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Nevada Asset Protection

As Nevada resident agents with decades of experience, Resident Agents of Nevada, Inc can tell you more than just how to incorporate. There is a lot more to being in Nevada than enjoying the friendly business climate...such as asset protection, asset preservation, and tax sheltering with your Nevada corporation or limited liability company.

Judgment proofing your assets

Sometimes called asset protection, there is a way to protect your hard-earned money from unforeseen events that could result in judgments which could wipe out your assets. By having your Nevada corporation make a loan to your current business, and by properly documenting the transaction, your Nevada corporation would have the first claim on your business assets.

You might give your Nevada corporation a promissory note, which is payable on demand, for the funds which it lends to your current business. Then, when the going gets rough and somebody's lawyer obtains a judgment against you, for whatever reason, your Nevada corporation can call the note and take possession of your assets; in that way you still have full control and use of your assets - and no one needs to know that it was your Nevada corporation that claimed your assets. It's almost like locking your assets away in a closed vault where only you have the combination.

If you plan to implement this type of strategy, you should consult with an attorney to make sure that the transaction is handled appropriately.

Pay yourself first

Keep in mind that your Nevada corporation is a separate legal entity; it is very much like a separate person in the eyes of the law. Therefore, if your current business has a legitimate need for some service, you can arrange to have your Nevada corporation provide the service.

Examples of such services include accounting, management consulting, research and development, and tax services. No doubt you can think of other needed services which your Nevada corporation can provide your current business. Furthermore, your Nevada corporation can charge your current business whatever "the two of you" decide is fair; if you are willing to pay more for the customized special services than others might, it is probably that they don't appreciate the full value that you are receiving for those services.

It is exceedingly important in your business dealings with your Nevada corporation that your transactions be carefully documented as legitimate business transactions. Be sure that your Nevada corporation invoices your current business for the goods and services provided, and that you pay those invoices with the same diligence that you pay other suppliers and professionals.

If you plan to implement this type of strategy, you should consult with your CPA or attorney to insure that the transactions are handled appropriately.

Got Questions?

Email us agents@nevada.org, Call toll free today (877) 239-2608

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