A Corporation formed is a legally existing distinct creation quite apart from the personality of its founding members. corporation has its own identity and presence. A corporation chartered under the statute of the US State of Nevada is a, Nevada Corporation. Nevada also known as a corporate haven has many small and large businesses choosing to incorporate here due to its favorable corporate tax and privacy laws.
Many large corporations incorporate here while actually being based in other States and engaging in business there. Nevada's favorable tax structure and asset protection laws due to which disclosure of share-holders is not required benefit corporations set up for privacy.
Nevada corporation offers complete freedom to the board of directors to conduct their business, permits them the authority to change or repeal their bylaws, and take steps against hostile takeovers. The shares in a Nevada corporation can be in the form of Bearer shares which enables transfer of considerable shares from one place to another with complete privacy.
The States taxation is another plus point with virtually no taxes levied. Nevada corporation has no franchise tax, no corporate tax, no personal income tax, no stock transfer tax or tax on corporation shares. A federal tax return is to be filed annually and a $100 Business License Fee is to be paid to the Nevada Department of Taxation.
The cherry on the top is that Nevada corporation has no information sharing agreement with the Internal Revenue Service. These favorable laws resulted in nearly45, 000 corporations and LLC's incorporating in Nevada corporation in 2006.
Corporations can be formed in Nevada within 24 hours via telephone or through the Internet. One or many people may establish a corporation by signing and filing in the office of the Secretary of State articles of incorporation. Filing a signed certificate of acceptance of appointment in the office of the Secretary of State. The Secretary of State must ensure that the articles of incorporation are in the prescribed format and adhere to the law of Nevada State. NCP as your Resident Agent, file the corporation's list of offices, a state business license in Nevada and a federal tax ID number.
Every business small and large incorporated in Nevada corporation comes into contact with the State of Nevada's Department of Business and Industry also known as the Nevada Corporation Commission. Their's is the first government office that a business intending to incorporate must contact to learn the requirements of incorporation, options and the assistance programs.
The law of Nevada corporation is favorable to business management. It provides protection to the board members from personal liability for acts within the law, the law allows nominee shareholders, the corporation can issue stock for capital services or personal holdings. No minimum amount of capital is required, meetings can be held anywhere in the world and the board members need not reside in the state. Business too can be conducted in other states though governed by Nevada's laws.
The Nevada Corporation services include a range of services to benefit a business intending to incorporate here The services include Incorporation services, Privacy services,Asset Protection Services, Nevada Shelf Companies, Corporate Banking Services, US corporate bank accounts for non-residents, Offshore Incorporation Services and other ancillary services such as Resident Agent Service, Foreign State filing Service.