Incorporating in Nevada ?
 

Does anyone have any experience with incorporating in the State of Nevada ? and if so , do you think it is worth while ?

Are you IN Nevada? Do you have an office in Nevada? Do you NEED to be incorporated? Have you talked with a corporate attorney? Have you talked with a tax accountant?

Has anybody used Incorporate?

I was thinking of using to incorporate here in California but they claim to provide services for incorporating in any state.

yes.... I have....

the first question you need to ask yourself is WHY do you want to incorporate? Do you guys have any idea how much headache & money is involved wwith being incorporated?

Not a fricken clue. I've only run sole proprietorships and was interested in the "protections" a corporation supposedly offers, if any.

incorporate.com is real good

i reccomend!

Goes double for me.

You think its a bad idea Amp?

I would strongly suggest, before you do anything else, going to Barnes & Noble and getting a good book on the basics of the corporate business model. Read it. Learn it. Live it. THEN..... and only then, if you still feel that incorporating is a good idea for your situation, seek out a corporate attorney and a tax accountant and talk to both of them about what you plan to do.

Yes, you can go through incorporate.com and be incorporated tomorrow for the low low price of whatever they charge now. But if you are not prepared and knowledgeable about what it takes to maintain it properly, benefits, downsides, costs, etc.... you are simply throwing your money away.

The actual incorporation is easy. It literally takes a day or two. But preparation is everything, and knowing whether or not it's even right for you.

Don;t expect that you can just slap down a few hundred bucks, incorporate, and you will suddenly have this magic shield from liability. It just ain't like that.

AMP Speaks the truth. Corporations are a pain in the ass and they often do not stand up in court...however... A Limited Liablility Company does not require all the BS, offers the same or similar tax advantages and protection, and as of this date... has not been penetrated by the courts.

Talk to your attorney and accountant.

Just my :2 cents:

Also... remember, there are ALOT of factors that go into that business model. More than the piece of paper that says you're inc'd. There are yearly corporate taxes, which, last time I checked, in Calfornia, I believe it was around $8K a year... simply to BE incorporated. That is not your yearly income tax.... it's extra.

Other factors... if you inc in a state you are not in or do not have an office in, you will need to maintain a "Registered Agent" in that state. More recurring fees. You will also have extreme difficulty in obtaining a business banking account in YOUR state for your corporation that is OUT of state. It can be done.... but it's a major pain.

If you sell any kind of actual product... something tangible.... you will sell it from the state you are incorporated in or you will not sell it. You will not sell it from a state you do not have corporate status in.

Protection: Yes... your incorporated name is protected. In the state you are incorporated in. I can incorporate in the state right next to you under the same damn name if I want.

Liability: It is not absolute. Yes, it's better than Sole Proprietorship... but only if you maintain the corporate records to the fucking letter. Judges don;t have time to play games with kids seeking to ditch responsibility and they will deem you liable if they find that that is what you are doing. Which means... yes... they can still take every damn thing you've got if you fuck up.

Some things to think about there.....

you should always do business under a corporation or a LLC.

incase something goes wrong, the company takes the fall and not you personaly.

(ie. if you owe $50,000 in chargebacks your company takes the fall not you)

there is no iron clad guarantee that you will not be held responsible for that. If a judge decides that your corporation is a sham, or you personally caused the chargeback situation.. yes you can & probably WILL be held responsible.

Amen to that. And one little slip-up and your incorporation papers won't be worth the paper they're printed on.

I don't imagine the courts take kindly to incorporation obviously done to avoid responsibility for wrongdoing, so there's always an incentive to avoid wrongdoing. A judge can quite easily remove the protections of incorporation if the purpose of the corporation was to try to get away with something underhanded or illegal.

Damn and i was expecting

format c:\ :)

Generally speaking, if you are operating as a one man show or maybe you got a few partners for a few aspects of it... but essentially, the business is you working at home.... incorporating is a huge waste of time.

