. There is always the option to opt for expedited processing for which there will be an additional fee. Either option that is regular and expedited processing is available if you hire IncParadise as your Nevada resident agent.

Will I need a Nevada registered agent for Nevada Foreign Corporation?

The corporate laws in most states in the U.S including Nevada, requires each and every business entity formed or registered in the state, to designate as well as maintain a commercial or registered agent in that state’s public records. According to NRS 77.310, NRS 77.390 and NV Rev Stat § 80.060 (2017) of the Nevada Revised Statutes, a Nevada foreign corporation has to designate as well as maintain a registered agent in Nevada to enable service of process.

Will I need a Nevada annual report for my corporation?

An annual report is also known as an annual list in the state of Nevada. Each foreign corporation conducting business in this State has to submit an annual list with the Secretary of State pursuant to NV Rev Stat § 80.110 (2017). This list has to be filed annually on or before the last day of the anniversary month or the month in which the qualification to do business application or Certificate of Authority was filed. So, if you had filed for qualification in December 2018 then you will have to file the annual list by December 31, 2019.

The annual list or report should contain the names and addresses, of the entity’s secretary, president, treasurer, or all of its directors. The annual list for a Nevada foreign corporation has to be signed by an officer of the corporation or any person authorized by the entity to sign the report.

How IncParadise helps you with Nevada Foreign Corporation

Sometimes, filing of paperwork and the entire process of qualification of a Nevada foreign corporation can be overwhelming. It is important to know that incorrect information or lack of details in the Nevada foreign incorporation application can lead to the Secretary of State rejecting the documents. This is where IncParadise can provide its expertise and a team of experienced professionals to ensure you are able to submit your incorporation documents on time and it contains all the information as required.

If you hire IncParadise as the registered agent for your Nevada foreign corporation then your business can benefit from the following services:

  • Service of process i.e., accepting any legal notices from the state on behalf of your foreign corporation including summons and subpoenas
  • Help your foreign corporation to file their certificate of authority or qualification to do business in Nevada application
  • Provide information on how best you can form a Nevada foreign corporation and what information and documentation is required to be submitted with the state
  • You can benefit from our highly secure dashboard that will help you to submit your annual report online
  • You will also get annual report due date alerts so that the report is submitting on time thus avoiding penalties
  • Provide additional services like filing of annual report, getting EIN or Tax ID, application for a business license etc.

EXPAND YOUR BUSINESS IN NEVADA WITH FOREIGN QUALIFICATION!

Nevada Business Tax

Date: | Category: | Author: Martin Pouzar

NEVADA BUSINESS TAX
– ALL YOU NEED TO KNOW

Whether you are an entrepreneur planning a start-up in Nevada or an individual with a medium sized business idea; the state is a tax haven for all types of businesses. Does this mean you will never have to pay any type of Nevada business tax? Although there is no corporate or personal income tax, there are specific taxes that may be applicable depending on the type of business and revenue generated.

Informative Guide to Nevada Business Taxes

Most states in the US have a tax structure under which business income derived from the activities in the state are taxed. How a Nevada commerce tax will be levied is normally dependent on the legal form of the business.

It is important to know that corporations in most states are subjected to a corporate income tax and pass-through entities like limited liability companies (LLCs), S corporations, sole proprietorships, and partnerships are subjected to a personal income tax or some form of state tax on personal income. The tax rate for corporate and personal income can vary from one state to another. Currently, businesses are not required to pay Nevada business tax or corporate and personal income tax and this is applicable for 5 other states, namely Texas, South Dakota, Ohio, Washington, and Wyoming.

However, Nevada does have a form of gross receipts tax to be paid by corporations registered in the state. In order to ascertain the type of Nevada business tax you may have to file in the state, it is important to understand that taxes exist in the form of federal, state, and local tax.

