TAXES: Incorporate and keep some of your Home Business Earnings. If you aren't incorporated you can only write off your expenses to the level of your personal marginal tax rate. If incorporated there is a large list of expenses which can be written off at 100%. Why use a Nevada Incorporation Service? WYOMING is a better choice. You can use online incorporation services and it's easier than incorporating Nevada. Delaware incorporating is 'Old Hat' for the 'Big Cats'. Florida business incorporation has nothing to compare with Wyoming.
THERE ARE NO STATE TAXES IN WYOMING ON CORPORATIONS. If you choose to incorporate in Wyoming your company may not pay State taxes at all. Stop for a minute and think what you paid last year in your States income tax. If you are comparing NEVADA and Wyoming, keep in mind that the NEVADA State Legislature, very recently, almost passed a tax on corporations. Don't gamble that this will not happen. Wyoming never has and never will have a state income tax on corporations. Wyoming has a budget surplus.
NEWS FLASH: LOSS OF PRIVACY IN NEVADA CORPORATIONS. As of June 1, 2005 NEVADA requires the Social Security number, date of birth, resident addresses, and telephone numbers of all shareholders, partners, officers, managers and members of all companies formed in the state. Read on and see why this needn't be an issue.
PRIVACY - Wyoming allows: Bearer Shares, Nominee Officers and Lifetime Proxies. Attorneys and Accountants are often asked to provide an anonymous 'company cover' for their clients, for added privacy. To do this you need to have possession of the 'bearer share' stock certificate and appoint nominee officers and/or directors for the company. This can be arranged in Wyoming. NEVADA does not have them.
STATE FEES: Wyoming initial state fees are 75% less than NEVADA's, after you include the 'HIDDEN' officer filing fees of $125, that they bill you for after you start your company and ADD the new $100 PER YEAR business license fee that they bill you after you start your company, NEVADA has one of the highest initial incorporation fees in the nation! Wyoming does not require a state business license and does not charge an officer filing fee. Wyoming's second year fee is one of the lowest in the nation at $50. All this means a quality company package in Wyoming is much less expensive overall than in NEVADA. And the subsequent years state fee will be over 77% less every year in Wyoming!
ASSET PROTECTION: A Wyoming corporation or LLC offers its officers and directors a higher degree of protection from lawsuits filed by disgruntled creditors or over zealous plaintiff attorneys. Doing business as a Wyoming Corporation or LLC can give you greater asset protection and business privacy. The more information about you that appears in the public record the easier it is for you to become a target. It's not pleasant to be targeted in our litigious society by Attorneys seeking a 'Deep Pockets' Straw Man. The assumption is that an out of court settlement is cheaper than court. Wyoming will ask only for a simple 'Annual Report' which requires disclosure of only those assets located within the state of Wyoming and the name of one person, usually the one who submits the report.
The first LLC statutes in the United States were instituted in Wyoming in 1977. Wyoming has had limited liability companies available longer than any other state and has strong laws protecting the members and managers of an LLC and also the officers and directors of C corporations.
So, Wyoming HAS: *No State Income Taxes *Privacy allowed *Shareholders are not listed with the state *Best Asset Protection Laws *Bearer Shares are allowed *Nominee officers are legal *Citizenship not required *State tax not being considered *Wyoming draws little attention *No NEVADA 'Stigma' *Lower Startup Costs
Wyoming doesn't have:
*Personal income tax *Corporate income tax *Inventory tax *Gross receipts tax *Franchise tax *Burdensome regulations *Disclosure of shareholders *Business or 'per-capita' tax *Excise tax *Sales, property and inheritance taxes are among the lowest in America
Some Other Advantages:
*Most states limit the number of shares that you are authorized to issue; in Wyoming you can issue as many shares as you wish (without any additional costs or fees) by simply making the proper entries in your Articles of Incorporation. If you intend to eventually take your company public, unlimited shares will be of great importance to you.
*Some states require that you have more than one person to serve as the various officers and directors of your corporation. In Wyoming you can be all Officers & Directors yourself. This can allow you great flexibility and control over your Corporation.
*An astonishing level of anonymity can be yours. The suggestion is NOT that you need to be 'secretive' and certainly not that you do anything illegal or even improper. Today's state of affairs can lead to your involvement in a lawsuit or litigation for merely appearing to have assets. Some consider you 'Rich' if you have money left after Taxes. This perception of 'wealth' alone can make you a target. Wyoming allows you to use 'nominee officers/directors', meaning that anyone you choose can appear on the public record in your place offering you great financial privacy. You may also use nominee or 'third party' shareholders who can be the owners of record of the stock which you control. This type of service is available on a Fee Schedule depending on the level of service required by the Client. As an officer or director you cannot be held responsible for the debts of the corporation - Wyoming law is quite strong in this respect and holds generally that as long as you did not intentionally break the law you are protected from claims against the corporation.
*Minimum Red Tape: Low annual fees - The annual fees In Wyoming are based solely on the value of corporate assets located within the state. The minimum is $50 and a million dollars worth of assets within the state of Wyoming would cost you only $200. That's right, $200 in fees for every million dollars worth of assets that you keep within the state of Wyoming. There are no fees for assets outside of the state. So almost all businesses that are incorporated here only owe a fee to the state of $50.00 per year. Wyoming requires no minimum capitalization. You can fund your corporation with as little as you wish. It is generally a good idea to capitalize at a level that is appropriate with others in your industry or business, especially if you are looking for Joint Ventures. Wyoming does not require that you hold your annual meetings in Wyoming. In fact you never actually have to set foot in the State, although The Tetons and Jackson Hole are places everyone should see. Maui makes for a nice Annual Meeting. Use your imagination.
