Best Reasons to Incorporate in Nevada - Part 6

INCORPORATING IN NEVADA

Privacy is a valued commodity and Nevada's business environment recognizes the importance of it. In general, Nevada has minimal reporting and disclosure requirements, which translates to greater privacy for corporate officers, directors and shareholders. The Supreme Court of Nevada has consistently taken a strong stand in the protection of corporate privacy, even in cases where the corporation in question has failed to adhere to basic corporate formalities. In addition, Nevada has no formal information sharing agreement with the I.R.S. Delaware, by contrast, reports the tax information obtained from Delaware-incorporated entities directly to the I.R.S.

Disclaimer: This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. If you have questions or need specific advice relating to the matters contained herein, please contact Lovaas & Lehtinen, P.C.

Best Reasons to Do Business in Nevada - Part 6 - Tax Benefits

Tax Benefits to Incorporating in Nevada

In last week’s post we outlined some of the tax benefits afforded to businesses that incorporate in Nevada. Next, we will evaluate the some of the privacy advantages protections afforded to officers, directors and stockholders of Nevada corporations. In general, Nevada has minimal reporting and disclosure requirements which translates to greater privacy. Moreover, the Supreme Court of Nevada has consistently taken a strong stand in the protection of corporate privacy, even when a corporation fails to adhere to basic corporate formalities. Nevada does not have a formal information sharing agreement with the IRS. This may protect you from a discrepancy between information contained in a state and federal computer. However, it should be noted that a foreign corporation’s home state may exchange information with the IRS such as Delaware who reports tax information obtained from the business entity to the IRS.

Disclaimer: This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. If you have questions or need specific advice relating to the matters contained herein, please contact Lovaas & Lehtinen, P.C.