Taxes for Nevada LLC

A Nevada limited liability company is considered to be a pass-through tax entity. An LLC can choose the type of Nevada business tax treatment from the following options:

  • A Nevada limited-liability company can elect to be taxed as an S Corporation. In such a scenario, the LLC will be required to file Form 8832 and Form 2553 for Nevada business tax. What is Form 8832 and Form 2553? The IRS Form 8832 is known as the “Entity Classification Election” form. If an LLC doesn’t file the form then it will be provided a default tax classification status and this can lead to paying higher taxes. The Form 2553 is required for confirming that the LLC wants to be taxed as an S Corporation.
  • A Nevada limited-liability company can also elect to be taxed as a C Corporation. It will be required to file Form 8832 for the same. The LLC will also be required to file a form 1120 for corporate tax return and pay Nevada commerce tax on its profits at the corporate tax rate. If the limited-liability company has profits distributed as dividends to the LLC owners then those dividends will be taxed too.

Most often than not, in order to avoid the double taxation of a C Corporation, a Limited Liability Company opts to be taxed just like an S Corporation. It is important to know that if a Nevada LLC chooses the above Nevada business tax treatment then they will not be able to change their tax treatment for a period of five years.

Federal Taxes for Nevada LLC

When it comes to federal taxes, a Nevada Limited Liability Company needs to consider several aspects so that it is not taxed incorrectly. In reality, the Internal Revenue Service (IRS) does not recognize a limited-liability company as a taxable entity but it is also a standard for the IRS to tax an LLC based on the number of owners or members in the company. The Nevada business tax for a limited-liability company can be that of a sole proprietorship if there is a single member or owner and that of a partnership if there is more than one member.

  • Single Member LLC: A single member LLC is also known as a disregarded entity. This simply means that an LLC will retain its protection from liability clause but at the same time the business will be treated like a sole proprietorship and the activities of the member or business will reflect on the federal tax return. Apart from this, all items pertaining to Nevada business tax like income, gain, deduction, credit and loss have to be reported on Schedule C, E or F of the said individual or member’s personal income tax return.
  • Multi-Member LLC: If the LLC has multiple members, what would be the Nevada commerce tax? Partnerships are considered to be flow-through business entities when it comes to federal tax. The partnership will not be subject to taxes but individual items like income, gain, deduction, credit and loss will flow through to the individual member’s or partners personal tax return. The member’s will be taxed at the personal income tax rates. The LLC would be required to file a Form 1065 – Return of Partnership Income and also report income and loss in Form 1040 – Individual Income Tax Return.

NOTE: You will require social security number (SSN) or employer identification number (EIN) for filing all federal income tax for Nevada LLC.

Modified Business Tax

MBT or Modified Business Tax is a type of Nevada commerce tax that is applicable to two types of categories and they are:

General Business

General business is considered as any employer who will be required to pay a contribution to the Department of Employee Training and Rehabilitation/Employment Security Division pursuant to NRS 612.535, in any calendar quarter. Businesses excluded in this category include Indian tribes, nonprofit organizations, financial institutions, and political subdivisions. The Nevada business tax as defined for the general business category is pursuant to NV Rev Stat § 363B (2017).

The tax rate is 1.475% on wages. This is after the deduction of any health benefits paid by the business or employer. One of the salient aspects is that the first $50,000 of gross wages will not taxable.

The Nevada business tax returns are normally due by the last day of the month following the calendar quarter in which the limited-liability company is required to pay the Unemployment Compensation pursuant to NRS 363B.110. It is important to note that there is a late filing penalty of 10% pursuant to NRS 360.417 and the interest will be calculated at .75% per month on the entities unpaid tax balance.

Financial Institutions and Mining

A Financial institution from the perspective of the MBT category is an entity that is required to pay a contribution pursuant to NRS 612.535 for any calendar quarter towards any type of business activity of the said institution. Mining under Modified Business tax category is pursuant to NV Rev Stat § 363A.030 (2017) and is an individual subjected to the Nevada business tax on the net proceeds of minerals in accordance with the provisions of NRS 362.100 to 362.240. Businesses excluded in this category include Indian tribes, nonprofit organizations, credit unions pursuant to NRS 678, and political subdivisions.

The Nevada business tax rate for financial institutions is 2% on the gross wages including financial institutions and net proceeds of minerals entities. This is after the deduction of any employee health care benefits that have been paid by the business or employer.

