Nevada legislature has pushed for the creation of a busines-friendly legislature in order to make it a more attractive state for businesses that are looking for tax advantages or laws that promote business rather than smother it. Fortune magazine stated that “Nevada’s attraction is that it has one of the lowest costs of doing business in the West” therefore making it one of the best states in America for business.
Trust Advisor polled its readers when they asked which state is best for trusts. Nevada won with 64% of the vote, Alaska in second place with 15%, South Dakota at 11% and Delaware with 10%. This poll included all forms of trusts.
Nevada legislature has pushed for the creation of a busines-friendly legislature in order to make it a more attractive state for businesses that are looking for tax advantages or laws that promote business rather than smother it. Fortune magazine stated that “Nevada’s attraction is that it has one of the lowest costs of doing business in the West,” therefore making it one of the best states in America for business.
Companies such as Tesla, Hyperloop Technologies, and Aqua Metals have moved to Nevada to take advantage of huge savings.
The Following are some advantages that come with doing business in Nevada:
- No tax corporate or LLC profits.
- No tax corporate shares of LLC ownership. (Most states tax the individual shares)
- There is no franchise tax.
- There is no personal income tax.
- Nevada doesn’t have an Information Sharing Agreement (ISA) with the U.S. Internal Revenue Service.
- Shareholders of corporations/owners of Nevada LLC are not on the public records meaning all shareholders can remain anonymous.
- Officers/Directors of the corporation can be protected from personal liability
- The corporations may purchase, hold, sell or transfer shares of its own stock.
- A Nevada corporation can issue stock for capital, services, personal property, or real estate (this includes leases and options for values that the Directors determine with a final decision)
- They can issue stock for nearly anything of value while the valuation of shares will not be questioned.
Nevada is without a doubt a business-friendly state. Nevada has evolved as a friend to companies of all kinds, and is no longer recognized just for its gaming sector.