When forming a Non-Profit in Nevada, the first order of things is to name your Nevada Non-Profit. As such, there are some statutory requirements that must be observed for the name to be considered valid and approved by the Secretary of State.
For one, the Nevada Non-Profit name must contain any person’s natural name unless it comes with words such as ‘Limited’ or ‘Incorporated’. There are also other statutes as to the use of professional titles in your business name.
For more information on the statutes of name restrictions, check the Nevada Revised Statutes 82.086, 82.096, and 82.106. In addition, the business name should also be distinguishable from any existing business entity registered with the state. To verify if the name selected is valid and available, check it using the Nevada business name search tool.
As another requirement to starting a Nevada Non-Profit, you must appoint initial directors to serve the organization. There must be at least one elected director. As well, all Nevada Non-Profit officers and directors should be at least 18 years old or older.
Additionally, as part of the state’s law, you should submit a list of officers and directors and an agent for service of process within a month’s time after the Articles of Incorporation has been filed. Then, as part of maintenance requirement, this filing should be done annually.
A Nevada Registered Agent must be hired for your Non-Profit. Based on statutory requirements, a Registered Agent can either be an individual who is a resident of Nevada or another business entity that is registered to conduct business in the state.
A physical street address of the Registered Agent in Nevada should also be provided. Most importantly, the agent should agree to accept service of process before the designation of the position.
To ensure that you become compliant in this requirement, and to find a competent and reliable professional, Rocket Lawyer can provide you with your Registered Agent service needs.
To legally register your Nevada Non-Profit, you must file a Non-Profit Articles of Incorporation to the Nevada Secretary of State. A sample form you can use to pattern your Articles of Incorporation is available for download.
The following information is required when you file this form: name of the Non-Profit, state of purpose of the Non-Profit, name and physical street address of the Registered Agent, name and street address of each of the members of the directors and the incorporators.
In addition, there must be a few languages that have to be included in the Articles of Incorporation to be granted the federal tax-exempt status as stipulated by the IRS. These languages should meet the standard criteria set by the IRS, and these include:
The initial meeting is considered as the organizational meeting with some key points of your Non-Profit being discussed and decided upon. These key points include:
The minutes of the meeting should be prepared and signed by the attendees of the organizational meeting.
A Corporate Records Binder is an organizer where you place all important Non-Profit documents including your Nevada Non-Profit registration paperwork, business registrations and permits, tax reports, if any, and other important papers.
A Corporate Records Binder can be purchased at your local office supply store or you can order it directly via Amazon.
A Nevada Non-Profit EIN is an important element to the operations of your Non-Profit.
This is generally used in almost all Non-Profit transactions, so it is important that you get one. The easiest way to conveniently get an EIN for free is through the IRS website.
As a new entrepreneur, keeping your business and personal finances separate is extremely important. This will make tax time and any other profit and loss research much less stressful.
Do this by opening a separate business bank account to operate with. From Bank of America to Chase, there are many options. Check out this roundup for our favorite picks.
As a Non-Profit organization, there are several exemptions to Nevada Non-Profit tax registration.
However, to be sure that there is no need for further requirements or information when it comes to registering for Non-Profit taxes, make sure to verify this with the Nevada Secretary of State. To jumpstart your application for federal and state tax exemptions, follow this three-step process:
To get federal tax exemption from the IRS, you must file Form 1023, or the Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code. Since this form is very lengthy and requires a lot of information, it is advised that you carefully and concisely fill out each entry. Looking into the changes in the form and some reminders that are actually enumerated in the form as well should also be done to ensure that the form is filled out concisely.
As an alternative to Form 1023, smaller Non-Profit organizations, which have less than $250,000 in total accumulated assets and less than $50,000 gross annual receipts, can use Form 1023-EZ or the Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code.
Since the state of Nevada does not impose any corporate income tax, there is no exemptions that can be applied. On the other hand, for sales and use tax exemptions, you can verify if you qualify for these exemptions at the Nevada Secretary of State’s Office.
Depending on the size of your Non-Profit and the nature of your fundraising activities, there might be additional requirements according to the new fundraising registration rulings issued in January 1, 2014.
The next thing that you need to handle before you can start conducting business in Nevada is to comply with business licenses and permits. These will mainly depend on the nature of your startup as well as your location so be sure to do the research.
When obtaining your business licenses and permits, make sure that you’re doing it in compliance with federal, state and local government specifications. For more information visit SBA.gov or have professionals handle the research on your behalf through this reliable service.
Now that you have followed the steps above, you are an official Non-Profit organization in the state of Nevada. Other than those 10 steps that are based on state guidelines, here are 2 additional steps based on best practices for starting a successful organization. Not required, but highly recommended.
To ensure that your Non-Profit is on the right path to success, always have a strong business plan in place. A business plan is not just some random recommended document, but rather, it is a vital piece to the entire operations of your Non-Profit.
A business plan sets the direction and pace in which your Non-Profit must take to enjoy long-term success. The links below should help you come up with a strong business plan.
In the internet age, it is important to have a website for your Nevada Non-Profit. This is a huge credibility factor and helps earn trust from your potential customers.
Although building a website was extremely difficult to do in the early 2000’s, you can now use a simple and free platform like WordPress. You can build a website yourself through this free guide.
Note that this guide is intended for informational purposes only. This should not be used as a legal document or referenced as such. For any questions on the legal proceedings involved in starting a Non-Profit organization in Nevada or Nevada Non-Profit organizations in general, seek the expert advice of a business lawyer.