Nevada Business License Application Steps
Choosing a Nevada Corporate Name
In the state of Nevada, specific guidelines are in place regarding the choice of a corporate name. They include:
- Corporate names that include the name or initials of a natural person must include one of the following endings: LLC, Ltd., Limited, Incorporated, Inc., Co., Company, Corp., Corporation, or other designation indicating that the name does not refer to a natural person.
- Business names that do not include a natural person’s name are not required to include endings indicating that it is a business.
- Approval must be obtained from the insurance commissioner or banking superintendent if the name that you choose suggests insurance, banking or trust powers of operation.
- Approval must be secured from the appropriate state agency or department if certain words are included in the business name, including but not limited to REALTOR, accountant, financial, and brokerage.
- The name of your business entity cannot be deceptively similar to or the same as the name in use by another LLC, limited partnership, foreign corporation, corporation, foreign limited liability company, or foreign limited partnership.
- Your business name cannot be similar or the same as the proposed name that is being held on reserve for another corporation. However, if written consent is obtained from the other business and filed with the articles of incorporation, you can use the name.
Choosing a Director
The state of Nevada has certain requirement in place that must be met by corporations regarding their directors:
- A minimum number: All corporations are required to have at least one director.
- A minimum age: All directors need to have reached 18 years of age.
- Inclusion within the Articles of Incorporation: The names and addresses of the directors must be included in the Articles of Incorporation.
- Residence: No requirement is currently in place for the state of Nevada.
Understanding the Requirements for the Articles of Incorporation
When you form a corporation in Nevada, you must file paperwork known as the articles of incorporation. The information that must be included per Nevada guidelines include:
- Registered agent: In the state of Nevada, the name and physical address of your registered agent must be included in the articles of incorporation. (This individual is required to be available to receive tax or legal documents related to the business during normal business hours.)
- Stock: Information on the authorized shares and par value must be provided. This information influences the amount charged for the filing fees.
- Officers: No information is required.
Preparing Your Articles of Incorporation
Your corporation isn’t in effect until you submit a filing fee and your articles of incorporation with the Secretary of State for Nevada. The information that must be included within the articles of incorporation that you submit includes:
- Name of the corporation
- Names and addresses of incorporators
- Names and addresses of directors
- The registered agent
- Stock structure
Understanding Stock Structure Requirements in Nevada
Since a corporation can offer several types (classes or series) of stock, this information must be listed within the articles of incorporation.
- The allowable number of shares available for the corporation to authorize
- The number and value of shares with par value (This information is required because the minimum value (par) that a share can be sold influences the cost of the filing fee.
- The number of shares without par value
- The types of classes and series of shares and the number of shares authorized for issue within each class or series
- The voting powers, limitations, preferences, designations, rights, and restrictions of each series or class of stock (If preferred, you can also simply state that the directors have the authorization to set these features.)
Naming Your Nevada Corporation
It is important to follow these guidelines when choosing a name for your business entity:
- Check to see if the name you have chosen is available. (Search the online database of records made available by the Secretary of State.)
- Submit a formal reservation request to the Secretary of State. This reserves the name you have chosen for 90 days.
- Make sure that the name you have selected for your corporation meets the following requirements:
- The name does not resemble existing names for any other corporation or business, unless you have submitted documentation offering written consent to the office of the Secretary of State.
- The name must include identifying words or abbreviations such as LLC, Inc., company, incorporated, or corporation at the end of it if it resembles the name of a natural person.