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How to Start an LLC in Nevada

Registering a limited liability company in Nevada is easy. There are a few basic processes which qualify organizations for LLC status. Any Nevada LLC formation must contain articles of organization that must be signed by at least two persons who are organizing the LLC. These articles should be delivered, along with a copy, to the Nevada Secretary of State, Corporations Division, for filing. Nevada law calls for the inclusion of certain information in the articles.

Nevada LLC, Nevada LLC Formation, How to Start an LLC in Nevada, Nevada LLC Forms

Registering a limited liability company in Nevada is easy. There are a few basic processes which qualify organizations for LLC status. Any Nevada LLC formation must contain articles of organization that must be signed by at least two persons who are organizing the LLC. These articles should be delivered, along with a copy, to the Nevada Secretary of State, Corporations Division, for filing. Nevada law calls for the inclusion of certain information in the articles.

This information to be included in the articles must include several things. The first item required is a business name. The name that is chosen must have either ‘Limited-Liability Company,’ ‘Limited Liability Company,’ ‘Limited Company,’ or ‘Limited’ at the end. Alternately, the name can also contain abbreviations like ‘Ltd.,’ ‘L.L.C.,’’L.C.,’ ‘LLC’ or ‘LC.’ Further, the word ‘company’ can be abbreviated as ‘Co.’ The names selected should also be clearly distinguishable from the names of any other Nevada limited liability company. Additionally, there are several other obligations to be adhered to in selecting a name. The details of these are available with the service agents or the Nevada government.

The Nevada LLC application must also contain the resident agent’s name and address. The application should also carry the name and address of each of the organizers signing the articles. Furthermore, the application should carry the details such as the name, address and business details of any managers.

After organizations file for a Nevada LLC along with all original articles of organization, a certificate of organization is issued by the state government and delivered along with the conformed copy to the LLC representative. The original articles of organization are filed with the Secretary of State, along with information such as the month, day and the year of filing.

A Nevada LLC formation also requires the applicant to include some other documents like the Operating Agreement, a proven minimum 5 members, and adherence to rules on resignation of membership and the specificity of the mode of member contribution.

 

How To Hide Assets

In social functions, I always get asked about "How do I hide my assets?" From who are you trying to hide your assets from? Is there a legitimate way to hide your assets?

You will know if you have succeeded in hiding your assets if an asset search by an extremely interested party does not reveal your identity. In a post 9/11, it’s not possible. Everything has become more transparent with the passage of government banking acts.

Interested parties have a way of finding the...

hide assets, llc, limited liability company, irrevocable trusts, independent trustee, protect assets

In social functions, I always get asked about "How do I hide my assets?" From who are you trying to hide your assets from? Is there a legitimate way to hide your assets?

You will know if you have succeeded in hiding your assets if an asset search by an extremely interested party does not reveal your identity. In a post 9/11, it’s not possible. Everything has become more transparent with the passage of government banking acts.

Interested parties have a way of finding the true owner for the right price. The Internet is running on high steroids. Anything you do is public knowledge.

However, the original owner and its present owner can legally be changed without having to go offshore. Legitimate repositioning of assets from you to an irrevocable trust is perfectly legal. The fact is, if your assets are owned by a subchapter S. Corporation or a Limited Liability Company and in turn the shares of the Sub S or membership units of the LLC are owned by an irrevocable trust, it’s the fortress of US Asset Protection.

HIDE YOUR ASSETS WITH IRREVOCABLE TRUSTS

How to hide your assets is a simple as the repositioning your assets through an irrevocable trust with a true independent trustee. The key to the transfer is the exchange of equal value in return for the asset, or the receipt of a fair market value for the asset transferred.

If you reposition your assets, you will no longer own them. If you don’t own assets, no one will want to sue you; no one will want to track you; no one will want to know your name. You don’t have to go offshore. US Laws, US courts will defend and support your asset protection system.

GIVE UP CONTROL OF YOUR ASSETS TO AN INDEPENDENT TRUSTEE

These laws have been defined by numerous court cases, over and over, right up to the Supreme Court. You must however, give-up control over your assets to a true independent trustee. Your asset protection system is enhanced when a Limited Liability Company further re-defines your asset protection system.

HOW THE LLC CAN HELP PROTECT YOUR ASSETS

The LLC is nothing new, but (until recently) states refused to legislate its existence. The LLC resembles the German GmbH the French SARL and the South American Limitada forms of doing business. The LLC allow small groups of individuals to enjoy limited personal liability while operating under partnership-type rules (rather than the complex rules that apply to corporate-type structures).

