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NEVADA LLC • NEVADA ASSET PROTECTION TRUST

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Benefits of a Nevada LLC (Limited Liability Company):

One of the advantages of forming a Nevada Limited Liability Company (Nevada LLC) is the simplicity of formation. Unlike the corporate formation which has numerous legally imposed formation formality requirements, the Nevada Limited Liabilty Company Act does not require much in the way of business formalities either in the Nevada LLC formation or in the continued internal operation and governance of the LLC. Unlike the corporate formation laws in general (and the LLC laws in some other states, the Nevada LLC law does not require any organizational meetings or minutes, it does not require annual meetings or minutes. The appointment of officers and/or directors is completely optional and in the discretion of the business owner. In sum, with a Nevada LLC, the business owners decide how they want to internally govern their own Nevada LLC and the state does not impose its will on the Nevada LLC business owners. If the Nevada LLC business owners want to appoint officers, fine. The state does not care one way or the other. If the Nevada LLC business owners want to require themselves to hold annual meetings, fine. But the state of Nevada does not care one way or the other.

In addition to the lack of state imposed business formality requirements, the Nevada Limited Liability Company law allows the Nevada LLC owners (members) and managers to maintain a maximum degree of annonymity where desired. Particularly when used in conjunction with a Trust (which can have other advantages in the estate planning and asset protection planning realms), maximum annonymity of the the members or managers or the LLC can be achieved and maintained.

One of the main advantages of the Nevada LLC is its inherent ability in providing not only a shield of protection for the LLC members (business owners) and managers from the business debts and liabilities, but also the protection of the individual LLC members' (owners) equity ownership interests in the LLC and (vis a vis the equity ownership protection) the protection of the business assets from any "back end" liabilities (meaning the personal liabilities of the individual LLC members) (click here for a more in depth discussion of "front end" and "back end" liability issues and protection).

In summary, in terms of “front end” risks (potential or actual risk which comes from conducting the business itself), a Nevada LLC offers excellent protection. The Nevada LLC statute provides for a business entity that is very favorable to the business owner. Some of those benefits are as follows:

• A Nevada LLC has few “formality” requirements: [No organizational or annual meetings required/No minutes required, Operating Agreement not statutorily required (though recommended in every case), a single member LLC allowed, members may be corporations, other LLC's, trusts, LP's, LLP's, etc.)
• Nevada allows LLC owners the maximum ability to maintain anonymity
• A great deal of flexibility afforded to the LLC for its own governance
• Nevada has no state tax on corporate profits, no state annual franchise tax, or no state personal income tax
• No information sharing w/IRS
• Nevada’s laws favor business, in general

• Nevada LLC members and managers are shielded from personal liability under the Nevada LLC law

Some of the Advantages of a Nevada LLC as compared to a Corporation:

• Nevada LLC's not required to hold organizational or annual meetings/No Minutes or resolutions required
• Operating Agreement not required
• Ownership Certificates not required
• Maximum Flexibility of internal governance without “Statutory” imposition
• Offers some “Back End” Protection: Membership Interests of LLC owners are not directly “attachable” by Judgment Creditors (Stock in a Corporation is attachable by Judgment Creditors .....Membership Interest of individual is not attachable.....the only remedy for a member’s judgment creditors is to obtain a “Charging Order” to “charge” the member’s right to receive a distribution of profits if, and when, a distribution is made) -- This protection is particularly important for an entity that owns valuable assets such as real estate or other valuable assets.
• Simplicity

Form a Nevada LLC Online

For more information on Incorporating in Nevada click here

Nevada LLC Formation Attorney

Nevada Incorporation Attorney