It is important to note that there is a late filing penalty of 10% pursuant to NRS 363A.130 and the interest will be calculated at .75% per month on the entities unpaid tax balance.

Commerce Tax

Nevada commerce tax is a type of business tax applicable on the privilege of engaging in business in the state. The term “engaging in business” stands for conducting, commencing or continuing a business. The term also takes into account business activities like exercising franchise or corporate powers as well as liquidation of a business entity.

The Nevada commerce tax return has to be filed by any business entity whose gross revenue within a taxable year is more than $4,000,000. A business would be taxed irrespective of the type of entity and hence a limited-liability company (LLC), limited-liability partnership, C- or S-corporation, sole proprietorship, and business or professional association will be required to file the return.

There are certain entities that are exempted from Nevada commerce tax and the list of such entities is available with the Nevada Department of Taxation.

Payroll Taxes

Nevada is one of the few states that do not have personal income tax. The types of Nevada commerce tax that businesses normally have to pay include modified business tax (MBT); employer paid state unemployment tax, and Nevada Bond Factor Tax also known as new employer tax. Payroll tax imposition in Nevada is governed by NV Rev Stat § 363A.130 (2017).

Payroll tax is a type of excise tax that is levied on each employer in Nevada. The rate of this type of Nevada business tax is different for general business category and for financial institutions and mining.

General Business

Imposition of excise tax at the rate of 1.475% of the wages paid by an employer. This tax is paid by the employer during a calendar quarter on amounts that exceed $50,000 and this is pursuant to NV Rev Stat § 363B.110 (2015). There is an allowable credit of 50% of the amount of Nevada commerce tax paid by business entities or employers in the preceding taxable year.

Financial Institutions and Mining

Imposition of excise tax at the rate of 2% of the wages paid by an employer pursuant to NV Rev Stat § 363A.130 (2017). There is an allowable credit of 50% of the amount of Nevada business tax paid by business entities or employers in the preceding taxable year.

A NEVADA BUSINESS ENTITY ENJOYS SEVERAL TAX BENEFITS!

Startup Resources for Nevada Entrepreneurs

Date: | Category: | Author: Martin Pouzar

STARTUP RESOURCES
FOR NEVADA ENTREPRENEURS

Is Nevada the right place for entrepreneurs? Yes, most definitely! The state does offer several advantages to small or start-up businesses like incentives, no corporate or personal income tax, strong and flexible regulatory framework, protection and privacy. Apart from these advantages, an entrepreneur would require Nevada startup resources and this is where the Silver State stands apart from the rest – it provides the perfect “start-up ecosystem!”

All You Need to Know about the Nevada Startup Ecosystem

What is a start-up ecosystem and how does it work? A start-up ecosystem is a type of Nevada startup resources platform that is formed by people as well as start-up business that interact in the form of a system to further create new startup businesses. A startup ecosystem may constitute a variety of Nevada start-up resources including research organizations, funding organizations, service providers including legal services, support organizations like incubators, and government organizations like trade departments.

A healthy startup ecosystem finds ways to provide Nevada business resources to any start-up or entrepreneurs. Some of the components of such an ecosystem include:

  • Entrepreneurs and Entrepreneurship Education
  • Ideas and inventions
  • Research
  • Startup events
  • Intellectual property rights
  • Startups existing in various stages
  • Angel investors
  • Startup advisors and mentors
  • Different types of business focused people
  • Other organizations or individuals providing start-up activities

There are several advantages of a startup ecosystem especially for an entrepreneur or new business.

1. Financial Advantage

Financial advantage is one of the key factors that ensure a start-up ecosystem is strong and sustainable. There are several Nevada startup resources that provide a financial advantage to new businesses planning to register in the state.

The financial advantage lies in several venture capital programs designed as a part of Nevada start-up resources. These programs provide the capital necessary to jumpstart a project, business venture, or simply bring an idea to life. Some of the top financial programs that businesses can benefit from in Nevada are:

  • Battle Born Venture Program: This is a “Growth Escalator Venture Program” targeted at startups or small businesses. It is a venture capital program that is being overseen by the Nevada Governor’s Office of Economic Development (GOED) and falls under the US Treasury’s State Small Business Credit Initiative (SSBCI). It is one of the best Nevada business resources as it provides financial assistance to Nevada start-ups in industries like agriculture, aerospace & defense, healthcare, water, energy, logistics & operations, IT, manufacturing, tourism & gaming, and mining.

