Incorporate in Nevada now, have no regrets tomorrow.
Nevada has become well known as a U.S. corporate haven among business planners, attorneys and accountants. Experts in the fields of asset protection, privacy, and tax strategies have come to know Nevada as “the Delaware of the West” because of Nevada’s liability protection features.
Nevada has become the clear choice as the preferred state for incorporating closely-held businesses. That is why Nevada now ranks in the Top Ten of states with the largest number of incorporations. That is an impressive accomplishment for a state ranked 37th in total population. Nevada’s pro-business attitude has resulted in both INC. Magazine and Money Magazine ranking it #1 among all states in recent years for its favorable business climate.
Strongest Corporate Veil
In order to pierce the corporate veil in Nevada, the court has determine that keeping the corporate veil in place would promote fraud and injustice. Nevada statute prevents corporate veil piercing on the basis of failure to maintain corporate formalities, commingling funds, etc. The Nevada Supreme Court has pierced a corporate veil only four times in the last 30 years, and that was because of possible fraud resulting in harm to another party. There has never been a case in which a Nevada corporation’s veil has been pierced when the corporation has been properly run. Nevada courts have developed a strong record of case law that protects the corporate veil, making it one of the most difficult in the country to pierce.
Nevada’s indemnification laws are unique from those of other states. While other states only limit the personal liability of corporate officers if they prevail in a lawsuit, Nevada provides indemnification by statute. This is an important distinction: Other states provide indemnification based on the unpredictability of juries and the legal system, while Nevada provides indemnification as a matter of law.
Charging Order Protection for Stockholders
Nevada is the only state to provide charging order protection to stockholders of closely-held corporations. This protection is the only remedy of a creditor – by statute – which prevents a creditor foreclosing on corporate stock. This asset protection tool is unique only to Nevada.
Protect the Privacy of Owners from Frivolous Lawsuits
Officers and directors are required to list only their names in public records, but owners are not on the public record. Nevada requires only minimal disclosure of personal information at the time of start-up and at the time of annual filings. Nevada requires that only a corporation’s president, secretary, treasurer, and one director be listed on the Initial List of Officers, as well as on the Annual List to renew the corporation’s filings with the State. This ensures the privacy of individuals.
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