Starting your own business and then running that company can be one of the most rewarding, but difficult tasks of your entire life. There are so many factors to consider! Not only that, but you’ll need to spend time, money, and energy working towards keeping your business afloat. Though forming a company may initially lead to more stress, eventually you’ll be on the fast track to success.
Because forming a company brings so much stress, it’s important to find the best areas to actually start your business. Forming a company in Nevada, for example, is a much better decision that beginning a company in other states. Here are a few reasons why it’s better to form a company in Nevada.
No state income tax
Having to report and pay an income tax for a new company can make it more difficult to get off the ground. Just when you gain some momentum, as a business, and start seeing some actual revenue, you’ll have to fork over a percentage to the state where you are incorporated, if that state requires companies to pay an income tax. In Nevada, however, new business owners don’t have to worry about that. Including Nevada, there are seven U.S. states that currently don’t have an income tax. The other six states are Florida, Alaska, South Dakota, Wyoming, Texas, and Washington.
Single member Limited Liability Companies are protected
Business entities that fall within the classification of “single member limited liability company” are extremely popular, but aren’t protected in every single state the same as multi-member liability companies. Nevada, however, protects new company owners who create a single member LLC. IN fact, in Nevada, single business owners are treated the same as multiple member LLCs.
Quality commercial lawyers available
No matter what state your business is incorporated in, business contract disputes and other commercial problems arise. Whether you’re running a business in its infancy or have been at the helm for decades, it’s important that you have a trusted business/commercial lawyer to contact in the event of any legal issues or disputes. For example, if a business owner wants to pursue a claim for breach of contract, the individual must prove four things: (1) a valid contract was formed, (2) the party suing performed its required part of the contract, (3) the actual breach of the contract, and (4) the amount of damages, if any, that were the result of the breach. An experienced business/contract attorney can help the business owner not only know if a breach occurred, but if a valid contract was formed. This way, the business owner will know if he/she has a claim before deciding to initiate a lawsuit to recoup his/her damages.
If you want to learn more about business law or speak with a trusted business/contract lawyer about forming a company or about a dispute you may have in Nevada, please feel free to contact the Law Office of Tony M. May, P.C. today.