When starting a business in Nevada, any business name may be valid provided that it does not include a name of a natural person or one that has a given name or initials unless there is a corporate ending added at the end of the name.
These corporate ending include ‘Corporation’, ‘Incorporated’, ‘Limited’, ‘Company’, or its corresponding abbreviations which include ‘Corp.’, ‘Inc.’, ‘Ltd.’, or ‘Co.’. Aside from this, a valid name should also be uniquely distinguishable from any existing business entity registered with the Nevada Secretary of State.
To verify the validity of the name, you can check it using the Nevada business name search tool. If the name is valid, you can apply for a Name Reservation Request to the Nevada Secretary of State good for 90 days. The form can be filed online or through postal mail. A $25 filing fee should be enclosed.
Legally incorporating in Nevada requires that you file an Articles of Incorporation to the Nevada Secretary of State.
When filing a Corporation in Nevada, the following information is required: name and address of the Corporation, name, signature, and address of the Registered Agent, the number of Corporation shares authorized for issuance, name and address of each member of the board of directors, and the incorporator’s name and address.
The Articles of Incorporation can be submitted online or through postal mail. The filing fee indicated below is the minimum fee for $75,000 or less worth of shares for issuance, but the standard fee is based on the number of shares authorized for issuance.
Filing fee: $75 minimum fee
A Nevada Registered Agent should be hired to comply with state requirements. A Registered Agent must be an individual or a business entity legally registered with the Secretary of State to conduct business in Nevada.
The Registered Agent should provide a physical street address in Nevada. Before the actual designation, the Registered Agent in Nevada should agree to accept service of process on behalf of your Corporation. For quick compliance and to get a reliable and competent Registered Agent, you can hire the services of IncFile.
A Corporate Records Book is simply a folder where all your Nevada Corporation registration documents, tax reports and business licenses and permits, and other pertinent corporate documents are stored.
This folder provides an organized and secure way of keeping all your documents together that is easily accessible. The Corporate Records Book is available at the local office supply shop or through direct order and delivery via Amazon.
When forming a Corporation in Nevada, there should also be an initial set of directors to help facilitate the initial meeting of the Corporation.
This initial directors will be appointed by the incorporator of the Nevada Corporation and will serve the board until such time that the initial annual meeting is scheduled.
As soon as the initial directors are elected, it is the responsibility of the incorporator to create an Incorporator’s Statement including the name and address of each of the directors and then signed by the incorporator. This document should then be filed to the Corporate Records Book.
Since the initial directors have already been appointed, then an initial meeting should be scheduled. An initial meeting is an important part of starting a Nevada Corporation because the following agenda will have to be approved at this time:
At the end of the meeting, minutes should be prepared and signed by all the individuals present at said meeting. This should then be filed to the Corporate Records Book for record keeping.
The process of taking care of business taxes is part of the requirements for Nevada Corporation maintenance. Follow this three-step process when completing your obligations for Nevada business taxes:
In line with taking care of obligations, another one of your responsibilities as the business owner is to take care of Nevada business licenses and permits.
You must obtain the necessary licenses and permits to operate as a legal Corporation in the state. Refer to the Nevada Business Licenses and Regulations guide for further information on viable resources to help complete this task.
The next step to starting a Corporation in Nevada is to open a separate business bank account. This is important because you will be able to keep all assets separate in the eyes of the law.
There are many options available from Bank of America to Chase. For a quick outline of the best place to open a business bank account, see this quick review.
Now that you have followed the steps above, you are officially a Nevada Corporation. Other than those 8 steps that are based on state guidelines, here are a few additional steps based on best practices for starting a successful Corporation. Not required, but highly recommended.
When you start a small business in Nevada, it stands to follow that you have a certain action plan to help achieve business goals.
Through this action plan, you can clearly set a path to success. A business plan serves that purpose, but primarily it is also the vessel that facilitates in obtaining business funding. While in the process of writing a business plan, you also get to familiarize which aspects of your business needs improvement and modifications.
Below are some helpful links so you can immediately get started on an effective business plan.
Before you start marketing your Nevada Corporation, it is important to start a website for your business. This will help your potential customers find and learn more about what you offer.
Rather than hiring a professional designer, you can build a custom WordPress website by yourself with minimal tech skills. Learn how to build a website from start to finish through this free setup guide.
Although Nevada Corporation bylaws are not required by the state upon business incorporation, it serves a vital role in the smooth operations of a Corporation.
In addition, it also serves a number of crucial purposes which include setting standard operating procedures within your organization, providing a provision for conflict of interests that may arise, and proving the legitimacy of a Corporation to bankers, creditors, investors, etc.
Note that this is an informational guide, and it should never be treated as a legal document. For specifics and other legalities involved on how to form a Corporation in Nevada or starting a business in Nevada in general, please consult a professional business lawyer.