After successfully registered in Nevada, the Corporation or LLC are required to operate in compliance with the General Corporation Law/Limited Liability Company Act of the State of Nevada. The following describes the Nevada company’s basic maintenance requirements.
All Corporation and LLCs must have and maintain a registered agent, which has a physical street address in Nevada. You must file annual list with the Nevada Secretary of State every year. The annual list is an update to your corporate information registered with the state. The annual list due date for all businesses will be the last day of the anniversary month of the entity's formation in Nevada. You are required to renew state business license annually. The fee and renewal form are due on the last day of the anniversary month in which the license was originally filed. If you have local business license, you must renew the local business license/permit periodically. The license expiration date is printed on the license.
According to Federal and State tax rules, all active business registered in Nevada must file tax returns on time, including business income tax, sales tax, payroll tax and other relevant taxes returns.
Although Nevada state does not impose a state corporate income tax, you are still required to file business income tax (if your gross revenue over USD 4,000,000 during the taxable year); if you plans to sell certain tangible personal property and provide taxable services within Nevada, you have to pay the Nevada sales/use tax; if you have employees within Nevada, you have to report gross wages to the Nevada Employment Security Division and contribute to Unemployment Insurance Tax(UI).
According to Internal Revenue Code, the payments that certain foreign persons receive from U.S. sources, are subject to tax withholding. And they must report the amount withheld to IRS, if any. If a business entity in US held bank or financial account out of US, the entity maybe required to file FBAR with Department of Treasury, or FATCA related forms with IRS.
You are also required to maintain and update the accounting books in accordance with the tax and business law
As discussed above, all active Nevada Corporations and LLCs are required to operate in compliance with the Nevada business laws. The business entities may also need to apply for the license and permits with state according to different industries. Kaizen U.S. office is a professional CPA firm, offers complete compliance services and business support, such as bookkeeping, filing tax return, making payroll, etc.
All information in this article is only for the purpose of information sharing, instead of professional suggestion. Kaizen will not assume any responsibility for loss or damage.
TCJA was limits excess business losses for noncorporate taxpayers. Excess business loss is disallowed as a deduction. The loss amount that is disallowed is the aggregate of all trade or business deductions/losses over gross income/gains from such trades or businesses, less a threshold of $250,000 (or $500,000 if married filing jointly; it will be annually adjusted for inflation).
Physical presence was previously the only consideration where income tax nexus is concerned. But this standard was largely replaced by an economic presence/factor presence nexus concept by many states. Just like the sales tax nexus, the income tax nexus better fits the expanding use of e-commerce. States using the economic presence/factor presence nexus standard can impose tax on qualified out-of-state companies, even if they do not have a physical presence in the state.
A corporation's disposing of all (or “substantially all") of its assets, “not in the ordinary course of business," is a fundamental change. Differently, it is not a fundamental change for the company buying the assets. Thus, the shareholders of the buying corporation do not get to vote on the transaction, and do not have rights of appraisal.
Usually, Company combinations are undertaken as a way for one company to acquire another. There are different ways to accomplish this goal. The choice will depend not only on corporate law, but on business and tax considerations. This article will discuss some different ways in which separate business entities may be combined.