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IBCF: NEWS AND INFORMATION
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Is Your Business Safe in Nevada?
Known as the "Delaware of the West", Nevada has become a very popular venue in which to form a corporation because of its many advantages, among which are the following:
> No Corporate Income Tax
> No Taxes on Corporate Shares
> No Personal Income Tax
> No I.R.S. Information Sharing Agreement
> Nominal Annual Fees
> Minimal Reporting and Disclosure Requirements
> Stockholders are not Public Record
NEVADA COMPANIES DOING BUSINESS WITH EMPLOYEES IN NEVADA
However, many people are not aware that there is a requirement that a company actually "doing business" in Nevada must register and file and pay a business tax (based on number of employees.) The State of Nevada requires that all businesses doing business in the State of Nevada secure a Business License from the Tax Division of the State of Nevada at the time of formation.
The good news is that, if you meet these requirements and you did not comply, there is an amnesty program in effect for companies that have not complied with the State requirement. This amnesty program runs until the end of this month (June 30, 2002.) Roughly put, the amnesty program requires that all companies not licensed complete and file the appropriate forms along with State tax returns for the years in business.
The information and forms necessary to comply with either requirement
can be found at www.tax.state.nv.us. There is a link at the top of the page for information on the amnesty program. If you then follow the forms link at the top of the home page and then the link for general purpose, you will see the two forms necessary to comply with the requirement. The first is the Nevada Business Registration form (APP-01.00) and the second on the list of general purpose forms is the supplemental application (APP-01.01). These forms must be completed and submitted along with a check for $25.00.
NEVADA COMPANIES WITH NO EMPLOYEES IN NEVADA (SHELL COMPANIES)
Nevada companies which have employees in the state MUST file a Business License Application and must pay a quarterly tax based on the number of employees in the state. Nevada companies which are not actually "doing business" in the state and which do not have employees in the state must also file an Application.
This form calls for the payment of a $25 fee but does NOT have a recurring quarterly tax requirement.
The completed form should be sent to the registered agent in Nevada along with a check for $25.00 payable to "Department of Taxation" and we will forward to the state for you.
Again, please note that the critical date for you to avoid any penalties for noncompliance is June 30th, 2002.
information can be found by visiting
our website at www.ibcf.com,
or by emailing us at [email protected].
issues of the IBCF Newsletter can be
found at: http://www.ibcf.com/newshome.php
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