How to use a Book to Grow your Business

An introduction into some of the many ways that you can turn your passion into an on-going stream of revenue

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The Nevada Entity

Many people will say that you MUST have a Nevada corporation or company, and occasionally, they are correct. Certainly, if your home state is Nevada and you earn income (actively or passively) from activities in Nevada, then a Nevada entity is certainly a great choice.

When would a Nevada entity not be a good choice?

Nevada is not your home state and you earn income (actively or passively) from activities in your home state
-or-
you earn income (actively or passively) from activities in another state that is not Nevada.

Generally, investors will need to set up an entity in the state that has the investment asset (home, condo, apartments, etc.) in order to legally receive (and report) income from that state. You might choose to register an existing entity as a foreign entity with that state, however that raises the specter of legal action tying up assets in several states at once - not a good risk in our opinion.

If, however, an entity is providing services in more than one state, then Nevada is a good choice for formation. In our strategy, this is typically the "mother ship" - a C corporation or company, or an S corporation or company that is being formed for specific business reasons.

Be aware that Nevada does require a business license for most entities established there. In fact, it is a criminal felony to own a business in Nevada without one! While some exceptions do exist, your specific business activities will determine which licensing requirements apply.

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