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Although it is most famed for Las Vegas, there’s far more to the Silver State than entertainment and gambling. Bordered by four other states, Nevada enjoys an arid, desert climate and is famed for its extraordinary natural beauty, especially outside the major cities. Lake Tahoe, the Sierra Nevada Mountains and the Mojave Desert all draw sightseers from around the world. Although tourism and entertainment are a major part of the state’s economy, there are plenty of opportunities for many types of business.
Generally, Nevada has consistently had some of the lowest incorporation fees in the country, thereby allowing entrepreneurs and new business owners to incorporate for relatively cheap. Specifically, regarding taxes, Nevada has no state corporate income tax, does not have a state personal income tax, does not have a franchise tax, and does not have a tax on the shares of a Nevada corporation.
Furthermore, given the ease of the Secretary of State’s office to work with businesses, many businesses find it very easy and are very comfortable incorporating in Nevada.
Finally, Nevada laws are very favorable to companies and their management. This includes the idea of “piercing the corporate veil.” Piercing the corporate veil refers to the idea that a potential plaintiff might be able to get past the company and go for the assets of the company’s managers or owners to seek compensation.
Nevada law has consistently been in favor of protection of Nevada company managers and owners and has prevented such piercing of the corporate protections in many cases. Many court cases and employment rules and regulations have also been seen as benefiting employers and their rights. While, Nevada does have employment and labor laws, including those mandated by federal laws, Nevada is generally considered to be an employer friendly state; however, there are some difficulties and cons about incorporating in Nevada.