S Corporation Nevada: Everything You Need to Know
S corporation Nevada requires that a corporation be eligible to elect S corporation status and then follow a few steps to complete the election process. 3 min read
Updated November 16, 2020:
S corporation Nevada requires that a corporation be eligible to elect S corporation status and then follow a few steps to complete the election process. To structure your business as an S corporation in Nevada, you must do the following.
Choose a Name for Your Corporation
The name you choose must not be the name of a natural person and must be completely distinguishable from another business name that is registered in the state of Nevada. The name must also not be considered to be deceptive or confusing.
Draft and File Your Articles of Incorporation
- The name of the corporation and its legal address.
- The name, address, and signature of the corporation's registered agent.
- The number of shares that the corporation is authorized to issue.
- The name and addresses of all of the board of directors.
- The name and address of the incorporator.
- A signed certificate of acceptance form the registered agent,
Your Articles of Incorporation can be filed online, as well as your initial officer lists, annual lists, and amendments. If you would like your paperwork expedited, you can choose expedited processing times for a fee. The filing fee is typically based on the number of shares that a corporation will be authorized to issue and starts at a minimum of $75.
Create and File Your List of Officers
Within one month of the filing of your Articles of Incorporation, you will need to file your initial list of directors, officers, registered agent and State Business License Application with the Nevada Secretary of State's office along with the $125 initial list fee.
Appoint Your Registered Agent
Every corporation registered in the state of Nevada will need to appoint a registered agent who will accept service of all legal paperwork on behalf of the corporation. The registered agent must be a resident of the state of Nevada and have a physical address where they can receive legal paperwork.
Create Your Corporate Records Book
You will want to set up a book in which you can keep all of your corporation's important papers. Some of the records that corporations will often keep include:
- Minutes of shareholders and directors meetings
- Stock certificates and stock certificate stubs
- Copies of filings required for incorporation
Create Your Corporate Bylaws
Your corporate bylaws define the basic ground rules that you set for the operation of your corporation. Though these are not filed with the state, they are important for setting up the company's operating rules and showing entities such as the IRS, creditors, and banks the legitimacy of your corporation.
Appoint Your Corporate Directors
It is the responsibility of the incorporator to appoint an initial list of directors who will serve as the board of the corporation until the first annual stockholder meeting at which new directors will be elected. These will be listed on the Incorporator's Statement and include both their names and addresses.
Hold the Initial Board of Directors Meeting
Once your corporation is formed you will want to hold the first director's meeting at which you will:
- Appoint your corporate officers
- Adopt corporate bylaws
- Select a corporate bank
- Authorize the issuance of initial stock
- Determine the corporation's fiscal year
- Adopt an official stock certificate form and company seal
- Approve the corporation's election of S corporation status
Issue Stock to Your Shareholders
Most corporations will issue paper stock certificates and enter the name and contact information for each stockholder into their corporate stock ledger.
Complete Your List of Officers Filing Requirement
In the state of Nevada, all corporations are required to file a list of officers and directors each year. The forms will be mailed to the company agent every year and can be filed online or through the mail.
Obtain an Employer Identification Number
All companies operating in the state of Nevada must obtain a federal tax ID number, also referred to as an EIN. This will act as the social security number for the business and is often requires by banks and other creditors. You can complete your application for an EIN number on the IRS website.
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