The LLC is recognized by the IRS as a "pass-through type” of disregarded tax entity. That is, the profits or losses of the LLC pass through the business and are reflected and taxed on the individual’ member’s tax returns of the owners, rather than being reported and taxed at a separate business level.

Other pass-through entities include general and limited partnerships, sole proprietorships and “S” corporations. The IRS now lets an LLC elect corporate tax treatment if it wants it by filing IRS Form 8832. Consult with your tax advisor or call Estate Street Partners toll-free 888-938-5872.

 

How to Save Thousands with an S Corporation

Ever wondered why more than three million business owners and entrepreneurs operate their firms as S corporations? Because they save thousands annually in taxes. Want to know how to get your fair share of these tax savings? Read tax professor and CPA Stephen L. Nelson's down-to-earth explanation of how an S corporation saves business owners money.

s corp, llc, s election, subchapter s, s corporation

How to Save Taxes with an S Corporation

Ever wondered why so many small businesses—more than 3,000,000 at last count—operate as an S corporation? Simple. An S corporation saves business owners big taxes in three separate ways:

First, as compared to regular corporations (sometimes called C corporations), S corporation owners can use the business’s losses incurred during the early lean years on the owner’s personal returns as deductions. For example, suppose a new S corporation suffers a $20,000 loss its first year and that the corporation is equally owned by two shareholder-employees, Smith and Jones. Smith and Jones each get a $10,000 business deduction on their individual tax returns because of the S corporation loss. This $10,000 deduction might save them each as much as $4,000 in federal and state income taxes.

A second, big S corporation benefit: As compared to almost every other business form, S corporations can save their owners self-employment or Social Security/Medicare taxes. Suppose, for example, that Adams, Brown and Cole independently each own businesses that make $90,000 a year in profits. Each business owner may pay $13,000 in income taxes. But, unfortunately, that’s not the only tax they pay. Each owner also pays self-employment or Social Security/Medicare taxes.

For example, Adams operates his business as an LLC and therefore pays 15.3%, or roughly $13,500, in self-employment taxes on his profits.

Brown operates his business as a C corporation which pays all of its profits to him as a salary. Accordingly, Brown (through his corporation) also pays 15.3%, or roughly $13,500, in Social Security and Medicare taxes.

Cole’s situation is different. Cole operates his business as an S corporation which means that Cole can split his $90,000 of profits into two payment amounts: salary and S corporation distributions. Suppose that Cole says only $40,000 of his profits are salary and takes the other $50,000 as a “dividend” distrbution. In this case, Cole pays the 15.3% Social Security/Medicare tax only on the $40,000 in salary. Cole therefore pays roughly $6,000 in Social Security/Medicare taxes—and annually saves $7,000 in taxes as compared to Adams or Brown.

S corporations also, sometimes, provide a third form of tax savings because S corporations don’t pay corporate income taxes. This means that S corporations avoid the often-talked about “double-taxation” problem. However, the “no corporate income taxes” benefit often isn’t a savings for small corporations and their owners.

But let me explain. Suppose that two corporations each earn the same pretax profit of $100,000 and are owned by Ms. DaVinci who pays the highest federal income tax rate of 35%. One corporation is an S corporation and the other is a C corporation. The S corporation can distribute the entire $100,000 in profits to DaVinci as dividends because there is no corporate income tax. DaVinci then pays $35,000 in personal income taxes on the S corporation profits, which means she nets $65,000 in after-tax profits from the S corporation. In comparison, the C corporation can’t pay the entire $100,000 in profits to DaVinci. The C corporation first pays $22,250 in corporate income taxes. When the C corporation pays the remaining $77,750 to DaVinci as a dividend, DaVinci pays another $11,663 in 15% “dividend” taxes on the C corporation profits. This means that DaVinci nets roughly $66,000 in after-tax profits from the C corporation profits. In this case, DaVinci saves money with a C corporation in spite of having to pay the corporate income tax.

How to Get S Corporation Benefits

To create an S corporation and receive S corporation tax savings, you need to do two things: First, you must incorporate the business either as a regular corporation or as a limited liability company. Second, you need to make an election with the IRS to have the corporation or LLC treated as an S corporation. The S election is made with form 2553, available from the www.irs.gov web site. Note that some states (such as New York) require a separate state S election.

A final tip: S corporations can save you thousands of dollars annually, but your tax savings can’t start until you elect S corporation status. If you’re interested is electing S status to save on taxes for next year, you may want to call your tax advisor or attorney right now!




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