LIFETIME PROXY: When asked late in life how he accumulated a personal net worth upwards of one billion dollars, John D. Rockefeller reportedly replied that the 'secret' was 'own nothing and control everything'. That is good advice for many reasons (no one can take from you something you don't own) but it is sometimes more easily said than done. By allowing another person or entity to own shares in a corporation, you can use proxies to maintain complete control. The problem is that most state laws require proxies to expire and be subsequently renewed every six or seven years. This could be a problem if the 'Legal Owner' decides not to renew your proxy. Wyoming allows for lifetime proxies thereby protecting you from that development.
One More Feature: If you already have a corporation - Once again Wyoming offers unparalleled flexibility. By filing a few simple forms your existing corporation can become a bona fide Wyoming Corporation. Your existing corporation can retain its original incorporation date after becoming a Wyoming corporation. Anyone examining the Wyoming public record will see a corporation dating back as far as your current corporation does. You can promptly become a Wyoming Corporation without losing the many benefits of the longevity and continuity of operation.
Getting noticed is often the top priority for a small business. Every small business feels like it can offer something that its larger competitors cannot, otherwise, why would it exist? However, getting customers to notice what a small business provides is a tall order. Advertising is important, but not just any advertising will work. It needs to be well thought out, and it needs to show potential customers not only that you are professional enough to compete with large companies, but that you can offer them something that they cannot get from that larger business. There are countless ways to achieve this goal, but there are a few staples of small business advertising that can really get you noticed.
Business cards are probably the most basic means of advertising. They also are one of the tools of entrepreneurs that are most often misused. Some individuals have an image of an overly self-promoting individual when they think of business cards; however, business cards are an accepted form of business communication.
Before designing your personal card, be sure to know the basic rules of quality design and etiquette. Design is not overly difficult. Minimize text, giving only the essential information such as name, business address, phone number, e-mail and website. Other information can be added, such as a motto or tagline, but be careful that there is plenty of blank space on the card, or it will become cluttered and unattractive.
The company logo should also be on the card. In terms of color and attractiveness, the card should basically use two or three colors between the text and logo, and a simple border can be a nice accent to your card. Adding more color and text can be risky, and could easily become overkill. Etiquette is a much more difficult issue than design. It takes skills at reading people, and discovering their interest.
When possible, avoid casually give out a business card, only give them to individuals who have either shown interest in your company, are in professional relationships with you, or have some other interest in what you are doing with your small business. Including business cards in personal correspondence, such as holiday or get well soon cards can be disastrous for your image. In order to reach new people, posting business cards in local restaurants and stores can be a great way to get your name out. As long as you are careful with your design and etiquette, using business cards well can be a great way to establish your small company.
A second great way to get your small business good publicity is to use brochures. Going for top quality brochures is essential if this is going to work. Your simple inkjet printer will not get the job done. Professional, four color printers can produce brilliant brochures, which will stand out amongst the competition. A brochure can be very personal. It is a way to choose the most important parts of your company, the ones that you, as owner, are most passionate about, and put them in color for potential customers.
Choosing quality pictures and focusing on a unified color scheme will make your brochure rival those of larger corporate entities, and will draw people in. The other key to making brochures useful is getting them out. Like business cards, try posting them in local establishments. It is also a good idea to keep a stack at your receptionist desk. From there, be creative. Give current customers a brochure to keep in their house so they have easy access to any company information, and can tell their friends about you. Brochures are a great way to maximize word of mouth advertising.
Postcards, a third great way to help your small business gain visibility, take advertising beyond the word of mouth. Create a special event, and design an attractive postcard around the event. Then send the postcard to all of the addresses in your area, and try to draw customers in. While many will simply be thrown away, others will be put on bulletin boards, and generate customers for you. Postcards are inexpensive to make, and to mail as well. Postcards are also a great way to reach out to large groups of unknown to people.
Advertising for your small business cannot be discussed without looking into the potential of the internet. A great website will do wonders for helping customers see what you have to offer, but getting them to go deep into your website is difficult. Make sure that you have a clean, simple homepage that has enough information to draw users in, but do not go overboard. Make sure the site is attractive and easy to navigate, or nobody will go anywhere.
Also, keep your audience in mind. If you are reach out to those without a high income, keep the design of the website simple, since they probably will not have the quality of computers to quickly load complex sites filled with animation and video. However, if you are offering a high end product to a wealthier audience, be sure to fill the site with bells and whistles to make it attractive and exciting.
Getting noticed is a tall order for any small business, but not an impossible one. With savvy advertising through business cards, brochures, postcards and web pages your company can find success with relative ease. Just be sure to do everything on the same level of professionalism that your company provides, or you risk appearing unprofessional to prospects and existing customers.
Both C R Ellsworth & Nickkw are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
C R Ellsworth has sinced written about articles on various topics from Lose Weight, Fibromyalgia and Skin Care. Webmaster of informational Sites and Blogs since 2000 C R Ellsworth is retired from Corporate America and living in the 'Great Northwoods'