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Nevada Corporations |
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LEGAL NOTICE: |
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Frequently Asked QuestionsWhat do I have to do to properly maintain my corporation?
What do I have to do to properly maintain my corporation?Nevada has minimal reporting and disclosure requirements: A corporation will remain in good standing with the Secretary of State as long as it files its annual list timely. The corporation must have a valid business license and the signature on each list of officers attests that this is the case. You are responsible for keeping proper financial records. (Our bookkeeping service is an affordable way to catch up or keep up with this requirement.) All decisions made on behalf of the Board of Directors must be documented either in corporate resolutions or in meeting minutes. (For extra help in this regard check out BCR’s recordkeeping service).
When is my annual renewal due to be filed?A new list of officers must be filed with the Secretary of State by the first day of the month following the anniversary month of the incorporation date. For example, if the corporation was formed on September 15, the list is due by October 1. We prefer to have all such filings in our office by the 15th of the month to prevent problems. Renewal notices are sent out a month in advance and you can count on our customer service staff to follow up with a telephone call to remind you if your renewal is in jeopardy.
How do I change from my existing resident agent to BCR?The process is very simple: The Secretary of State has a one-page form to Change Resident Agent. (Right-click on the link and “Save Target As”.) Just download and print the form, fill in the name of the corporation, the details of the resident agency from which you wish to change, have an officer of the corporation sign where indicated and mail the form to Budget Corporate Renewals along with a check for $30 payable to the Secretary of State. That’s it. We’ll take care of the rest. (Hint: save time by paying online and either faxing or scanning and emailing your Change of Resident Agent form to us.) Please note that if you change your mailing address you should update your Nevada Business Registration by phoning the Nevada Department of Taxation, (775) 684-2000, advising them of the new mailing address. If you change the physical location of your business, you should fill out a new Nevada Business Registration form and mail it to the Department of Taxation at the address on the form. NO FEE IS REQUIRED.
On the form to change resident agent, what do I do if the current listed officers are provided by another resident agency? Who signs the form?If it will be difficult to obtain the signature of an existing officer (and assuming you have authority to act for the corporation), it will be necessary to file a new list of officers with the State concurrent with the filing of the change of resident agent form. This is not much of an issue if your renewal is due within 60-70 days, as any new list filed would simply count as an early renewal. Outside of this time window, however, the $125 fee would still have to be paid to file the list and then another $125 would be due at the regular renewal time. We suggest that you wait until you are within 60-70 days of the end of the month in which your corporation was formed. BCR’s fees for the following year would also be due at that time.
How to do I establish a “tax year”?You establish a tax year by filing your first income tax return using that tax year. Remember you have NOT established a tax year if you did any of the following:
Calendar year is 12 consecutive months beginning January 1 and ending December 31. If you adopt the calendar year, you must maintain your books and records and report your income and expenses from January 1 through December 31 of each year. Fiscal year is 12 consecutive months ending on the last day of any month except December. If you adopt a fiscal year, you must maintain your books and records and report your income and expenses using the same tax year. In order to change the corporation tax year you must file Form 1128 to request IRS approval to change your tax year.
I set up a corporation but haven’t done anything with it and don’t want it any more. What are my options?Your first option is to dissolve the corporation, which is simply accomplished through the filing of the appropriate form provided by the Secretary of State. HOWEVER, you might like another option much better: Unused “shelf” corporations (the idea being that the corporation is formed but then not used, simply “put on the shelf”) gain value over time. WE CAN HANDLE THE SALE OF YOUR SHELF CORPORATION ON A CONSIGNMENT BASIS, charging just 20 percent of whatever price it will bring in the market. While it might not be possible to sell the corporation immediately or within a fixed time frame, sooner or later someone is likely to come along and be willing to pay a bit more for the privilege of being able to say that the corporation has been in business since... {so many years ago}. Please go to the following link to get more information on shelf corporations.
If you did not find the answer to your question here, please send your question to us through the Feedback page or contact Customer Service.
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