For Entrepreneurs or Sole proprietors, beginning a new business or for those Corporations who just want to set a physical address in Las Vegas and benefit from the advantages of being incorporated in the State of Nevada.We Hoeppner Enterprises, Inc. can make the process easy for you.
If you are a Sole Proprietor (Source IRS):
A Sole Proprietor is one individual who owns a company that is not incorporated or registered with the state as a Limited Liability Company ( LLC) or other. Sole Proprietors may or may not have employees. The business does not exist separately from the owner.The risk of business applies to the individual′s personal assets, including those not used for the business.The sole proprietor reports business on his or her individual tax return.
WHY INCORPORATE IN NEVADA:
♦No personal State Income tax ♦ No I.R.S. Information- Sharing Agreement ♦ Minimal Reporting and Disclosure requirements ♦ Stockholders are not public record ♦ Stockholders, Directors and Officers need not live or hold meetings in Nevada, or even be U.S. citizens.(some restrictions apply). ♦ Directors need not be stockholders. ♦ Officers and directors of a Nevada corporation can be protected from personal liability in law suits against the corporation. ♦ Nevada Corporation may purchase, hold, sell, or transfer shares of its own stock. ♦ Nevada Corporation may issue stock for capital, services, personal property or real estate. Director may determine the value of any of these transactions, and their decision is final.
WHAT KIND OF ENTITY IS RIGHT FOR YOU?
CORPORATION (Source IRS)
A Corporation is a legal entity established by a chapter granting it certain legal powers, rights, privileges, and liabilities.A corporation can be established by a person or group of people with a charter from the state.After a corporation is created, it becomes its own entity and generally has an indefinite life.
Corp. C • Provides Limited Liability protection • Separates tax status from its owners • Pays Income taxes on the Corp’s taxable Income • Shareholders are taxed on Dividends received
• Does file Federal Income tax, but does not pay taxes • Income ”passes through” to the owner (s) • Prevents double taxation • Provides limited liability protection
An unincorporated organization with two or more members is generally classified as a partnership for federal tax purposes. If its members perform a trade, conduct a business, operate a financial operation, or venture and divide its profits.However, a joint undertaking merely to share expenses is not a partnership.For example, co-ownership of property maintained and rented or leased is not a partnership unless the co-owners provide services to the tenants.
Partners can be individuals, corporations, trusts, estates, and other partnerships.
Each Partner Contributes money, property, labor or skill, and expects to share in the profits and losses of business.
A Partnership does not pay tax on its income, but “pass-through” any profits or losses to its partners.Partners must include partnership items on their tax return.
Limited Liability Company (LLC) • Combines the best features of a partnership and corporation. • Does file Federal Income tax Return, but does not pay taxes. • Provides Limited Liability to all “MEMBERS” or owners. • Income “passes through” to the owner.
Limited Liability Partnership (LLP)
• Provides Limited Liability • Common for professional services partnerships • Partners are liable for their own acts and the acts of individuals under their directions.However‚ they are not liable for the misconduct of other partners. • Income “passes through”