How to Ensure Your Assets Are Protected in NV
Asset protection comes in many forms, and while there’s no “one size fits all” strategy for everyone’s needs, most strategies do contain common elements. The first thing to consider when protecting yourself from a lawsuit is determining where a lawsuit is likeliest to come from. Like building a medieval castle, we want to erect our strongest and tallest walls in the direction of our enemies.
Generally, our first layer of defense is to separate ourselves from our high liability assets, such as rental properties, heavy equipment, etc. By isolating these “dangerous” assets inside business entities, we separate ourselves from the liability they can create. In turn, should you be the target for a lawsuit, your business assets are protected from your personal liabilities.
Properly structured corporations and LLCs are the foundation of any legitimate asset protection strategy. Once your foundation is in place, you can begin building your castle fortress by implementing strategies that provide you privacy, tax minimization, asset diversification, encumbrances, estate planning, and so much more.
Why You Should Incorporate
- Asset Protection—Limit your liabilities—Reduce your profile to predatory lawsuits
- Separation of personal and business assets
- Anonymity—Power of Privacy
- Greater profits through tax minimization
- Ownership options—ownership easily transferred
- Fantastic estate planning component
When You Should Incorporate
- If you operate a business (including home-based or part-time business) or if you’re in the process of starting a new business.
- Entering into a business partnership or purchase of a high risk asset (boat, plane, etc.)
- For the purchase or holding of investment real estate (LLC recommended).
- Prior to an event that could lead to a lawsuit… Better a year too early than a day too late.
Why You Should Incorporate in Nevada
- It is not required that you incorporate your business in the state in which it operates (Foreign qualification may be required)
- A state with the greatest level of corporate “veil” protection
- A state with minimal amount of reporting requirements
- A state well known for its “pro-business environment”
How to Bullet-Proof Your Nevada Business Entity
- Properly forming the right entity for your needs in a preferred jurisdiction
- Sufficient capitalization of your entity
- Ensuring your entity meets or exceeds the “business nexus” requirements
- Maintaining all necessary internal corporate formalities
- Following the By-Laws / Operating Agreement of your entity
- Keeping your business transactions at “arms length”
- Planning two steps ahead
- Practicing the power of privacy
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