NEVADACORPORATIONS.BIZ.

WHAT IS A CORPORATION?

A corporation is a legal, artificial person: a person, OR ENTITY, that is separate, distinct, and TOTALLY SEPARATE FROM “YOU”. It is NOT you. You are NOT it. It is a distinct, different, and totally separate legal or artificial person. Pretend you set up a corporation and named it Our Corporation. It is the same as if you had a new baby and named it Our Corporation. It will have all its own identification. When you INCORPORATE IN NEVADA you as parent (owner) of Our Corporation may hide from public view the relationship as parent. Nevada is the only state that completely protects (hides) ownership of that new baby.

A corporation is a distinct, legal entity separate and apart from its members, stockholders, directors or officers. Although it is a separate entity, it can act only through its members, officers or agents and cannot have knowledge or belief of any subject independent of the knowledge or belief of its people. A stockholder (owner or partial owner) is a holder of shares of stock in the corporation and is not in legal consideration or danger. (In other words, you are not, as the owner or parent, responsible for the brain damage.) The term “owner” is used for purpose of recognition and does not necessarily refer to a literal state of being.

A corporation is an artificial person. Its rights, duties and liabilities do not differ from those of a natural person under similar conditions except, of course, the ability to comprehend or think. That’s what the board of directors is for; they do the thinking. PROOF THAT THE DIRECTORS THOUGHT ON BEHALF OF THE CORPORATION IS EVIDENCED BY THE RECORDED MINUTES AND RESOLUTIONS, PAPERWORK—your living rights are the heart-place of your new baby—mess up on the paperwork and you will kill the child through neglect. For example, a corporation may become a debtor or trespasser. A corporation can buy, trade, sell and make loans, literally anything you as a person can do. Think it through.

Incorporation

I live in another state (or country) and I am told that I have to have a corporation registered in my home state (country). So, how can I use a Nevada corporation?

Answer:
Most of our clients live in jurisdictions other than Nevada. For many of them, it is a simple matter of having their home-state business do business with a Nevada corporation set up for privacy. You should contact one of our consultants for an evaluation of your particular circumstances but the odds are that you will have a lot to gain from a private Nevada corporation.

But if I have a couple of corporations doing business with each other, aren’t they subject to IRS designations like “controlled group”, “personal service corporation” and “personal holding company”?

Answer:
All of those designations are based on SHAREHOLDING. “Controlled group” and “personal holding company” apply to corporations with five or fewer stockholders. The potential for PRIVACY of ownership and control of a Nevada corporation can be used to virtually eliminate such designations. We say “virtually” because the IRS can still “deem” anything to be whatever it chooses. Section 482 of the IRC, for instance, allows the IRS to deem a controlled group to exist even where other tests fail to indicate that one exists. There are good solutions to these challenges, however. Just contact us and discuss your situation with one of our consultants and we can help you to figure things out.

Annual Renewals

When is my annual renewal due to be filed?

Answer:
A new list of officers must be filed with the State by the last day of the anniversary month of the incorporation date. We prefer to have all such filings in our office by the 15th of the month to prevent problems.

Change Resident Agent

How do I arrange to change from my existing resident agent to Xtreme Business Solutions, Inc.?

Answer:
The process is very simple: The Secretary of State has a one-page form that can be downloaded here. (Right-click on the link and “Save Target As”.) Just download and print the form, fill in the name of the corporation, the details of the resident agency from which you wish to change, have an officer of the corporation sign where indicated and mail the form to Xtreme Business Solutions, Inc.along with a check for $60 payable to the Secretary of State. That’s it. We’ll take care of the rest.

On the form to change resident agent, what do I do if the current listed officers are a nominee provided by another resident agency? Who signs the form?

Answer:
It will be necessary to file a new list of officers with the State concurrent with the filing of the change of resident agent form. This is not much of an issue if your renewal is due within 60-70 days, as any new list filed would simply count as an early renewal. Outside of this time window, however, the $125 fee would still have to be paid to file the list and then another $125 would be due at the regular renewal time. We suggest that you wait until you are within 60-70 days of the end of the month in which your corporation was formed. Our fees for the following year would also be due at that time.

I've been told that buying and AGED or SHELF CORPORATION will give it instant credit, shouldn't I buy a corporation that already has credit established?

Answer:

A SHELF CORPORATION, by definition, has not had any business transacted nor stock issued. Basically it should have been "sitting on the shelf". There are some advantages to an AGED corporation for specific situations but instant credit is not one of them. A comparable example would be an eighteen year old trying to get a loan for his first car. The lender would need to see the ability to repay the loan, assets that could be used as collateral, a proven record of ability to earn income, and other loan activity that has been paid on time. Without all of these in place a co-signer is often needed until the teenager has a good history of payments. Just because someone is seven years older, at age twenty five, doesn't mean they will get credit without satisfying the lenders requirements. Use the same logic a lender would use with a corporation, which is like the teenager, applying for credit.

CALL US FOR A FREE CONSULTATION 702-616-1929

Xtreme Business Solutions, Inc.
3838 Raymert Drive #3
Las Vegas, Nevada 89121
(702) 616-1929 - Telephone
(702) 616-9787 - fax
Email: info@NevadaCorporations.biz