Wyoming is now preferred Why?
you are filing for the first time or have a Nevada company read
Nevada on July 1st of last year increased the corporate renewal fees from $325 to $650 (it was $75 a few years ago), why allow this taxation? When you can retain the same benefits (including address, banking, EIN and original filing date of your company) for far less? Here are your options to reduce these fees, you may convert your corporation to Wyoming and pay $50 per year or convert your corporation to an LLC in Nevada and pay the $325 annual fee, plus conversion cost which is expensive or convert (which is a continuous filing) (it is rumored NV will also raise the LLC cost) to Wyoming and pay $50 a year for annual renewal, our fee for a continuous filing is $575 (includes all cost in Nevada and Wyoming including RA). There may be expedite fees if you're in a hurry. Please read on see Why Wyoming, if you are doing business exclusively in Nevada you may need to continue with your Nevada entity in Nevada.
We at ILS offer a unique combination
of professional services; including complete filing preparation
with services such as Setting up
Business Checking Accounts, Office
we also offer Director Services,
our financial consulting includes accounting, organization and contractual
preparation. Inc Legal Services
are designed to meet the needs of clients from all over the globe.
We have enjoyed success providing our clients with specialized planning
for asset protection and privacy by assisting our clients with management
consulting in the income tax-free states of Wyoming/Nevada. We can
answer your questions: Why incorporate in Nevada or should I use
Wyoming? What are the reasons for choosing an LLC or a corporation?
No (reasonable) question goes unanswered. We should mention Wyoming
does not offer corporate charging
Main Advantages of Incorporating in Wyoming and preferred to Nevada
For small and medium size businesses, Nevada was the preferred jurisdiction in which to incorporate. Now Incorporating in Wyoming gives equal access to a series of fiscal and legal benefits with asset protection and tax exposure reduction being the two primary reasons that people choose to be incorporated. Then comes the companies Domicile which means "primary resident", not to be confused with "registered agent". When incorporating or converting to Wyoming you may retain your current address (see Office Presence) as well as EIN, banking and original filing date, you then reduce the annual state renewal cost from $650 to $50.
The first main consideration when deciding whether to incorporate in Wyoming/Nevada is the effect on tax exposure. Wyoming and Nevada offer corporations with outstanding fiscal advantages. Wyoming/Nevada do not have business income tax, corporate shares taxes, state corporate tax, franchise tax, or inheritance tax. However, Nevada now has a state business license which is like a tax and increases based on income with high penalty rates. Also in these jurisdictions Corporations do not have to file state tax returns and shareholder information is held private.
Another advantage of Wyoming/Nevada incorporating is the owners are provided with beneficial and unparalleled asset privacy, reporting and disclosure obligations are lighter than in any other states.
In Wyoming and Nevada the shareholders of a standard corporation may consist of any number of individuals of any nationality, and/or any number of Corporations. Shareholders' identities are protected in both states. Additionally the Managers, Directors and/or Officers in either Wyoming/Nevada Corporation, are protected from personal liability for acts committed on behalf of the Corporation, by the Corporation.