Nevada was born from the discovery of a major silver mine, and its reputation as a state where you can make it rich, and quick, has been well-earned. Home to Las Vegas, Nevada is known for being a place to gamble, and tourism remains its number-one industry. Of course, there is so much more to the ‘Silver State’ than the Las Vegas Strip. Nevada is still home to some of the most active precious-metal mines, and is a major ranching state.
Nevada also has a reputation as being a tax haven – the Tax Foundation ranked Nevada as having the third most-business friendly tax laws of all fifty states. Naturally, we receive plenty of questions on how to take advantage of that lax-tax law. If you are considering whether you should incorporate in Nevada, take the following into consideration:
- A few forms are all you need to form a limited liability company or incorporate in Nevada. To help expedite the process, Nevada’s Secretary of State has set up ‘The Silver Flume‘ – an online business portal that allows entrepreneurs to register their business and set up a new business entity. The filing fee for corporations can fluctuate from the minimum of $75 depending on how many shares the corporation will be authorized to issue.
- Nevada requires new corporations to file an ‘Initial List of Officers, Directors, and State Business License Application‘ within one month of filing the Articles of Incorporation. Again, the filing fee will depend on how many shares the corporation is authorized to issue.
- Government entities, non-profits, motion-picture companies, and insurance companies can all apply for an exemption from having to file for a State Business License.
- Nevada has no corporate or personal income tax. And while you can certainly incorporate in Nevada and take advantage of that, it probably isn’t worth the effort unless you actually do business in Nevada. Nearly every state has laws that establish a nexus point – the point at which they begin to collect corporate income tax on foreign businesses operating in their state. States with higher corporate income taxes typically have lower nexus points, so you may wind up going through the trouble of incorporating in Nevada and qualifying as a foreign corporation in your home state, just to find you still have to pay your home state’s corporate income tax.
Ready to try and strike it rich in Nevada? Give us a call at 1-(877) 692-6772, or leave a comment below, and we’ll be happy to help you out in any way we can!