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-Why A Nevada Corp. - SMART902006/Images/spinglob.gifcom/corp04whynevada

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Why Form a Corporation - 03
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Belli-LegalCorps 01
Why A Nevada Corporation - 04
Biz Comparison - 06
Doing Biz As A Corp
Nevada Corporate Tax Savings
Cost of Plans - 07

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Why Nevada?

"OK", you say, so how does setting up a Nevada corporation or LLC save any tax? I live in California and pay say 9.6% state tax."

Here is a brief insight into several simple scenarios. There are many others. If you are in business, and want the benefits alluded to in this overview, then we should talk and tailor make a package that will work in your particular situation.

Scenario(s).

Among many workable solutions, one is to set up a corporation or LLC. in your home state that is your operating company. Let's call it LOST, INC. Try as it might, it doesn't make a profit, yet it keeps on running. So, no profit, no income taxes. If LOST, INC. has only debts and no unsecured assets then it is virtually judgment proof. Of course, it makes enough gross income to pay salaries and other expenses, but basically has nothing left at the end of the year.

Next you set up a Nevada corporation (or LLC) NEVADA GOLD, INC.  This company then does business with LOST, INC. For example, NEVADA GOLD performs services i.e. purchases what LOST INC. sells (marks it up) and then sells to LOST, INC. and the profit stays with your Nevada corporation. NEVADA GOLD purchases physical assets such as equipment, machinery, vehicles, computers, and leases them to LOST, INC. on a non-equity lease and, of course, NEVADA GOLD makes money on the lease which is an expense and tax deductible to LOST INC.

Most state laws permit you to solicit business in that state and not be registered to do business there so long as you just solicit and don’t actually sell the service or product there. The concept is that you solicit the business and then the purchaser enters into a sales contract which is then ACCEPTED in Nevada. The customer is invoiced and sends a check made to NEVADA GOLD which goes into NEVADA GOLD's Nevada Bank. Hence, no business was contracted in LOST INC's home state and there are no profits or state taxes.

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Many consultants and other individuals arrange to be employed by Nevada companies which, in turn, bill the company for which the services are performed and, again, the contract for services is made In Nevada and payment goes into the NEVADA GOLDs’ bank. Then NEVADA GOLD pays you, the consultant, something less than it charges for your services. The result is that you have a living wherever you are residing and performing services yet you have split your taxable income and saved state taxes.

NEVADA GOLD can also loan money to LOST INC and charge interest (Nevada has no usury laws). Money from loans is NOT income and interest is deductible to LOST INC as a business expense. One way of funding NEVADA GOLD, INC., your Nevada start up company, is to purchase shares in the Corporation or LLC. There are many others scenarios that are easily workable for you. By the way, a Nevada corporation may have bearer shares, so no one is able to easily ascertain from public records just who the owner(s) are.

Asset Protection

One way to protect your hard-earned money from unforeseen events which could result in judgments which could wipe out your assets, is to have your Nevada corporation make a loan to your current business, and by properly documenting the transaction, your Nevada corporation has the first claim on your business assets. You might give your Nevada corporation a promissory note, which is payable on demand, for the funds which it lends to your current business. Then, if the going gets rough and someone's lawyer obtains a judgment against you, for whatever reason, your Nevada corporation can call the note and take possession of your assets; in that way you still have full control and use of your assets--and no one needs to know that it was your Nevada corporation that claimed your assets. It's almost like locking your assets away in a closed vault where only you have the combination.

Tax savings with Nevada corporations.

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SmartLegalCorps™ provides business incorporating services. We are not a law or legal services firm.
We do not undertake nor intend to render legal advice. As always, consult your attorney for legal advice.
©2002-05 All rights reserved.

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