How to Incorporate in Nevada
Nevada is one the most popular states for incorporating a business. Incorporating in Nevada is ideal for many businesses for the economic conditions that are attractive for conducting businesses in this state. There are numerous benefits that Nevada offers for the businesses that incorporate in Nevada.
• Absence of taxes on shares
• No corporate income tax or franchise tax
• A minimal amount of annual fee
• Feasibility of purchase, selling and transfer of shares
• Protection of assets and privacy
• No equity transfer tax
• No tax on inheritance or gift
These benefits make it a lucrative chance to incorporate in Nevada, making it one of the most popular states for business incorporations.
Selection of a name for the business
The first step in incorporating your business in Nevada involves selection of an appropriate name for the business. The business name has to be in cohesion with the nature of product/service the business is offering. It Is also important that the name needs to be a unique one, checking it before selecting one it is important to avoid any similarity which may cause a problem later if any other business has the same name incorporated before yours. A state name check is conducted for this purpose to avoid using similar name as that of any other corporation.
Recruitment of Officials
It is important to recruit officials for the corporation in order to incorporate a business. Incorporating in Nevada requires a corporation to have one or more directors who should be above the age of 18 years. Residence of these directors does not necessarily have to be in the same state, this gives the edge to many directors residing in other states. In case of officers, the names and details are not necessary to be recorded in the Articles of Incorporation, but for directors it is a must have to get their names and addresses mentioned.
Filing of Annual List of Officers/Directors
Nevada requires corporations to file an annual list of the directors and officers appointed by the organization. This has to be filed with the state annually in the anniversary month of the corporation. With that, acquiring business license and its submission along with the annual list of directors/officers is required too. These are the required submissions for both, corporations and LLC in the state of Nevada. Obtaining business license or any other license and permits depending on the nature of business and its requirement is important, and has to be done in time so it could be filed on time too.
Filing of Incorporation Documents
Filing the incorporation documents and necessary paperwork is an important step in incorporating business in Nevada. These documents are to be filed with the Nevada Secretary of State for the incorporation of the business in the state.
A Separate Bank Account For Business
It is imperative to keep the personal finances and business finances separately, thus a separate bank account has to be opened for the business in Nevada.
It is also important to have a physical location in the state so that the business may sound credible and reachable in case of any discrepancy in documents or need for contact. Similarly, contact information of the business and that of its members have to be submitted to the state at the time of incorporation.