Apple has set up a company based in Nevada with the purpose of managing its cash and short-term investments in a tax-advantageous manner, BusinessWeek Online has learned.

According to public documents, Apple has incorporated Braeburn Capital, an asset management company based in Reno, (Nev.) Braeburn -- named for a variety of apple that's uniquely sweet and tart -- will be a vehicle for managing Apple's investment portfolio. By incorporating in Nevada, Apple will be shielded from certain taxes imposed by the state of California