Today I want to talk to you about where most business owners choose to incorporate their businesses. One of the biggest myths out there in the corporate world is that you must incorporate in the state in which you live and conduct business. This is absolutely false.
You are free to incorporate in any state you choose, regardless of where you live. Since most people want the strongest asset protection possible, they always choose Nevada, because Nevada has the best tax treatment for your type of income and the strong asset protection loss.
Let me explain the many reason why Nevada offers maximum advantage to business owners. Nevada does not allow owners to be held responsible if the business is ever sued. Did you know that from 1987 to 2007, there was only one case that successfully pierced the corporate veil of a Nevada corporation. That one case was due to fraud!
Nevada issues a charging order. In Layman’s terms, that means that if your LLC is sued and a judgement is granted, the person who sued you won’t actually receive a penny. Nevada does not have a corporate or franchise tax, which saves business owners literally 20% of their hard earned money on average.
So let’s review why Nevada is one of the most popular states for incorporation. There is no corporate or personal income tax, there is no tax on corporate shares, there is no franchise tax, and having a Nevada business corp minimizes the time, cost and risk of commercial litigation.
Take a hard look at your business and ask yourself, “are you registered in the state that is strategic or are you registered in a state where maybe you live or was easy to incorporate?”
If you are not sure of the answer, give us a call and let us tell you how easy it is to switch your company to a state that better protects you and your family, and puts more money back into your pocket.
Give us a call at: 855-371-0070 and then corporate or form a Nevada LLC and then benefit from personal asset protection, tax savings and increased credibility. We are more than happy to answer any questions that you may have.