Thats true i'm no accountant, but the main reasons i see to incorporate are if you provide a service or product that could harm others

as an example my brother owns a trucking firm. it's incorporated in case a driver kills someone.

Another important element.... once you are incorporated, it's no longer YOU. The corporation is it's own entity. Sort of like giving birth to a new person. That has good points and bad points.

Good point: When properly maintained, this entity is the one that takes the heat in the event of bad shit.... like owing tons of money.

Bad point: You can no longer simply "quit" if you get sick of what you're doing. The business is no longer you... remember? It's not as simple as waking up one day and saying "fuck this... I don't wanna do it anymore". You can quit the corp... but the corp lives on. And you are still responsible for all the records and fees and taxes and everything else until such a time that the corp ceases to exist. You have to actually reverse the process and dissolve the corporation before people such as the IRS cease to recognize that entity.

There's a ton of shit like this that you really need to consider before clicking the submit button on incorporate.com.

Get a book.

amputate,

not knowing that much about incorporation is alright i understand.

i'll tell you how it works
use yourself as an employee in the company and john doe the actual owner, and give the employee the banking rights etc. and you are extremely fine.

i know tons of adult webmasters (big boys) who do this. and it works, they have avoided many law suits.

hehehe

whatever you guys want to say, running your business via a corporation or LLC is a much better solution if you are a real player, and don't want to risk your own personal finances if something ever goes wrong.

Exactly.... incorporation is absolutely essential in a case like that. The liability is simply too great.

this business is so risky i wouldn't do anything personaly. that would just be dumb, risking your assets, and all that.

when the gov. cracks down, the registered businesses and corporations will stay, and the people who do business personaly will be forced to incorporate or get registered or have to get out!

the government will start treating the internet, and the entire porn industry differently in the coming years. i'd get ready for it sooner then later !

that's fine payrollpete... I'm glad you got it all figured out. I'm not gonna argue with you, because I've been there. I've been through the whole freakin' process from start to finish. I spent alot of time and money speaking with attorneys and accountants several years ago BEFORE i did it.... so you can tell me I'm full of shit if you want... I don't really care... but I did the shit the right way. Not some overnight incorporation scheme to get me out of being responsible for some asshole that wants his money back.

I'm not a corporate attorney... and the corporate laws and rules vary quite a bit from state to state... so this is why I keep saying "get a damn book".... but I'm telling you... if you think simply having corporate status is going to provide you with an unbreakable shield from liability... you're in for a big fucking surprise someday down the line.

yer

the books are always good to have and read, just for knowing what you can and can't do.

if you spent alot of $$$ on incorporating in the usa then you got fucked :)

offshore incorporation is the only really expensive proccess, like $90,000 + for real offshore incorporation.

Well, cost is the least of the factors.... cost is really irrelevant when compared to gauging whether or not incorporating in the first place is even right for you. The final price is nothing more than an expense of the decision.

That's all I'm saying... I'm not trying to make it out like incorporating is wrong or right.... because it depends on each situation. What I AM saying is that it's not something you should jump into without complete knowledge of what is involved.

And as far as what is involved... what.... do you think I'm making this shit up? These are NOT secrets. They're FACTS. Read any book on the corporate models. Ask any CEO of a corporation that knows what the fuck he's talking about. You don't have to believe me.... I could care less.... I didn't invent this shit.... it's quite simply the cold hard facts of the business model.

If nothing else.... know this:

Corporate law is written down in black and white. There's nothing mystical or magical about it. The rules are very clear, and you can read all about it with your own eyes. This is why you need to speak to a corporate attorney and an accountant to make an informed decision. Because if the day comes when you actually DO find yourself in court and have to rely on your corporate status.... do you wanna be sitting there hoping that the *magic shield* of the corporation is going to remain unbending?

I bet the Enron people are wishing it had mystical powers right about now.

enron fucked people for billions of dollars, and screwed the government

they didn't buy special protection for the shield :)

WAIT THEY DID!

