Learn About Nevada

For many years, Delaware has enjoyed hosting the largest number of corporations out of 50 U.S. states. In fact, for a long time, there was a widely held belief that Delaware was the only first-rate place to incorporate a business – a perception cultivated as a result of more than half of U.S. public companies and Fortune 500 companies being based in that state.

However, recently, some of the other states have started a campaign for attracting businesses to their region. One of the major states among these is Nevada. The state's aim is to gain a larger number of incorporations and LLCs for Nevada.

So what can Nevada offer a business? There are undoubtedly several advantages:

• Just like Delaware, Nevada does not have an income tax imposed by the state.
• On corporate shares, for a domestic company, Nevada does not charge any fees.
• One of Nevada's essential advantages is that franchise tax is not imposed on corporations and LLCs based there.
• The business owners can enjoy a certain level of anonymity, as Nevada's state is not bound to share the information.
• The shareholders or the officers of the corporation or LLC directors are not required to be legal residents of Nevada.

While evaluating your business venture's total cost, as formed in Nevada, you must be careful to include any transactions with other states. For transacting with other states, you need a foreign qualification for the company in each respective state of the transactions. It's a sort of registration required to start any kind of business in a state other than the state of formation. If your employees are located in another state besides Nevada, you may also be required to file for a foreign qualification in that state.

Before establishing a Nevada company, it's wise to inquire about the ongoing cost and fees for doing business in other states.