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Fundamental Questions To Ask When
Forming Nevada Corporations:
First set of
questions:
1. Are you converting an existing business into
an entity? (a sole proprietorship into an S corp) Or is this a
new business?
2. Do you have any current lawsuits?
3. Do you have a partner? (this brings into play
an LLC)
4. Are you a US citizen or do you have a green
card or work permit? (S corp question).
Second set of
questions:
5. How much earned income do you currently earn?
6. How much earned income do you earn each year?
7. Do you have a current job where certain benefits
are paid, like a retirement plan, health insurance.
Third set of
questions:
8. What do you expect to earn in gross sales the
next 12 months?
9. What do you expect to earn in net profit in
the next 12 months?
10. What about to the end of the year for both
groups?
11. Do you expect to accumulate inventories during
the first year? Do they have a significant net worth?
Fourth set of
questions:
12. IF, as a new business:
A. Do you expect to lose money the first year?
B. How much in capitalization or loans will the
new company need to get started?
C. Do you expect to gross a net worth in your
business in year one?
D. Do you require a calendar year end or can you
have a fiscal year end?
E. Are you going to continue receiving income
personally from other than this new entity.
F. Will there be significant assets in this business
that accumulate in value?
G. Is it important for the employee/owner to be
able to borrow against his/her qualified pension plan?
H. How does your state tax S corps, C corps or
LLCs?
Fifth set of
questions:
13. Does your business sell a service or a product?
14. If a service, is there more than 50% of the
revenue going to be generated by the owner?
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