Andersen to shred the evidence! LOL

Enron is a perfect example of this.... an absolutely HUGE corporation.... no doubt they've spent millions on their legal team.... probably had one of the best corporate shields on the planet.... but guess what.... those guys are going down. Incorporated or not.

LOL

They fucked people for billions of dollars, and actually commited very illegal crimes.

That is extremely different then a webmaster incorporating his business.

you can't even compare the 2 cases

rofl

Amp's Last Word:

Being incorporated can be a good thing.... but it is NOT invincible. You can convince yourself that it is... but that doesn't change the facts. And for people like us.... webmasters.... most of which really ARE one-man shows.... the question is, does the protection that corporate status provides outweigh the cost and headaches that go with keeping it up at a level necessary to retain that protection?

In my honest opinion..... no.

Is your liability so great that you cannot operate without corporate status?

Probably not.

What are the odds of you EVER being sued for something which may transpire from your daily business dealings as a webmaster running some TGP or something?

Probably pretty slim.

Is your sole reason for incorporating so that you can put the "inc." after your name on a business card to show off to your friends at the bar?

If it is.... then that's fine... but be honest with yourself and do it for that reason.... because if a Judge ends up looking at your corporation a year later in a lawsuit, it'll take him about 3 seconds to see that and your shield will be weaker than plastic wrap. If you are aware that that is what's going to happen and you still wanna spend the money for those 3 little letters... then that's cool.

But don't bullshit yourself.

I am Incorporated in Nevada.
I dont live in Nevada.

You dont have to.
In Oregon we have a high State Tax rate like many other states, and Nevada is one of the best places for online companies to Incorporate. I know of maybe 12 others who have done this also.

I have people down there who can do this for you.
They will set up a bank account for you, set up a mailing and forwarding service for you, set up a Nevada accountant for you
and set up a nevada area code phone and answering service for you.

If you are an online bussiness it is quite easy to do this and perfectly legal. I pay myself a wage, and living in Oregon I pay Oregon state taxes on my wages. But the company revenue is subject to Nevada law, and thier Tax laws.

As you probably already know the state of Nevada and the State of Wyoming are the two best states to incoporate in because of their laws and favorible taxing conditions.

hit me up on icq. I can gice you the contact.
Or if you know buf father at adult buffet he can also refer you as he did me.

boneprone has it :)

i have a friend who has the exact same setup as you. works perfect.

amp does bring up a good point in make sure you "Need" to be incoporated in the first place.

DO you have more than 3 employees? DO you need to Incoporate? Make sure. Consult someone first and see if you even need to incoporate. Most people dont.

But if you do, Nevada is all set up for this "outside" bussiness.
And no, you DONT have to live there. You're company is there, your office is there, but you dont have to be.
You are payed a wage, you obey by your own local tax laws and your company does the same in the state it is in.

Theres a company I know of off the top of my head called Coporate servie center of Nevada.
They are One of the companies that can set this up for you.

Ill see if i can find the url for ya. Hang on

and remember this: Boneprone always has the hook ups

the easiest way to be safe is forming an LLC
though their ain't to much in tax benefits but you get the same protection like an INC.

and its sooo easy and you can do it yourself,,, no need to pay big money to have someone do it for you,,, at least not in my state of georgia,, it only cost $75 for registration fees and took one hour to complete,,,

never made sence to be a sole proprietor to me,,, you need some protection from your assets

ANother note: this isnt cheap to set up!
You are gunna need about $1,000.00 to set this up.(at least)
The accountant alone is 360.00 (which is a good rate for a company) but you have to pay up front. There is a contract you sign, that says it covers most work people need, but then there is an hourly rate on top of that if you go over the contraced hours.

I went over last year, and it cost a bit.
Also to incoporate costs something like 150.00 i think, and the setting up the bank is another 100.00 i think, and the mail forwarding and virtual office is another 100.00-200.00 with yearly rates, and the phone is another penny to set up with answering service.

Something to consider. THis is something you better make sure you need before you do it. Cause it aint cheap.

