Why Should I Incorporate my Business?
You’ve come up with a great idea for your own business and have finalized an airtight business plan. Eager to get it up and running, you hastily decide to cut through red tape and a myriad of documents to register your new entity as a sole proprietorship.
The reason you started your business was to take your financial future out of the hands of others. However, by registering as anything but a corporation, you are just tossing that future right back to everyone else as they will now control your destiny once again.
America is a litigious nation
Sooner or later, your business will face a lawsuit.
Unincorporated business owners and their business are considered one and the same person in the eyes of the law. Therefore, assets are commingled and are at risk as all debts and liabilities are yours. Your personal assets are now open to litigation and a lawsuit would devastate you personally and publicly. Operating as a corporation means that you are considered a separate entity in the eyes of the law and, as a result, your personal assets are protected.
Substantial Tax Advantages.
Not only are you able to declare much more as deductions because they are business related expenses, but you are open to new opportunities that would otherwise elude you should you not decide to incorporate yourself.
Control the size and timing of your retirement income.
401(k) plans, benefit plans, health care coverage and welfare plans are just a few of the ways you can reduce the tax impact on your company’s stream of revenue. Your company will be able to build corporate credit that is separate from your personal credit and has the potential to alleviate it with the savings from the business so that you can create a sizeable retirement fund.
Why Nevada?
Nevada LLC's carry charging order protection where other state LLC's do not.
Find out more, call our Corporate Executives.
Each state varies in what laws revolve around establishing a particular corporate structure, operating requirements, liability protection (sometimes referred to as ‘the corporate veil’) and personal privacy. Nevada is considered extremely pro business as the state features absolutely no corporate income tax or franchise tax. Furthermore, in Nevada, you may set up a corporation without even actually residing within the state itself and your personal privacy and assets are completely protected under law.
In addition to the aforementioned reasons, the state of Nevada requires no minimum amount of capital and the annual renewal fee is relatively small at $125 per year (this does not include the resident agent and state business license fees).