If your business is located in the state of Nevada or does business in Nevada, then you might logically choose to establish an LLC or other business type in Nevada. But, what if your business was located and operating elsewhere? Would there still be good reason to consider setting up a Nevada LLC as opposed to an LLC in another state? As it turns out, the answer is yes. What follows are some of the Nevada LLC benefits that make the state worth considering for registering your business regardless of where in the U.S. you are located and operate.
Tax Benefits of Nevada LLCs
One of the primary benefits is that the state has no corporate income tax. Nevada also doesn’t impose fees on corporate shares. Nevada LLCs don’t have personal income tax obligations either. What this means is, unlike other states that tax LLC members and managers on their portion of any income from the LLC, Nevada doesn’t.
The employer payroll tax rate in Nevada is also considerably lower than in other states. Nevada doesn’t impose franchise tax or inventory tax obligations on LLCs either. Income from single-member LLCs in Nevada is simply taxed on the individual owner’s personal federal return, simplifying taxation considerably.
Nevada LLC Residency Benefits
One of the most important benefits, perhaps, is that managers and members of Nevada LLCs need not be Nevada residents. If a Nevada LLC has a physical location and employees in another state, however, it might be required to “foreign qualify” in the owner’s home state.
Nevada LLC Membership Benefits
Nevada allows for “noneconomic members” in its LLCs. These are members who don’t actually own part of the LLC at all but still have voting and managerial rights. This is perfect for businesses with investors and experts wishing to join forces, with the investors leaving the daily operations of the business to the experts.
Nevada LLC Approval Benefits
Nevada offers not one, not two, but three different levels of expedited approval. This means you can set up your Nevada LLC on your time schedule. You can even get your Nevada LLC application approved in as short as one hour.
Nevada LLC Legal Protection Benefits
In addition to protecting LLC members from being sued for actions of the LLC, Nevada allows the establishing of Series LLCs. A Series LLC creates further shields of protection within the individual LLC.
To discuss the potential Nevada LLC benefits to you and your business, get in touch with Silver Shield Services right away.