Some of the other top venture capital options for start-ups in Nevada include “VegasTechFund” by VTF Capital, Redhills Ventures LLC, and SilverRidge Ventures.

2. Business Advantage

Nevada start-up resources provide a strong business advantage and sustain the start-up ecosystem in the form of collaboration with other new businesses or start-ups sharing of experiences, accessibility to entrepreneurship training.

Most entrepreneurs face moderate to severe challenges in the emerging markets and this is where business advantages in the form of Nevada business resources help them to sustain their venture amidst the competition and challenges. Financial resources are important and second to that are a variety of business resources professional mentorship, networking opportunities, and facilities like co-working spaces. Let’s take a look at some of the business resources that entrepreneurs will have access to:

  • Adam’s Hub: This is a business collaboration hub situated in Carson City, Nevada with a mission to inspire entrepreneurs and start-ups to find ways to turn their big innovation or ideas into smart businesses. The initiative provides businesses with a state-of-the-art facility consisting of a collaborative workspace. Entrepreneurs can access educational tools, business services, and get valuable insights from hub advisors & strategists to successfully launch, accelerate, and grow their start-ups.

There are several other valuable Nevada business resources that entrepreneurs can benefit from like:

  • Asset protection for businesses of all sizes
  • Strategic location including proximity to California and the West Coast markets
  • Different types of industries that small businesses or start-ups can be a part of
  • Availability of highly skilled workers
  • Availability of a variety of services like mentoring, government contracting, business financing, certification assistance, sourcing bid and procurement opportunities among others.

Key Industries in Nevada

The state of Nevada is considered to be a major innovation hub and according to a report by Fortune, the Silver State has rapidly emerged as an “Energy Tech Hub.” The Tesla Gigafactory outside Reno has been joined by several other high-tech businesses involved in energy technology like electric cars, battery recycling, and futuristic transportation. This is where Nevada business resources play an important role in providing the necessary assistance to push tech or any other innovation.

Of course, there are several industries that entrepreneurs can consider for their start-up like manufacturing, which is considered to be the fastest growing industry especially in Northern Nevada. The key industries that will help a start-up business to grow and be sustained include:

  • Manufacturing Industry: One of the fastest growing industries, it provides businesses with 80 million square feet of affordable commercial or industrial real estate. One of the prime Nevada start-up resources in the manufacturing industry segment is the Foreign Trade Zone that helps in reducing or deferring duties.
  • Logistics, distribution and e-commerce: This is one of the leading industries that a start-up or any entrepreneur can venture into. There are distinct advantages that can assist with business growth and expansion like extensive transportation network, Air Cargo options, 65 trucking firms providing overnight delivery, and Opportunity Zones in the Greater Reno-Sparks area.
  • Clean Energy: This is another area where entrepreneurs can find a variety of Nevada business resources to assist them with a start-up. There are opportunities in different areas of clean energy like Geothermal Power, Bio-fuels, Wind and Solar power.

An idea is not limited to a specific industry and entrepreneurs can bring their idea to life in just about any industry because Nevada offers a strong platform and generous resources to help sustain such ideas.

Important Resources for Nevada Entrepreneurs

Start-up ecosystems are an important catalyst that helps entrepreneurs in exploring different business ideas and options. Nevada start-up resources help in keeping start-up ecosystems alive by providing entrepreneurs with necessary assistance and a platform to kick start their business. The question is where to find the right resources for Nevada entrepreneurs.

