How a Nevada LLC may be utilized Asset Protection
The Nevada LLC or Limited Liability Company as its known, is a seperate legal entity from its members and is one of the most common LLC formation when undertaking business enterprises. As such it can perform most duties that an individual person can, such as sign documents, engage in litigation, borrow, open a bank account, own property and incur trade debts. The State of Nevada is Pro business and Pro Asset Protection.
There is no ownership or financial information sharing with any government body for a well established Nevada llc formation.
Where other states require tax returns if your LLC has its base of operation there, income generated by a Nevada LLC is not taxed at the company level regardless of where that income was generated.
Neither are the members of the Nevada LLC recorded in the Secretary of State records.
Features of a Nevada LLC
- One person (including another LLC) can form an LLC and simultaneously fill the positions of Manager and sole member
- No minimum capitalization rules
- Charging orders made by a Nevada Judge in favour of a creditor of the LLC are ineffective unless income distributions are made to the member of the LLC. If no income distributions are made, no collection can be effected.
- An LLC Formation in Nevada usually has to apply for an annual business license but in some circumstances there are exemptions to this rule.
- Protection from personal liability
- There is no information sharing agreement with the IRS
- No tax return needs to be filed
- Members and Managers may reside anywhere in the World
- Nominees may be used
- A Nevada LLC may be operated as an investment management company or an investment holding LLC
