Why should you form a Nevada LLC? – Bent Enterprise

Why should you form a Nevada LLC?

More often than not, when a client approaches a tax or legal advisor with the requirement of forming an LLC, they will be immediately directed to choose the Nevada LLC. And this is a suggestion offered even to those who do not actually have operations in the state of Nevada. While this might sound highly surprising, there are many reasons why Nevada LLC is much preferred over other options. Here are a few for your consideration before you choose to incorporate your business.

No taxes at the state level

We all know that there is a higher propensity to incorporate a business in Delaware for the state is tax free. But when it comes to LLC, Nevada LLC offers a whole range of tax benefits. There are literally no taxes to be paid when you choose Nevada LLC. This includes no taxation on personal and corporate income, gifts or estates, unitary, admission and franchise over income as well.
If you happen to own a business in a different state but have it registered as Nevada LLC, you will continue to however incur certain regulatory requirements as per the state in which you run your operations. But if you know how to keep your legal and business affairs well kempt for Nevada LLC, then you will be able to easily steer clear of these additional requirements or rather make them work in your favor too.

Highest standards on privacy

Quite a few states will require you to disclose the names of the members but with Nevada LLC you happen to enjoy the highest standards possible in privacy. This is because you don’t have to disclose the names of your stakeholders for Nevada LLC with the state of Nevada. This way you can preserve the identity or rather the anonymity of the members in the Nevada LLC and even have a trust fund created generically to hold the membership shares of your Nevada LLC if required.

Protection of assets

We all know that Nevada LLC or in general LLC makes way for a limited liability and a protection of the personal assets of the owners in a company. With Nevada LLC, however you enjoy additional comfort for there is no need to file the assets owned by the company with the state. Additionally with Nevada LLC, unless you have specifically quoted your asset as a guarantee or obligation to a lender and forfeit, the state doesn’t come after you. So if you are not involved in any fraud with your Nevada LLC, you have nothing to worry about.
You will only have to list the assets of Nevada LLC when you are filing your IRS returns. So you wouldn’t have to disclose what your assets are or rather have anyone link the assets to Nevada LLC either.
Nevada LLCs have always been considered a safer and a better option in reference to other forms of corporations, as it provides protection of the owner’s assets. And when you choose Nevada LLC, then you have a better advantage for it comes with no obligations even on the tax front.