Exactly.... I'm not trying to say there aren't some nice benefits to being incorporated... just that most people really don't need it. More hassle and cost than is necessary. If you do a serious evaluation of your business plan and feel that you really do need it or that it will help you operate more efficiently... then by all means.... have at it.

But again... each situation is different.... and what is right for one man's business doesn;t mean it's automatically right for everyone's.

Think before you act. ANYONE can incorporate. Doesn't mean you need to.

Buy this book..
Look it over and then decide if you wanna do it.
You can pick it up at any barnes and noble or big book store.
Im looking for the url for ya in the mean time. But do your research first and make sure that you want to incoporate to begin with and if ya have to. If you do, then consider moving it to Nevada. THis book was very helpful to me.

<img src="http://boneprone4life.com/hot/book.jpg">

You guys haven't mentioned the tax advantages...

I see it as liability protection and tax reduction strategy?

Also I read somewhre about people having 2 corps - 1 owns the content, domains, etc and the other one is the management company... anyone know about this?

I live in Canada and our personal income tax rate is outrageous - so incorporating for me will save me $$ on taxes and also reduce my liability.

Can anyone recommend a lawyer and/or account that is familiar with the adult biz that is here in Canada - west coast?

The tax issues are pretty straight forward (my main motivation) but the liability issues I am not so sure of - specifics about warning pages, notices, content, etc.

I need a lawyer that knows how to "setup" your adult biz so the corp is protected properly.

thanks

I'm currently looking up info on incorporating. It's pros and cons. I did a search, and found this thread. I'm still reading thru it, and I quickly scanned it for images (like I often do) And what do I see, Boneprone's desk. Is that calculator really the only thing he uses to count his millions?

What about our membership dues? Is that the calculator he uses to count how much money I owe?

Anyway, I'm bumping this because I think the topic is still open for debate. Amp says no, others say yes.

How do you feel?
Where do you stand?
To incorporate or not to incorporate? That is the question.

Personally, I'm looking to protect myself from the bornagains when (and if) they get pissed off about my born again site. Or any other people I may offend along the way. Non-porn people can be pretty fanatical. The adult industry is still looked at as a dirty industry. I guess it always will.

So again,
How do you feel?
Where do you stand?
To incorporate or not to incorporate? That is the question.

what about incorporating in antigua or bahamas? they have decent tax rates :)

interesting thread..worth bumpage

Actually as payrollpete said incorporating offshore is probably the way to do it...... 90k + if you don't know what you are doing maybe....

I can hook people up for 12k, including atm cards....IBC's etc.

And it will include a management contract with the company so you can claim your salary so you stay legit. (ie. the company pays you $26k a year to consult )



If you are outta control you can setup something like this.....

Dual IBC's (two corporations one owning the other)
Multiple Sub Accounts with ATM access
(This allows multiple people to use the account, or to do cash webmaster payouts, etc...)
Mulitiple Credit cards all linked to different sub accounts....

And a management contract that says I get paid $25k a year......

If you shop around and have access to good people (lawyers, accountants) you can get this done for reasonable money...if you run at it blind it just might cost you $90k

If anyone is in need of such a set up.....contact me and I can help you set it up. I know the owner of a bank in St. Vincent who gave me a sweet deal....

best thing is to form an LLC,,,, just like a sole proprietorship but you get most of the protection like an INC... but your taxed just like a sole proprietor,,,

in Georgia it only cost me $75 and took less than a two weeks to get done,,

yes this is so true,,,, you have to proberly seperate your personal and business finances,,,, you still have to prove to a court that your doing it if your trying to ditch a debt,,,,

there is thing called "Piercing the Corporate Veil" meaning if your just trying to hide behind the company and didn't maintain proper paperwork then they can still take your personal property

We just recently incorporated and my understanding of the liability question is you are protected unless the infringing or in question act was performed by you...or the work to get you into the situation in question was done by you then you can be held liable.

aah...ooh... fromat c: