Probably not typical 'free' page info but does anybody have information on the benefits of utilizing Nevada or Delaware corps, and/or other anon' banking oppurtunities ?
The reason many corporations are located in Delaware is mostly due to the fact that they have more established case law supporting certain areas of business in that state's corporate history. Additionally, there are still many who are unaware of the better benefits in Nevada. However, today more companies are moving their corporations to Nevada than any other state. Overall, Nevada and Wyoming (even less known than Nevada) are the best states for protection and privacy.
Some of the benefits for Nevada corporations are:
Nevada has a number of outstanding attributes that make it extremely attractive to entrepreneurs. Consider the following advantages to incorporating in Nevada:
Minimum requirements:
Stockholders, directors and officers need not live or hold meetings in Nevada, or even be U.S. Citizens.
Directors need not be stockholders
Nevada corporations may purchase, hold, sell or transfer shares of their own stock.
In Nevada, one person can hold all positions in a corporation.
No Cash Restrictions. In Nevada, you can issue stock for cash, property or services at the complete discretion of the board of directors, which again, can be just youself.
Relocation is not necessary. Officers of a corporation can live anywhere in the world. Your directors and shareholders can hold meetings anywhere. Your corporation can also be formed easily by mail, fax or phone so you can incorporate in Nevada without ever seeing the state.
Tax Savings:
No Corporate Tax
No Personal Income Tax
No Franchise Tax on Income
No Inheritance or Gift Tax
No Admissions Tax
No Unitary Tax
Asset Protection:
Officers and directors of a Nevada corporation can be protected from personal liability for lawful acts of the corporation.
In Nevada, liability stops with the corporation. As an officer or director, you cannot be held responsible for lawsuits against your corporation except in the case of outright fraud. You also have the ability to use nominee officers and directors.
Nevada also does not require corporations to file a list of assets. Therefore, the corporation's assets are not linked to you in any way.
Privacy:
No other state takes privacy as seriously as Nevada. In Nevada, there is no requirement for the names of stockholders to be filed with the state. Stockholders are anonymous-not a matter of public record.
No Reciprocity with the IRS. Nevada is the only state in the union that does not share information with the Internal Revenue Service. Many tax professionals also believe that this reduces your chances of an audit because less matching of tax return information means fewer chances of something standing out.
Since there are several factors to consider for each individual situation, here sare some links to contact to discuss your specific circumstances:
http://www.laughlinusa.com/main.asp
http://www.nchinc.com/?source=google
Some states, such as California, require that a foreign corporation pay the California corporation tax if it does business in California.
You may have noted several uncomplementary barbs I've pointed your way. In my eyes you are at least partially redeemed. I sincerely hope that the future is void of the past nastiness.
May we assume your time on the bench was spent within the State of Nevada?
Please be aware that if your Nevada Corporation is operating in another state, (say California), it must register as an out of state corporation with that state (typically the Secretary of State) and file tax returns and pay tax on its earnings in that state. If the corporation does not do that the corporation will not be recognized as a legal entity by that state, and it cannot use the courts to enforce its contracts plus its officers become responsible personnally for any activities of the corporation.
I my decades working as a controller for small companies and a financial consultant I've had more than one person tell me that they were exempt from taxes because: they are a consultant (when state employment laws would clearly class this person as an employee) plus they were employed by a Nevada Corporation that they owned and Nevada has no income taxes. Of course, when I asked if they had registered with the secretary of state as an out-of-state corporation the answer was no, that was not necessary.
I would always respond "you mean you figured this out yourself and Lockheed, Disney, Union Oil, Bank of America and all the other corporations and 40 million people in this state missed that tax savings idea? Gee your clever, but I am still going to withhold employment taxes from you, and as for income tax withholdings, I am reporting your non-withholding to the Internal Revenue Service and the State Franchise Tax Board. When the state tells me you are not an employee and are exempt from tax & withholdings as you say I will do it your way." And if they complained to the owner of the business, and the boss was a similar sleaze (that is said do it as asked), I quit.
Sorry for the vent...
only have to fill out a simple form with the Secretary of State in their home state to let them know that they are operating in their state. This is required no matter where you incorporate and is usually referred to as a "foreign corporation." They will then maintain all the benefits of a Nevada corporation. This is not a reason to choose another state for incorporating as there is no contest when comparing the major benefits of incorporating in Nevada with any other state.
If you are basically a self-employed 'incorporated' individual who is incorporated in Nevada but are residing in, maintaining an office in, generating sales or revenue in, seeing patients in, making sales call in, own real estate in, distributing from within, and/or etc California .. you oughta give the Franchise Tax Board a call.
Nevada may have a great many benies regarding corporate privacy and such, but you probably owe the land of milk and honey some tax. If nothing else, the annual minimum franchise tax of $800.
Kennilworthkid also makes an excellent point. Incorporate in Nevada if you chose but you better check with your own state tax commission about what is required of a foreign corporation. In my state Chappy, it's not as easy (cheap) as you make it out to be.
nearly enough to overcome the huge privacy and protection elements you get by incorporating in Nevada.
If you want to experience a real nightmare, incorporate in New York of California. Most other states are almost as bad.
Only Nevada refuses to share information with the IRS, provides that the owner does not have to be named in public records, and that one person can form a corporation by himself. Just by themselves, those items alone provide huge benefits, but there are many more. The points you bring up are miniscule by comparison. The huge numbers of out of state companies incorporating in Nevada every year prove the case.
I'm confused. Chappy made a post some time ago where he claimed he had no college degree. He said that the game of 21 had allowed him to earn an income that would not have been possible otherwise because of that lack of a degree.
So, why are people now saying he was a judge? Chappy, if you have claimed this would you care to clear up the discrepancy?
You must be thinking of someone else. I never made the post you refer to. I have been employed for decades (many would recognize my name from my former position). I retired a few years ago. And, by the way, I have spent way too many years in school and have several degrees.
"The old days were much more fun. BJ rescued this guy with little education and not much of a future from a menial job to a very comfortable life. Today it is virtually impossible to start small and climb that huge mountain of winning to get that 100K+ bankroll then maintaining regular full time play at top levels without problems for years. With all the surveillance and other communications and problems, I would bet against almost anyone succeeding today for an extended period of time. I still play when in Vegas a few times a year. I could "write a book" they say. Truth is I could write 10 books, but won't!" Chappy, 10/17/03, BJ21.com
From 11/11/04:
I am not a lawyer but you can ask 5 lawyers about this and you will get 14 different opinions, all will tell you they are right!
From those statements, including "I play when in Vegas a few times a year," he has transformed himself into a retired judge who is a longtime resident of Las Vegas with 30 years of playing experience.
Now that you remind me, you are correct, that was my post.
Now here, as the great Paul Harvey would say, is the rest of the story:
When I mentioned "this guy" I was referring to my nephew Andrew whom I taught to play many years ago. It was my intent to keep him anonymous. He was unable to do much in his life due to being handicapped. I did not mention anything about him as it would identify him to the casinos as probably nobody else with his obvious circumstances was playing high limit 21. Today, he no longer plays high limit as it there is too much risk in his case. This is because there is almost nowhere he can still play at that level and it would be very tough to get into the long run. Not wanting to get stuck $50,000 then have no place to play, he now only plays in smaller games and plays with no heat.
You may also note in my post I wrote: "I still play when in Vegas a few times a year. I could "write a book". Truth is I could write 10 books, but won't!", where I was referring to myself. I mentioned "I." I did not mention how often or where I played as I wanted to be lumped in with the tourist crowd as I am a fairly well known person from my former position before I retired.
Andy's playing circumstances are illustrative of today's game. The reason I can still play and he cannot is due to him being unable to move around as I do as his limited movement capability had him playing in places for longer periods. While this was unavoidable in his circumstances, he did very well for himself for many years and beating the casinos changed has his life forever. Today he just plays small for recreation, but still gets a charge out of beating these miserable casino people.
In recent posts I have mentioned the difficulty playing high limit in Las Vegas in today's game and getting away with winning big on a regular basis. I know of what I speak. His case sure shows it. If they will toss a person in a wheelchair with several other problems they will do just about anything.
He did have a unique advantage every so often. Being in a wheelchair sitting close to table level and playing in handheld games, especially with tall dealers, he could often see their hole card before they tucked it below their upcard. Nobody ever suspected this.
But you are correct. I had just assumed that by using my reference to "this guy" it was clear that I was speaking of an unnamed person. When I first read your post I did remember ever writing about him and thought you had me mixed up with someone else. Maybe I need the medication?
How are things on Pink Chip?
I never said anything about myself which would be close to identifying me as many in Las Vegas would recognize me.
Furthermore, when I put in the limited personnel info for BJ21 I thought it was needed for registering info only. I had no intent on anyone finding out anything about me. I was not aware they posted this. It was not brought to my attention that anyone knew about this until someone recently brought it up. Since I was banned from green chip for confronting you whiners (who are comicly researching my life on a Saturday afternoon) I cannot delete any personal info about me. I was under the impression at the time that that was needed for the webmaster or BJ21 people. You may notice that I never mention anything about me personally which would identify me.
However, keep trying! Actually I was a porno star before becoming an Elvis impersonator! I really don't care what you think and prefer that nobody knows anything about me.
I anxiously await your next bit of desperation or the onslaught of the droolers!
Why all the insults? The temperment surely is incompatible with a judicial profession. But the familiarity with Nevada's LLC statute(s) and privacy provisions would suggest you are an accomplished entrepreneur, a public accountant, or an attorney, perhaps a judge.
The reason I'm interested is that I am considering starting a real estate title company in Florida, and you got me wondering if there are advantages to organizing in Nevada as opposed to locally.
The information listed under my name was meant to be private. I was unaware it would be made public. In all my posts I never speak about myself personally other than diversionary comments away from my identity.
As for my "temperment," a few words in response:
After months of listening to yourself and other droolers directing their ignorance in my direction, I would contrast your group with another 21 player, my incredible nephew. Despite terrible physical limitations his accomplishments dwarf those of all the droolers. The comparison of Andrew with the losers on this page who have no idea how blessed they are, prompted me to forcefully respond.
Then there are those whose ego is apparently too big for common sense. In my opinion, this would include people like Yukon Jack and some of the others who want to mislead people with some of the nonsense I have spoken up about.
As for being banned from Green Chip for confronting the foolish, who cares? They seem to think that mob rule makes right. They're wrong, the rules make right. "One man plus the truth..."
While personally I am on the conservative side of things, decisions I have made over the years have been pretty much even. I am always surprised when I look back on things. Most common complaint? That I rarely "speak up." Imagine that?
I will have no further comment on my personal info.
I believe you and I have generally had a decent posting record between us but I take exception to your comment above.
"The points you bring up are miniscule by comparison."
May well be but my participation in this discussion is to clarify two of your posts made on March 5th.
First, you extoll the virtue of Nevada (and Wyoming) having no personal or corporate income tax; and that is certainly a virtuos thing if you reside there.
The points I listed were to clarify the notion that was getting out of hand that, if you incorporate in Nevada, and don't reside and/or primarily operate in Nevada, you can not simply kiss your local state taxing agency goodbye (specifically California.)
Secondly, while filing income/franchise tax returns is not brain surgery it may be a little bit more involved -in your local state - than 'filing a simple form." I know it is in California and New York.
If you are a non-resident to Nevada, and incorporate there, is the add'l annual fee you will pay to Nevada (plus minus $100 I believe), in addittion to what ever your local state extracts from you worth the ease of use and corporate privacy Nevada will afford you?
Probably for many, but certainly not for everyone.
The "simple form" I referred to has only to do with notifying that state's secretary that you are operating a Nevada corporation in their state. This is required of any out of state corporation. Individual taxes to that state are a separate, but smaller issue.
While your points are legitimate, they are very minor compared to the privacy and taxation benefits in Nevada.
I beleive that privacy is vital in today's letigious world. The fact that there is no public record that you own anything connected to the corporation in Nevada can save you massive amounts of trouble. We have a cancer in America called lawyers (just my opinion after many years of observation) many of whom will go out of their way to attack anyone they see having any net worth. They will try to get you to settle rather than pay fortunes in legal fees to protect yourself. This disease is rampant in America and your financial assets are the target they look for. You need privacy, it is too critical. You don't want to spend your whole life working hard to accumulate a retirement only to have one of these scmbags do an asset search on you through public records and try to destroy you financially. Maybe your business has only 10 handicapped spots, when they claim you need 11. These scumbags will banrkupt you with legal fees. And you're worried about what? It is far better when the asset search shows that you own nothing, as it can do in Nevada. Other states publicly announce all your associations in their public records. Now what is the price of complete privacy?
Aside from the annual fees, a corporation here will also have to have a resident agent (to accept mail, etc.) here and also other items to maintain their corporate status. There are some additional costs but they are minor compared to other places.
I am from Wyoming and am familiar with the corporate laws there as well as they have copied much of Nevada's ideas in order to attract businesses, which both states have done.
As mentioned before, the thousands of out of state corporations coming every year to Nevada proves the case.
