Nevada LLC Benefits
There are many benefits of forming a Nevada LLC. Many entrepreneurs and business owners consider using this type of LLC instead of many other state LLC options. Once you learn more about the advantages, you may find that forming a Nevada LLC would be in the best financial interest of your business.
For many business owners, privacy is a very big deal. With a Nevada LLC, this is not something that you have to worry about. When compared to other states, Nevada is much better at protecting the identity and maintaining the privacy of LLC owners. In short, this means that your name, address and industry type are not going to be made public record.
No State Tax
In the state of Nevada you can choose to have your company taxed as a partnership, as opposed to a corporation. In turn, this allows you to save a lot of money on taxes. In addition to the ability to avoid state tax, as a member of a Nevada LLC you will not have to pay self-employment tax. When compared to other states, Nevada is well ahead of the game in terms of benefiting the company. Many states have very high tax rates and cannot compare. There is also no tax for the following:
- corporate tax
- personal income tax
- franchise tax on income
- gift tax
- inheritance tax
- unitary tax
- admissions tax
Protect Your Assets
Just like most states, when you form a Nevada LLC you are keeping your personal and business assets separate from one another. Creditors are unable to come after your personal assets, should something go wrong with your business.
Also, a Nevada LLC can be formed with a single member – there is no need for multiple partners. For an entrepreneur looking to get started on their own, while taking advantage of the many other benefits, this is a big benefit.
Low Minimum Requirements
Some states require that LLCs meet many standards and requirements. This is not the case with Nevada. One of the most important requirements to be aware of is that you do not have to live or do business in Nevada in order to open an LLC within the state. In addition, you have the ability to file all the proper paperwork by phone, fax or email. The process is very easy.
You may need some assistance when it comes to filing the proper documents, but the ability to open an Nevada LLC from other parts of the world is quite possibly the biggest benefit. Finally, Nevada does not have any cash restrictions that you are required to follow. For example, stock can be issued for services, property, or cash, all at the discretion of the LLC.
Establishing your LLC in Nevada will give you the chance to take advantage of the many benefits the state offers. It is important to consult with an attorney or financial planner to be sure that your documents are in order. However, it is a simple process to go through.