The New Asset Protection Nevada Legislation

The Nevada's Corporation Code has changed some of its rules in the last session in order to enforce regulations that are beneficial for the asset protection Nevada companies. These major changes, which will be effective as of July 1, 2009, are presented here. The regulations are going to be implemented over a longer period of time, as is often the case, but for now there are several major changes that should be well known by all asset protection Nevada corporations or other persons interested.

First important change is that the bearer shares have been outlawed. Bearer shares are certificates which list as the owner of an asset protection Nevada corporation not a real person but a generic name called "The Bearer". The advantage of this was, presumably, the confidentiality of the ownership. However this was bringing a lot of drawbacks and the main issue was dealing with the fraud caused by this system. For instance, some unethical asset protection Nevada companies could sell their clients by the assumption that a simple handing of the bearer certificate to someone else could avoid any judgement creditor to access the business assets. As a result a certain category of people could commit fraud without the fear of punishment. The asset protection Nevada legislature solved this problem by outlawing the bearer share.

Another important change was the appointment of the New Ownership Disclosure Procedure. The reason behind this is again the fact that asset protection Nevada corporations as well as other entities could easily abuse the system and commit fraud under the protection of privacy. Therefore, following the pressure coming from federal and law enforcement authorities, the new asset protection Nevada legislation decided to abolish the anonymous ownership of a company in order to reduce the number of illegalities.

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