Filing a Nevada Corporation
Many business owners find themselves attracted to the Nevada Corporation option. Electing to register as a Corporation could provide tax benefits. It could also give a new business instant credibility with its customers. When creating a Nevada Corporation, prospective owners must make sure that they complete every step thoroughly.
Steps To Filing a Nevada Corporation
Choose A Name
The first thing that new owners must do is choose a name for their Nevada Corporation. The name that they select must be unique to their company. This means that no two companies in Nevada can have the same name. To ensure that they don’t choose a name already in use by another entity, owners can use the DoMyLLC Name Availability Check Page
Also, the state of Nevada mandates that each business includes an indicator in its name. In this case, owners are going to want to add something like, “Corporation,” “Incorporated,” “Limited,” “Company,” or an appropriate abbreviation of such terms, such as “Inc.”
Choose An Agent For Service Of Process
Once new owners have selected a name for their entity, they’ll next need to secure a registered agent. Registered agents can prove integral to a new company’s success, as they are responsible for accepting all legal correspondence on behalf of the company. Many owners choose to hire a professional third-party company, such as DoMyLLC, to serve as their registered agent.
File Articles Of Incorporation & Pay Filing Fees
After securing a name and registered agent, those looking to form a Nevada Corporation can file Articles of Incorporation with the Secretary of State’s office. The filing fee is $75 with the option to expedite for $125. Additionally, there is an initial report fee of $150 and a $500 business license fee. Information that owners must provide includes:
- The name of the Corporation
- Name and address of the registered agent
- Number of shares the Corporation is authorized to issue and the par value per share
- Names and addresses of the board of directors
- Purpose of the corporation
- Whether the organization is a Benefit Corporation
- Name, address, and signatures of incorporators
- Certificate of acceptance from the registered agent
File Initial Report
New business owners are also required to file an Initial Report. This form, known as the Initial/Annual List of Officers and Directors, can be presented at the time of incorporation or can be submitted by the end of the following month after incorporation. For example, if a company is registered on February 10th then the report will be due by March 31. The cost to submit this form is based on the authorized stock. The minimum charge is $150 and there is also a business license fee of $500 due at this time.
Create Corporate Bylaws, Appoint Directors And Hold Meetings
Once owners have filed the Articles of Incorporation and Initial Report, they’ll want to hold an initial corporate meeting. In attendance at this meeting should be the directors who were listed on Articles of Incorporation. These directors will serve in this capacity on the board until the next annual meeting of shareholders, where directors are up for re-election.
Once in place, the board can define the role of officers, elect officers, and draft corporate bylaws. Bylaws are an internal operating manual that must be adopted by the board of directors before the Corporation engages in business. Bylaws are not made public, although many bankers and insurers request proof of them before entering into working agreements with a Corporation.
While at the initial corporate meeting, the board of directors will also need to issue stock. The board is responsible for issuing stock throughout the life cycle of the Corporation. The amount that they can issue is outlined in the Articles of Incorporation. The board will also need to maintain a stock ledger, as this provides transparency to investors and supports the corporate veil.
Obtain Employer Identification Number
Owners of a Nevada Corporation will also need to secure an Employer Identification Number from the IRS. This allows them to hire new employees, open a business banking account, and file taxes.
File Nevada Required Annual Reports
Each year, the Nevada Corporation will need to file an annual report. This report is due by the end of the registration anniversary month. So, for instance, if a company was incorporated on January 7, 2017, its first annual report would be due by January 31, 2018. Fees vary based on stock issued, although the minimum due is $150. Owners will also need to renew their business license at this time and pay the $500 renewal fee. Owners can learn more at our Nevada Annual Report page.
Each year, the Nevada Corporation will also need to file state and federal taxes as well as renew all licenses and permits.
How DoMyLLC Can Assist With Streamlining The Process
At DoMyLLC, we offer comprehensive solutions for those who own a Nevada Corporation. Our services include:
- Name availability check
- Prepare Articles of Incorporation
- File Articles of Incorporation with the Secretary of Nevada’s office
- Provide sample bylaws, meeting notices and minutes for meetings
- Dedicated account manager
- Unlimited customer support
We handle your administrative duties so that you can focus on growing your company. Be sure to contact us today to learn more about how we can help.