The Nevada business resources for entrepreneurs can be categorized as under:

  • Entrepreneurial Meetups: This is a type of platform that helps entrepreneurs meet up with other entrepreneurs, action groups, marketing professionals, funders, and other start-up owners. A start-up or small business can use this platform to access required Nevada business resources like the “Las Vegas Entrepreneur Business Network” brings together entrepreneurs and business owners so that they can create contacts and form strategic alliances.
  • Entrepreneurial Events: Events are quite an integral part of the Nevada start-up ecosystem as they provide the opportunity for entrepreneurs to work forward on their ideas. Entrepreneurial events help in providing Nevada start-up resources in the form of networking and other events that:
    • Help create contacts for business and funding
    • Provide planning, advising, and counseling services
    • Focus on maximizing business value through informative lectures
    • Help in the development of entrepreneurial capacities
    • Promote mentoring workshop to help start-ups in growing, scaling up, or expanding
    • Showcasing how to increase cash flow
    • Enable entrepreneurs through marketing workshops
  • Startup Competitions: This is quite different from any other Nevada start-up resources as it provides entrepreneurs with the opportunity to win cash and other prizes. One example of such a competition would be the “Business Pitch Competition” organized as a part of the Governor’s Conference and where-in Nevada based start-ups have the opportunity to make a two-minute pitch and win $16,000 in cash and prizes. The CES 2020 at the Eureka Park is one such event that comprises of start-up competitions or pitch competition.

Grants and Incentives for Nevada Entrepreneurs

Nevada with a growing economy is a hub for futuristic innovation. It provides an interesting environment and strong platform for small businesses. It is never an easy path to walk, especially when an entrepreneur decides to flow with their idea. There are several areas that may worry an entrepreneur like finances or starting up cost and its sustenance as well as growth. This is where Nevada business resources for start-ups matters as it provides the necessary boost to any start-up idea.

One of the most important types of Nevada start-up resources are grants and incentives that Nevada entrepreneurs can access. The most popular grants and incentives programs for Nevada start-ups include:

Grants

It is important to understand that there are two types of grant options available to entrepreneurs and they are borrowing of funds (debt equity) or selling ownership interest in exchange for capital (equity financing). Of course, as an entrepreneur in Nevada, you can also choose from different types of grants that can be categorized under Federal grants, state and local grants, and industry specific grants. Some of the top Nevada business resources in terms of grants include:

  • Grants under Small Business Innovation Research (SBIR) program
  • Grants under Small Business Technology Transfer (STTR) program
  • Federal and State Technology Partnership (FAST) Program
  • The Small Business Administration (SBA) federal financial assistance program
  • The Zach Grant
  • The National Association for the Self Employed (NASE) Grants for small business

Incentives

There are a variety of incentive programs available for Nevada entrepreneurs and most of them are being provided by the Governor’s Office of Economic Development (GOED) and the Nevada Department of Business & Industry. These incentives are important Nevada start-up resources that will aid with the growth of a small business. Some of the top incentive programs that entrepreneurs can consider include:

  • Sales and Use Tax Abatement on equipment purchases
  • Modified Business Tax Abatement
  • Personal Property Tax Abatement
  • Data Center Abatement
  • Silver State Works Employee Hiring Incentive
  • Opportunity Zone Incentives
  • New Markets Tax Credit Program
  • Workforce Innovation for the New Nevada (WINN) program

IncParadise – Incorporation & Registered Agent for Nevada Business

The possibilities are infinite when it comes to transforming an idea into a self sustaining business model in Nevada. As an entrepreneur, you will find an abundance of Nevada start-up resources that you can access with ease. Nevada is a rapidly growing economy that provides just the right platform for start-ups and investors alike. We at IncParadise believe that once you form a business in Nevada, you will be able to benefit from the resources, incentives, grants, entrepreneurial workshops, and networking events. We will assist you with the entire process of incorporation or registration of your startup. Since, we are one of the top registered agents in the Silver State; we can help you to transform your idea into reality in the minimum possible time.

IncParadise offers entrepreneurs and start-ups with a portfolio of additional services that support Nevada business formation. Some of the additional services include filing of Nevada Initial List & Annual Report, Nevada Mail Forwarding services, Certificate of Good Standing, Foreign Qualification, and filing of DBA – Fictitious Name among others. Check our full range of additional services to derive maximum benefit for your business.

FROM YOUR STARTUP BUSINESS IN NEVADA WITH EASE!