Nevada Bans Bearer Shares

[R.A. Hettinga]

...Are we having fun, yet?

:-)

Cheers,
RAH
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<http://www.prweb.com/printer.php?prid=537919>


Nevada Corporations Owners No Longer Private: Corporate Veil Still Powerful

The State of Nevada has made a change in the privacy rules. State of Nevada
still powerful in its pro-business stance. Those who have relied on bearer
shares or other means to protect privacy may need to review corporate
structure.

(PRWEB) July 7, 2007 -- Bowing to pressure from several courts, the IRS and
other governmental agencies, the State of Nevada has announced that it will
enact certain reforms that will balance its pro-business stance while
curbing alleged abuse by suspected individuals and firms who have misused
Nevada laws in order to hide assets and identities.

Scott Letourneau, CEO of Nevada Corporate Planners, nationally known expert
on how to incorporate in Nevada as well across the country, has written and
spoken often about the misapplication of Nevada law by those touting bearer
shares and use of nominees to hide identities.

Quoting Letourneau from a recent seminar for entrepreneurs, "When it comes
to protecting your hard earned assets you want every advantage possible."
Letourneau also agrees with the Nevada Secretary of State in that it
appears promises are often made to those who incorporate in the State of
Nevada that there is a level of privacy for the owners of a corporation or
LLC that will help them in case of a lawsuit and that if they get sued no
one will find out who the owner of the corporation or LLC may be. While
touted as a means to prevent them from being the target of frivolous
lawsuits, there have been cases of fraudulent acts by the incorporators as
well as the companies.

Based on his knowledge and experience, Mr. Letourneau has found that the
challenge in the creation of rock solid asset protection plan should not
rely solely on the illusory promise of privacy through the use of Bearer
shares (which don't work) and nominees (which work to a certain degree).
Rather, to quote Mr. Letourneau, 'If the whole plan is designed to prevent
the discovery of your assets to fend off a lawsuit and the corporation or
LLC lacks substance; there are no employees anywhere; and no business
license, the plan is doomed to fail'. In short, there is no asset
protection.

Due to the abuses, Nevada is banning the use of the bearer shares and
taking other remedial action, all of which are aimed at reducing the
fraudulent actions but maintaining the State of Nevada's Pro-Business
stance. However, Nevada is still powerful in the protection of the
corporate veil. Those who have relied on a scheme like bearer shares or
other disallowed actions for privacy should investigate what changes are
necessary under the new Nevada laws. To learn more about these changes or
to find other valuable information, visit Nevada Corporate Planner's
website at www.nvinc.com/research

If you would like more information about this topic, or to schedule an
interview with Scott Letourneau, please call JoAnn Gould at 702-367-7373.

###


Contact Information

Scott Letourneau

Nevada Corporate Planners

http://www.nvinc.com

702-367-7373



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-- 
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R. A. Hettinga <mailto: rah at ibuc.com>
The Internet Bearer Underwriting Corporation <http://www.ibuc.com/>
44 Farquhar Street, Boston, MA 02131 USA
"... however it may deserve respect for its usefulness and antiquity,
[predicting the end of the world] has not been found agreeable to
experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire'